Bank customers urged to shop around as Treasurer orders inquiry into savings account interest

EW
Updated March 13 2023 - 11:14am, first published 11:13am
Many savings accounts not benefitting from increased interest rates.Picture Shutterstock
Many savings accounts not benefitting from increased interest rates.Picture Shutterstock

Confused as to why the interest rate rise imposed by the Reserve Bank is not reflected in the rate of return on your bank savings account, yet when the rate falls, it is passed on immediately?

EW

Eileen Wood

Senior Journalist

I'm a senior news journalist at The Senior newspaper, the leading publication bringing targeted news on issues affecting older Australians. We cover NSW, Victoria, Queensland, Tasmania, SA and WA. If you have a story idea I would love to hear it. You can email me: eileen.wood@thesenior.com.au or phone The Senior 02-4355-5000, mob. 0487 495 805

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