Australians are still banking with the same institution their parents chose and many may be missing out on better rates, services, and financial perks as a result. 

A recent survey commissioned by the Customer Owned Banking Association (COBA) and conducted by Pureprofile found that over half of Australians (53%) chose their main bank because of their parents. The survey polled 1,004 Australians aged 18 and over.

Of those, 33% had their accounts set up by their parents, while another 20% followed in their parents’ footsteps and chose the same bank themselves.

That early nudge has lasting power with 61% of Australians reporting they’ve never changed banks.

Sticking with the family bank without reviewing your options could cost Australians hundreds, if not thousands, of dollars each year in missed savings, higher fees, or lower interest rates

“It’s a common story: your parents opened your first account, and many simply stayed with that bank. But as we grow, so do our values and priorities. We encourage Australians to ask themselves if their bank truly reflects who they are and what they care about today,” COBA Chief Operating Officer Stephanie Elliott said.

Experts advise that it’s a good idea to regularly review your banking arrangements, compare products, and shop around — even if you feel loyal to your current bank.

“By not making a proactive choice on which institution you bank with, you could be overlooking competitive rates and fees, market-leading customer service, or the chance to bank with an institution that truly aligns with your specific needs and values,” Ms Elliot added.

Among those who switched, more than half (53%) cited better fees or rates as their motivation, while one in five (20%) left due to poor customer service.

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Considering a change? The table below features savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
Filters
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
0.00% p.a.
Bonus rate of 4.60%
Rate varies on savings amount.
5.00% p.a.
Intro rate for 4 months
then 4.60% p.a.
$957
4 months
$0
$99,999,999
$0
$0
  • *Score $20 using code SWIPE20
  • Earn bonus interest on total savings up to $1M per customer
  • Deposit $500 per month from an external source to earn bonus interest
  • Welcome Bonus Rate for up to 4 months, then 4.60% everyday bonus rate
Disclosure
3.70% p.a.
5.15% p.a.
Intro rate for 4 months
then 3.70% p.a.
$844
4 months
$0
$249,999
$0
$1
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
 Disclosure
0.05% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.00% p.a.
$1,023
–
$0
$99,999
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
4.50% p.a.
4.85% p.a.
Intro rate for 4 months
then 4.50% p.a.
$933
4 months
$0
$99,999,999
$0
$0
  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.
Disclosure
  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.

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Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning
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