Aussies should 'compare savings accounts online'

Wednesday 01 July 2009

Article by Mozo

Older Aussies could be missing out on the best savings interest rates by staying loyal to their bank and ignoring the internet, a report has suggested.

The average savings interest rate for online savings accounts is 3.35 per cent, although customers can find deals worth more than four per cent if they search hard enough, the Sydney Morning Herald stated.

Inertia to compare savings accounts could be holding back the finances of older Aussies.

Ross and Audrey Power, who live in the Sydney suburb of Kingsgrove, are one couple who have stuck with the same bank for decades, the newspaper said.

"We hear these terrible stories on the television about people getting into strife online and with home banking," Ms Power explained.

Chief executive of National Seniors Australia, Michael O’Neil, told the publication that the financial crisis has pushed an increasing number of older people into comparing savings accounts online to make their money stretch as far as possible.

It was recently noted by AAP that banking customers are voicing their grievances with their financial provider online, pushing the Big Four banks to monitor forums.

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