Compare, Ditch And Switch Tool Identifies Savings From Changing Banks

Australians love complaining about bank rip-offs, but are often reluctant to make the effort to change. A new tool co-developed by financial advocate Choice and finance comparison site Mozo helps you identify the savings available if you do make a change to a better deal.

According to the Compare, Ditch And Switch site, customers who switch from the most expensive options offered by the big four banks (ANZ, Commonwealth, National and Westpac) can typically save $2500 a year on a mortgage, $440 on a credit card account and $330 on savings accounts. Even if you've got a typical mid-range account from the banks, the savings can be up to $270 a year for credit cards or $190 for savings accounts.

You can enter your own details on the site to see what deals are possible. Unlike most comparison engines, there's no referral fee being paid if you do pick an account and make the switch.

If you spot a good deal using the tool, tell us about it in the comments.

Compare, Ditch And Switch


Comments

    Interesting but not necessarily accurate. I plugged my account in for comparison and it incorrectly stated there was an account keeping fee (waived with mortgage), no overdraft ($500, also waived) and a $15 card design fee (lifted a month or so ago). With this many discrepancies on my account is there any point using it to look at alternatives? I might switch but am way too lazy to do the research.

      Hi Nick, Kirsty from Mozo here. As this article mentions, we're providing the data and comparison tools for this site. I just wanted to let you know that the information listed in our bank account comparison tables is the standard account information, i.e. standard monthly fees, withdrawal fees, and so on.

      We currently don't cover off the bank account fee waivers or special conditions that customers may be receiving as part of a home loan package, as they are not standard features available to all customers.

      We're always open to suggestions as to how we can improve the information we provide, so appreciate the feedback.

    very helpful

    Trying to nail the banks is like nailing jelly to the wall;

    My homeloan is over 30 years, won't accept my monthly repayments, seems to be set up for 25 years only.

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