Aussies are keen to switch savings accounts

Fed-up Aussies would be more than happy to switch their savings accounts to another provider if the government made it easier to do so.

The authorities are expected to cut a sizeable amount of red tape, which would make it far more convenient for people to move their nest egg elsewhere.

A new study conducted by Roy Morgan Research has indicated that one in five Aussies will be switching accounts anyway in the next year and this figure will rise to nearly 50 per cent if new legislation is introduced.

It is absolutely crucial for people to think about the future by putting some money aside, but too many savers are peeved about the poor rates they are currently receiving.

The research was commissioned by Abacus – Australian Mutuals and bosses at the organisation highlighted the "tick and flick" reforms that are set to take effect in July as a potential turning point.

Chief executive officer at Abacus Louise Petschler said Aussies are "itching" to receive better interest rates by comparing different savings accounts.

Have a question about savings accounts? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801363640-ADNFCR