'Money mules' loaning bank accounts to help crooks launder millions
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Millions of Australians are clueless when it comes to crucial information about their bank accounts, a survey has revealed.

A Money.com.au survey found 57 per cent of Australians – around 12 million people – are unaware what the current savings rate of their account is.

It means millions of Aussies could be losing out on thousands of dollars in a cost-of-living crisis.

'Money mules' loaning bank accounts to help crooks launder millions
Australians are being warned to carefully check their bank account details. (Nine)

Money.com.au’s finance expert Sean Callery said Australians could be losing out all because of a simple check.

“If you’re not checking your savings rate, chances are you’re not getting the best return on your money”, he said.

“In this rate environment, not paying attention could cost you hundreds or thousands a year.”

There can be a huge difference in the savings rate of different accounts; some pay as little as 0.10 per cent per annum, whilst some can pay up to 5 per cent p.a.

The difference between the two can often mean tens of thousands of dollars can be lost by Australians over many years.

And Australians could benefit from shopping around, Callery said.

“Now is a good time to review your current rate and account conditions, and consider switching to a more competitive option, so you can be in a better position to weather any future rate cuts,” he said.

“Banks adjust their rates regularly, and even more often now that we’re in a rate-cutting cycle, so you should be checking your savings rate every few months… with some savings accounts, you’ll only earn the top rate if you’re meeting certain conditions, and if you’re not paying attention, the default base rate could be zero or close to it.”

The survey also found Australians of all ages could be more literate when it comes to basic knowledge about their accounts – 58 per cent of Gen Z and millennials were not aware of their cash rate and 57 per cent of Gen X and baby boomers did not know this crucial piece of information.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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