Banks offer lack-of-interest rates

Mozo

Thursday 09 July 2009

Although consumers are constantly told that the Big Four are offering more low-interest home loans and high-interest savings accounts, it is time we began evaluating them on their ‘lack-of-interest’ rates.

Such is the claim of the Herald Sun’s Rebecca Wilson, who has bemoaned the disregard that National Australia Bank (NAB) and fellow big banks Westpac, ANZ and Commonwealth are showing to their customers.

Her tirade came after spending hours waiting for service in a soon-to-be-closed local NAB branch, only to be urged to fill in a complaint form.

"I sent it off to the bank knowing that I may have momentarily quelled the rising anger, but that complaining to a big bank like the NAB was an utterly useless exercise," she commented.

It is this lack of accountability, she argued, that is the price of the cheap home loans and high-interest savings accounts that the big banks spend millions marketing.

Meanwhile, Commonwealth came in for a firestorm of criticism last month after it announced that it would be raising interest rates on its home loan, despite government pleas not to do so.

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