Aussies saving more despite interest rate cuts

Thursday 28 May 2009

Article by Mozo

Australians are putting more money into savings accounts than they were six months ago, Mozo can reveal.

A Nielsen poll commissioned by the price comparison site shows that 60 per cent of Aussies are putting more money away since the Reserve Bank interest rate cut bonanza began, with only ten per cent saying that the cuts have discouraged them from putting money into savings account.

However, Mozo urges consumers to compare savings accounts to make sure they are getting the best deal after research showed that eight major banks have cut their savings interest rates by more than the three percentage points taken off the base rate since November.

"As a result, many savers who had competitive rates when they first opened their account are now getting a dud deal," commented Rohan Gamble, managing director of Mozo.

For those on the hunt for the best savings account, Mozo recommends looking at their track record on interest rates to guage whether a rate is likely to remain competitive in the long term.

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