Cupid says swipe right on a better bank

Queenslanders have been urged to put themselves first this Valentine’s Day after new RACQ Bank research revealed one-third said it was simply too much effort to end a bad relationship with their bank.

RACQ Bank spokesperson Lucinda Ross said changing direct debits, card details and paperwork were amongst the biggest turn-offs for Queenslanders when they considered switching banks.

“It’s not surprising so many Queenslanders think it’s just too difficult to change banks, especially when one in three has never even switched their everyday bank account,” Ms Ross said.

“While it can seem easier to stay in your comfort zone, we want Queenslanders to do their research on the better deals out there, which could save them plenty in the long run, and stop ignoring the red flags in their relationship with their current bank.

“Hidden fees, non-competitive interest rates and tricky terms and conditions are some of the things keeping Queenslanders from hitting their financial goals.”

Ms Ross said the difficulties of changing banks were often outweighed by the benefits of shopping around for a bank that works for its members. 

“There’s good news for those looking to make the switch, with plenty of member-focused banks out there offering competitive home loan rates,” she said. 

“While there is no easy way to change your direct debits, most banks will make sure the home loan refinancing process is as smooth as possible for homeowners. 

“This Valentine’s Day, put yourself first and ask your current, or prospective bank the tough questions on how they can offer you a better rate, and bank the way you want to.

“Take a chance this Valentine’s Day on a better match for your financial needs.”