More bank accounts expected to get rewards points

Transaction accounts are the new battleground for banks. Financial institutions are adopting rewards programs to help grab customer deposits.

Similar to rewards programs used by retailers, banks are the next industry to introduce a scheme where customers reap the benefits from doing business with them.

Bankwest retail chief executive Vittoria Shortt says competition between financial institutions has grown and this is one way to attract new business.

“There definitely is strong competition for deposits,” she says. “There are a lot of customers who like rewards points and they've never been available on transaction accounts. We saw there was a gap.”

Source: Herald Sun

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