Life, Media Release, Money, What's New

If you bank with a major bank you’re probably not getting the best deal

Published on April 28, 2018 12:58 am, by

It’s been a couple of months now since we launched our new Optimise My Banking feature that uses your own banking transactions and balances to suggest cheaper banking products or banking products that might earn you more interest.

We’ve now analysed thousands of bank accounts and credit cards for customers and there is a clear trend in the results. The large four banks almost never appear in the list products that are cheapest to use or earn you the most interest. To be fair, some of their separately branded businesses do, but not that often.

The cheapest bank accounts and bank accounts that earn you the most interest are likely to come from:

  • Bank of Sydney
  • RAMS (part of the Westpac Group)
  • AMP
  • Ubank (part of the NAB Group)
  • ME Bank
  • ING

The cheapest credit cards are likely to come from:

  • Northern Inland Credit Union
  • Teachers Mutual
  • Hume Bank
  • UniBank
  • Heritage Bank
  • Community First Credit Union.

It’s possible that some customers will have special package pricing or value the rewards programs of some of the larger banks – but the key message is if you want a better deal on your banking, look around, there are much better deals to be had, but you will need to look further afield than the usual 4 suspects.

If you want to save time and money or earn more interest on your savings, register for MoneyBrilliant and use Optimise My Banking to find cheaper bank accounts and credit cards and savings accounts that will earn you more interest based on how you use them.

How much better off would you be?

This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711, ACL 493068). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice you should seek advice from a licensed financial adviser

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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