Whereas monetary establishments had been typically fast to move on these curiosity hikes to dwelling mortgage clients, the identical was not at all times true for financial savings merchandise.
The regulator is assessing the standards banks use when making fee selections, together with whether or not an individual’s career or different demographic info impacts the charges clients obtain.
“The overwhelming majority of Australian customers have at the very least one financial savings, transaction, time period deposit or different retail deposit account, and collectively Australians maintain over $1.45 trillion in retail deposit accounts,” ACCC Chair Gina Cass-Gottlieb mentioned.
“For a lot of Australians, the curiosity earned on these accounts is a crucial supply of revenue, and customers are understandably eager to make sure they’re receiving a superb return on their financial savings.”
The ACCC will think about how banks have adjusted their charges for deposit accounts following modifications to the money fee goal, together with the usage of introductory and different conditional rate of interest gives.
“We’re keen to listen to about competitors and shopper points affecting the availability of retail deposit merchandise to Australian customers and self-managed tremendous funds,” Cass-Gottlieb mentioned.
“This inquiry will intently look at how banks make selections on rates of interest, and any obstacles customers face in getting a greater deal”.
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It should additionally examine how rates of interest of comparable merchandise range between customers relying on quantities deposited, whether or not they’re new or present clients, whether or not they maintain different merchandise with the identical financial institution or in the event that they belong to a specific demographic.
“We additionally wish to hear from customers and shopper organisations about experiences in trying to find and taking on retail deposit merchandise, together with any impediments customers face in switching banks to get a greater deal,” Cass-Gottlieb mentioned.
The inquiry may also analyse how banks and different monetary establishments compete with one another, and the potential for entry by new opponents.
