Aussies missed out on rate hikes on their savings accounts.


The consumer watchdog has observed that Australians are losing billions of dollars as banks fail to pass on the interest rate changes for saving accounts.

The Australian Competition and Consumer Commission has suggested that the banks increase their transparency on interest rates.

They have also recommended them to make it easier for their customers to switch bank accounts.

As per the observations, 45% of Austrians have reported that they have missed out on the most competitive interest rate on their savings due to “onerous” conditions.

- Published By Team Australia News

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