Queenslanders stuck on their first bank


RACQ Bank has urged Queenslanders to consider if their current bank was still meeting their needs, after new research revealed almost 40 percent of people have never switched their ‘everyday bank’ account.

Woman putting a coin in a piggy bank

RACQ spokesperson Graham Metcalf said 52 percent of Queenslanders had been with their first bank for more than 10 years, and a third had stayed for more than 20 years.

“If you're still with the bank your parents set up for you as a child, the research shows you’re not alone,” Mr Metcalf 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.”

Mr Metcalf said more than a third of Queenslanders admitted they were put off changing banks because they believed it would be difficult.

“While most people told us they were interested in switching banks to take advantage of higher savings interest rates, cash incentives or lower interest rates on their loans, things like switching direct debits and deposits, changing cards and filling out paperwork were holding them back,” he said.  

“It may involve a little bit of time and research, but we’re calling on all Queenslanders to ask themselves if their bank is giving them the best rates or services that meet their needs. And  if the answer is no, to look for a bank that will treat them right.

“If you’ve found a different bank you like, chat to them about switching and they should be able to take you through the process step by step.

“If you’d still rather stick with your current financial institution you can use your research to ask your bank if they will offer you a better deal.”

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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.