Is your savings account interest rate keeping up with your loan?

Banks and non-bank lenders have been quick to pass on this month’s RBA rate increase to home loan customers, but most remain silent on any corresponding rise in savings account interest.

If you’ve got a mortgage and also money sitting in a savings account, the gap between what the borrowed money costs and what your own money earns has widened.

To make the most of the rate change, consider using your loan’s offset account or redraw facility. These options can help you benefit from the increase immediately, even if your savings rate hasn’t budged.

Want A Loan is a Corporate Credit Representative (No. 490204) of BLSSA Pty Ltd ABN 69 117 651 760, Australian Credit License 391237.