Find someone who treats you right this Valentine’s Day

Queenslanders have been urged to ‘find someone who treats them right’ this Valentine’s Day as new RACQ Bank data revealed bank account and mortgage holders were staying loyal to financial institutions for decades because of the perceived difficulty of switching.

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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.”

Queenslanders could visit RACQ’s Financial Wellbeing Hub for more information on how to future-proof their finances. 

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.