With banks currently competing with each other over deposit rates, it could be a good time to save some money, one industry expert has said.
People with money in savings accounts are reaping the benefits of the current term deposits war, according to one industry expert.
John Kavanagh, writing for the Sydney Morning Herald, said banks and other financial organisations have been competing to increase the proportion of retail deposits on their balance sheets.
But he warned that not everyone with a
saver account should automatically assume their financial institution is giving them the best deal.
Mr Kavanagh urged consumers to keep checking on other organisations to see if they are offering their customers better prices.
He added: "Savers can look forward to the continuation of intense competition for deposits for some time but they need to keep an eye on how their financial institution is adjusting rates".
David Potts, writing for the publication, noted that another way in which Australians could save money is to transfer their credit card balance to a cheaper card.
By Mark Hornby
