Save hundreds of dollars by switching banks


Online initiative brings Xmas cheer to consumers

Media Launch 8:30am Monday 6th December Christmas tree in Martin Place, Sydney

CHOICE will visually bring to life the size of the Christmas gift Australians can give themselves with the money saved by switching their mortgage, credit card and other accounts to better options. They’ll even hand out some ‘free money’.

The average Australian family can give themselves an early Christmas present with the hundreds of dollars saved by switching home loans, savings accounts and credit cards to cheaper options.

In figures released today CHOICE says that by switching accounts from the big four banks to other providers, mortgage holders can save up to $2,500 a year, credit card holders up to $440 and those with standard savings accounts up to $330.*

The Compare, Ditch and Switch initiative, part of CHOICE's Better Banking campaign, encourages Australians to size up their banking options with the help of CHOICE’s new, no-cost, independent online tool, powered by money experts Mozo.

“You don’t have to wait for banking reform to get a better deal. People who are proactive and can spare a few minutes might be surprised at how much they can save,” says Better Banking campaign director, Richard Lloyd.

“Too many people are staying in cards, loans and accounts which are costing them too much - switching makes real sense,” says Richard Lloyd.

“More mobile and discriminating bank customers help make a more competitive banking system for everyone.”

The Compare, Ditch and Switch price comparison tool can be found at www.choice.com.au/betterbanking. It’s part of the CHOICE Better Banking campaign to ensure consumers have a voice in banking reform.

The new service, powered by Mozo, enables consumers to objectively compare credit cards, home loans, savings products and transaction accounts from 89 banks, credit unions, building societies and non-bank lenders.

Notes to editors

* The potential savings from switching have been calculated by Mozo by comparing the yearly cost of the worst big four products for savings accounts and credit cards, and the yearly cost of the average standard variable rate big four home loans, with the best cost alternative on the market today. Costs include interest rates and fees.

The potential annual savings from switching from the mid point big four products to the best rate alternative in the market are $190 for savings accounts and $270 for credit cards.

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