The Australian Competition and Consumer Commission (ACCC) is investigating banks’ applications of rate rises.

Currently, when interest rates rise, the banks are quick to increase borrowers’ interest rates but do not apply the rises to savings accounts.

ACCC Chair Gina Cass-Gottlieb told Oliver Peterson on Perth Live the banks are not being fair in their application of rate rises for savers. 

“When they do rise, quite often they are conditional,” said Ms Cass-Gottlieb.

“Customers are less active in shopping around to asses whether they can get a better deal.”

Press PLAY below to hear Ms Cass-Gottlieb’s tips for getting more bang for your buck

Image via WAToday