What could make more people compare savings accounts?

People who want to compare savings accounts might be interested in a recent discussion in the press lately.

Chief executive officer of Westpac Gail Kelly has argued that individuals need to store more cash away to ensure the country is economically stable, reported the Daily Telegraph.

She suggested that Australia could have dodged the recession if more importance was put on savings accounts.

However, people borrow twice the amount they spend on average – meaning the country is "highly indebted".

To avoid future financial crises, Ms Kelly said "we need to incentivise and drive additional savings as a nation".

Cutting tax was one of the ways suggested to encourage people to compare savings accounts and store more money away.

Meanwhile, Westpac announced earlier this week that it was increasing standard interest rates on deposit and credit cards, as well as home loans, in line with the Reserve Bank of Australia’s cash rate growth.

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