Time to ‘find the bank who treats you right’, says RACQ
The RACQ has urged all Queenslanders to consider whether their banks are “treating them right” on the cusp of Valentine’s Day.
Newly-released RACQ Bank data revealed bank account and mortgage holders have been staying loyal to financial institutions for decades because of the perceived difficulty of switching, with 53 per cent of account holders with the same bank for more than a decade.
Another 31 per cent had stayed for more than 20 years, and 38 per cent had never switched from their first everyday bank.
RACQ spokesperson Lucinda Ross said the data found just 12 per cent of Queenslanders intended on switching banks in 2021, with 40 per cent of those surveyed saying the task was simply too difficult.
“Loyalty is wonderful if everyone is reaping the benefits,” Ms Ross said.
“However, if you’re sticking with the same bank for decades because you fear it’s too difficult to change, or you simply can’t be bothered, this could be costing you financially.
“It may involve a little bit of time and research, but this Valentine’s Day, we’re calling on all Queenslanders to ask themselves if their bank is treating them right, and giving them the best rates or services that meet their needs. If it’s not, it’s time to swipe right on a better bank for you.”
Ms Ross said just 19 per cent of Queenslanders had ever switched mortgage providers despite low interest rates.
“Interest rates have never been lower, so it’s a great time to review your loan and see if you can get a better deal,” she said.
“Remember, when you’re assessing the best mortgage option for you, look at the comparison rate to see the true cost of the product. The comparison rate includes the interest rate plus other fees and charges so it will help you see the whole picture.”
Ms Ross said Queenslanders could visit RACQ’s Financial Wellbeing Hub for more information on how to “future-proof” their finances.