Aussies rushing to get best deal on savings

Household deposits totalled $693 billion at the end of March, according to data compiled by the Reserve Bank. That's more than triple the $205 billion they were at the end of 1999.

Getting the best deal on savings need not mean a lot of hassle. Because of the new banking reforms, the provider of the account you would like to switch to is now able to get a list of all your regular debits from your previous account provider if you ask it to.

Unfortunately, there is still a fair bit of inertia stopping us from getting a better deal. But the good news is maybe all you have to do is to make one phone call to your existing provider. Sometimes they will be so upset at losing you they will offer to match the rate that the new provider is offering you on the spot.

Source: Sydney Morning Herald