ACCC chair Gina Cass-Gottlieb said the issue would be probed as part of a broader inquiry into the deposit market,which Treasurer Jim Chalmersformally ordered last week.
“It’s certainly an important thing that we’re going to test,and in fact,one of the questions that is in the direction from the Treasurer is to look at whether there is a difference in the rates of interest paid between new and existing customers,” Cass-Gottlieb said.
Comparison websites,which profit from people switching banks,have long said consumers can get better returns on their money if they are prepared to shop around.
According to Canstar,the biggest increase in deposit rates in this cycle of rate rises has been in “promotional” rates on some savings accounts,which revert to lower rates after three to six months.
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While such pricing strategies are legal,a previousACCC inquiry into the mortgage market sought to raise awareness about the significant savings customers could obtain by switching lenders.
The terms of reference for the ACCC’s deposit inquiry are wide-ranging,and the probe comes as Chalmers has said banks have taken longer to pass on the benefits of higher interest rates to depositors than to mortgage customers.