Article 6Y55M Customers are missing out on bonus savings rates — and banks don’t have to actively warn you

Customers are missing out on bonus savings rates — and banks don’t have to actively warn you

by
Luca Ittimani and Jonathan Barrett
from World news | The Guardian on (#6Y55M)

Conditional savers at ING who fail to meet monthly conditions do not receive bonus interest but despite regulatory advice, the bank does not actively alert customers who might miss out

One of Australia's most popular savings account operators, ING, has ignored regulatory advice to tell customers when they are about to lose bonus rates on promotional accounts, leaving savers at risk of missing out.

The practice has helped ING and other banks access customers' money at little or no cost to finance other parts of their businesses, including profitable mortgage books.

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