Big Four savings accounts 'a big letdown'

Mozo

Tuesday 28 April 2009

Although home loan customers may have been jumping for joy as the Reserve Bank cut away at the base interest rate, those ploughing money into bank savings accounts with the Big Four may have had a lot to complain about, the Advertiser reports.

Recent research carried out by InfoChoice has shown that those with bank savings accounts with NAB, ANZ, Westpac and Commonwealth have collectively lost a whopping $1 billion in interest that would have been generated had the banks not hacked away at their savings interest rates.

Spokesperson Adam Rigby commented: "Although Australians are becoming better at availing themselves of high interest at-call savings accounts, too many still maintain high balances within transactional accounts."

Those looking to compare savings accounts may well be awaiting next month’s interest rate decision from the Reserve Bank of Australia with bated breath.

The Reserve Bank makes its decision on May 5th.

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