Find someone who treats you right this Valentine’s Day
The new research showed 53 percent of account holders had been with the same bank for more than a decade, 31 percent had stayed for more than 20 years and 38 percent had never switched their everyday bank.
RACQ spokesperson Lucinda Ross said the data found just 12 percent of Queenslanders intended on switching banks in 2021, with 40 percent 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 despite interest rates being low, only 19 percent of Queenslanders had ever switched mortgage providers.
“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.”
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.
Related topics
-
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.