It is time to check on your savings account rate

Savers have to look around, compare and be prepared to switch savings accounts to ensure they are getting the best rate available.

Many banks have cut interest rates on their savings accounts recently without informing their customers.

Some banks are now paying savers less than the RBA's official rate of 2.25 per cent. Some accounts are paying 0.01 per cent.

Source: The New Daily

Advertisement