Banks have been disloyal on term deposits, says Mozo
Financial comparison website mozo.com.au has criticised the major banks for failing to raise term deposit rates following the lift in the official cash rate earlier this month.
Speaking to the Daily Telegraph, Mozo managing director Rohan Gamble urged consumers to compare term deposits and switch to better deals.
"This is no time for loyalty, this is the time to cherry-pick. The banks have made it very clear that they are not loyal to us," he said.
"I think it's reasonable to expect savings rates will move up with the RBA. They haven't, so all bets are off."
Indeed, it was reported that the failure to implement a 0.25 percentage point rise has served to reduce the banks' combined interest bill by up to $1.28 billion a year, or $24.6 million a week.
The big four banks sparked outrage earlier this month by raising their variable home loan rates above the RBA's official increase.
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