Choice big bank switch - big savings and more competition



CHOICE and One Big Switch today welcomed the success of the CHOICE Big Bank Switch, and announced that the campaign to encourage consumer mobility on home loans has concluded.

The CHOICE Big Bank Switch (CBBS), which was Australia’s first ever national bank switch, was part of CHOICE’s Better Banking campaign.

It was launched three months ago and helped spur thousands of Australian mortgage holders to shop around for a better deal on their home loan.

Some highlights of the CHOICE Big Bank Switch include:

• 40,000 people started shopping around for a better deal on their mortgage;
• Over 2,000 people are in discussions with CHOICE Big Bank Switch lenders; and
• According to feedback from participants, many, many more have used the CBBS offers to negotiate a better deal from their current lender.

According to information submitted to the One Big Switch website by CBBS participants, if they switch to the offer they are considering:

• They will on average save $375 a month.

This is a significant saving for many families, and will be a welcome relief on the family budgets of those CBBS participants who decide to switch.

As part of the CHOICE Big Bank Switch, five lenders agreed to give those who signed up to the CBBS an exclusive group discount over the life of the loan.

Just as important many participants used the exclusive and discounted CBBS offers to negotiate a better deal from their current lender.

The success of the CHOICE Big Bank Switch is real evidence that consumers can use power of group switching to cut the cost of their monthly household bills.

CHOICE Director of Communications Christopher Zinn said today: “Thanks to massive community support the CHOICE Big Bank Switch has been a huge success. Many mortgage holders can now look forward to savings of hundreds of dollars a month. Tens of thousands of people have considered switching and in the process demanded more from their banks.

“The achievement is one more step in our Better Banking campaign to help bring more competitive banking products to all Australians. Now we will continue to push for reforms to make banking services more accessible, affordable and transparent, driven by genuine competition.”

Lachlan Harris, Co-Founder of One Big Switch also welcomed the success of the campaign. Mr Harris said today, “We think an average savings of $375 a month is a great outcome. So many families are struggling to keep their heads above water and an extra $375 a month is a great help.”

“The CHOICE Big Bank Switch was an experiment to see if people power could help deal with the rising cost of living. That experiment has been successful, now the challenge is to use the power of group switching to cut the cost of power bills, insurance bills and other essentials.”

“One Big Switch started the ball rolling with mortgages, now we plan to use the power of group switching to help cut the costs of electricity bills next.”

Taking part in the CHOICE Big Bank Switch was entirely free for mortgage holders, and was also obligation free.

Media Contacts:

Lachlan Harris (One Big Switch) - 0418 946 587

Christopher Zinn - CHOICE Director of campaigns & communications - 0425 296 442

Related articles

Related tags:
 
 

No benefit from anti-competitive exit fees

17 Jun 2011 | CHOICE says a move in the Senate to overturn the ban on mortgage exit fees is misguided and if successful, will end up hurting consumers.

Big Bank Switch offers now on

13 Sep 2013 | CHOICE says that One Big Switch (OBS) is ready to put mortgage offers to the 40,000 people who registered their interest in the Big Bank Switch.

 

Mortgage exit fees ban becomes law

New law is a victory for consumers and for CHOICE

24 Mar 2011 |

Bank satisfaction survey 2010

The Big Four again rank bottom for customer satisfaction, but we found they are quite open to giving discounted rates - when asked.

1 Sep 2010 | If you're not getting an interest rate saving of at least 0.7% then you're probably paying too much.

 

How to switch banks

Yesterday the CBA announced a record profit of 6.1 billion dollars.

27 Jul 2010 | If you're not happy about their profit, and your fees, ask for a better deal. CHOICE shows you how to find the fairest bank account and then switch to save.

CHOICE releases Better Banking report

CHOICE heads to Canberra to deliver its report to Swan and Senate.

2 Mar 2011 | The report marks a major milestone in our campaign for fairer banking.

 
 

Sign up to our free
e-Newsletter

Receive FREE email updates of our latest tests, consumer news and CHOICE marketing promotions.