Win for Dudded Savers as Banks Forced to Alert Changes

People will be alerted each time their interest rate moves and when promotional offers expire under a suite of changes aimed at prodding bank customers to snag a better deal. The federal government plans to act on a number of recommendations from two Australian Competition and Consumer Commission (ACCC) reports that found bank customers could earn and save more if not for barriers stopping them switching to better offers. Under the changes, savers should eventually be notified about bonus offers which reward customers with extra interest for saving a certain sum or meeting other conditions. They will also be sent attractive introductory offers which are used by banks to attract new customers but are short-lived and, on expiry, savers fall to a lower rate....