'Compare savings accounts for better deals on fees'

Australian consumers should compare savings accounts in order to find better deals on banking fees, one commentator has said.

Annette Sampson of the Sydney Morning Herald argued that while current savings account interest rate offers may not attract bank customers, "many institutions have revamped their products to offer a better deal on fees and services".

Indeed, she referred to recent research by Canstar Cannex which involved rating 470 deposit accounts across seven different user profiles – four of which were savings oriented and three of which were transaction profiles.

Among the findings, St George was praised for its wide range of savings account options while Victoria Teachers Credit Union was the pick of the non-bank sector, Ms Sampson said.

In addition, the Canstar Cannex study highlighted the wide range of monthly and transaction fees for all three transaction profiles.

This, Ms Sampson argued, "emphasises the importance of shopping around".

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