'More important than ever' to compare savings accounts

Wednesday 22 April 2009

Article by Mozo

With the Reserve Bank of Australia (RBA) enacting yet another interest rate cut this month, it is more important than ever for consumers to compare interest rates, the Sydney Morning Herald’s John Kavanagh reports.

But while interest rates have been pegged back to historically low levels, the money expert insists that there are still high-interest savings accounts available to those who do their research.

He explained that banks are more desperate than ever to attract savers and are continuing to offer attractive rates.

However, Kavanagh reminded people of the need to check out the fine print when looking to compare savings account to avoid getting stung for withdrawing cash or being hit by unexpected fees.

"Online savings account rates have fallen heavily as well but are holding up better than term deposit rates," he went on to advise.

Those looking to compare savings accounts may be glad to hear that experts polled by AAP are predicting that the RBA will keep interest rates on hold next month.

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