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Consumers lose out on interest savings, urged to shop around

A study conducted by InfoChoice, financial comparison experts, has found that consumers are losing interest in savings, short-changing themselves by more than $1 billion worth of interest in the past six months.

According to InfoChoice, consumers are losing out by not shopping around to look for the best savings account with the highest interest rate.

Consumers who did shop around and monitored rates, switching their savings to the best account with the most attractive interest rates, could have achieved an average rate of 6.44 percent over the past six months. Instead, Australians have lost out on $144 billion by not shopping around.

InfoChoice is encouraging consumers to shop around before decided on a savings account, as there is a 2.2 percent gap between the best and lowest rate offered by the big four banks.

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