Rising power bills encourage people to compare savings accounts

Electricity bills in New South Wales are set to rise by as much as 62 per cent over the next three years, a report has found.

The review by the Independent Pricing and Regulatory Tribunal (IPART) said that Energy Australia’s prices were expected to increase by 10 per cent in 2010-11, 16 per cent in 2011-12, and 25 per cent in 2012-13, for a cumulative total that would see a typical Energy Australia customer paying around $727 more in 2013 than they do now.

"There’s never been anything as large as this," IPART chief executive officer Jim Cox said.

According to the Daily Telegraph, the Carbon Pollution Reduction Scheme will account for about $300 of the extra amount customers will pay in 2013.

Fears over rising energy bills have encouraged bank customers to compare savings accounts and compare term deposits in order to find the best returns for their money.

A recent study by News Limited found that many lenders are currently pricing deposits above the Reserve Bank’s cash rate in order to secure funding from bank customers.

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