Savers can save $330 by switching

Savings account holders can save up to $330 by switching to a better account according to consumer group Choice. Choice's Better Banking campaign director Richard Lloyd said nearly 80 per cent of Australians had not considered switching banks in the last two years. "Of course that's what the major banks rely on, they rely on lots of Australian consumers staying where they are and that's when you get hit by high fees, poor interest rates and unfair terms, What we're saying today is `consumers don't wait for the government's reform package … if you take simple steps now you can give yourself an early Christmas present'.”

Mr Lloyd said smaller banking sector players were usually those offering the best deals and consumers should not be nervous about moving to smaller finance institutions as they were regulated in the same way as banks. Federal Treasurer Wayne Swan said: "I'd encourage every Australian family to check out the range of products on offer and compare them to the big banks.”

Source: Adelaide Now