Bank accounts customers urged to search for hidden costs

Aussies considering going online to compare bank accounts should try to check the products for any hidden costs they may incur before committing, an expert has stated.

Paul Willis, general manager member services for SGE Credit Union told this rule should apply whenever a new financial product is being considered.

His recommendation comes after Your Money Magazine editor Jackie Pearson observed that many people choosing high interest savings accounts and other similar products will only look at the headline interest rates.

She warned Aussies to check whether attractive deals only apply for a limited honeymoon period and to take note of the long-term interest rates available.

Mr Willis suggested: "Turn the ad upside down and make the fine print larger and the headline print smaller to get an idea of what it's really going to cost you."

However, those who opt to compare savings interest rates online may be able to get a clearer view of the different product available to them.

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