Savers want good rates and no fees

Bank customers are fed up with fees on savings accounts and want to be rewarded with higher rates for saving regularly, according to a new study to be released next week. RaboPlus surveyed 505 bank customers and found an overwhelming demand for nil minimum opening balances, and easy access to money with no unfair restrictions on making withdrawals. RaboPlus general manager Mr Greg McAweeney said the research also shows customers want to be rewarded for saving regularly, but are very concerned about the hidden terms and conditions behind offers from banks. “The research is telling us that customers want more transparency from their banks and less tricky and hidden conditions, which prevent them from getting the returns that they deserve,” he said. Seventy eight per cent of respondents wanted a savings account that rewarded regular saving patterns, while 96 per cent of those surveyed said fees and charges were an issue.

Source: RaboPlus