Switch your bank account provider if you are unhappy

Wednesday 06 June 2012

Article by Mozo

Australians should not be afraid of switching their bank accounts if they are not happy with the service they are receiving.

A lot of people are angry that interest rates are not passed on to loan customers by the major lenders.

In light of the Reserve Bank of Australia's decision to lower rates even further, the people's watchdog Choice has urged Aussies not to feel trapped by their bank.

Recent figures released by Roy Morgan Research showed that banking customers are becoming increasingly disillusioned with their account provider and many will be looking to switch to a better deal.

The fact that the country's major banks have reported sizeable profits once again this year has also caused a lot of resentment, especially at a time when the cost of living down under is spiralling upwards.

"If your bank is not passing on the cut then consider ditching and switching," commented Choice spokesperson Ingrid Just.

Have a question about bank accounts? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801378544-ADNFCR

Switch your bank account provider if you are unhappy

Compare today's top bank accounts

Back to top