Have your say on bank account interest rates

Australia’s consumer regulator, the ACCC, is looking into how banks set interest rates and conditions applied to bank accounts. Together, we can show overwhelming public support for a fairer deal by sharing the thoughts and experiences of people like you. The results of this survey, including anonymised quotes, will be used by CHOICE to campaign for stronger consumer protections, including in a submission to the government. Take a moment to have your say now:

Do you think Australian banks are paying fair interest rates on your savings, transaction or term deposit accounts?

Yes

No

Not sure

Why is being paid a fair amount of interest on your savings, transaction or term deposit accounts important to you? (Optional)

Do you think that your bank should be required to automatically switch you to the best interest rate they offer?

Yes

No

Not sure

Do you think that your bank should be required to let you know if you’re not getting the best interest rate they offer?

Yes

No

Not sure

Have you tried to switch savings accounts to get a better interest rate in the past 12 months? (either within your bank/institution, or to a different institution)

Yes

No

Did you face any of the following challenges when trying to close your account?

Select all that apply

Hard to compare rates

Hard to close old accounts

Hard to find a better account

Difficult to understand account terms and conditions

Incurred costs to switch accounts

I had to call the bank or visit a branch because the bank wouldn’t let me do what I needed to online

Other

Share more about your experience switching accounts (Optional)

Some savings accounts have a ‘bonus’ interest rate, or similar, where you have to meet certain conditions (like making no withdrawals, and/or depositing a certain amount each month) to access the full interest rate. Have you ever missed out on receiving the full interest rate due to conditions like these, or had an experience with these ‘bonus’ rates you feel was unfair?

Yes

No

Not sure

Is there anything else you’d like to add? (Optional)

Are you happy for a member of the CHOICE team to contact you by email to discuss your response further?

We sometimes have follow-up questions about your experience to help inform investigations and opportunities to strengthen our campaign.

Yes

No

Submit response

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