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Aussies missing out on $4 billion of interest

12/05/2011

RaboDirect urges consumers to check the rates they are receiving on their surplus savings to make sure they’re getting the best value on offer.

We have found that Australians are missing out on more than $4 billion in unpaid interest a year by keeping their savings in low–interest bearing accounts.

Australians are doing the right thing by trying to save more but into the wrong type of account. Consumers are falling into the trap of building up savings in transaction accounts that incur fees and pay little or no interest.

We encourage consumers to make the most of this latest opportunity and find the savings account that helps them put money away for the future.

Source: Rabo



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



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