'Money mules' loaning bank accounts to help crooks launder millions
Share this @internewscast.com

Millions of Australians are clueless when it comes to crucial information about their bank accounts, a survey has revealed.

A Money.com.au survey found 57 per cent of Australians – around 12 million people – are unaware what the current savings rate of their account is.

It means millions of Aussies could be losing out on thousands of dollars in a cost-of-living crisis.

'Money mules' loaning bank accounts to help crooks launder millions
Australians are being warned to carefully check their bank account details.(Nine)

Money.com.au’s finance expert Sean Callery said Australians could be losing out all because of a simple check.

“If you’re not checking your savings rate, chances are you’re not getting the best return on your money”, he said.

“In this rate environment, not paying attention could cost you hundreds or thousands a year.”

The interest rates on savings accounts can vary greatly; some offer as little as 0.10% annually, while others provide up to 5% per annum.

The difference between the two can often mean tens of thousands of dollars can be lost by Australians over many years.

And Australians could benefit from shopping around, Callery said.

“It’s an ideal moment to evaluate your existing rate and account terms. Consider moving to a more favorable option, which can better position you against potential future rate reductions,” he advised.

“Banks frequently modify their interest rates, especially now during a rate-reduction phase, so it’s wise to review your savings rate every few months. With certain savings accounts, the highest rate is only earned if specific conditions are met. If you overlook this, the basic default rate might be very low or nearly zero.”

The survey also found Australians of all ages could be more literate when it comes to basic knowledge about their accounts – 58 per cent of Gen Z and millennials were not aware of their cash rate and 57 per cent of Gen X and baby boomers did not know this crucial piece of information.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

Share this @internewscast.com
You May Also Like
Teenager found with stab wound near alleged machete fight broadmeadows

Teenager Stabbed Following Alleged Machete Incident at Rugby Event

Authorities are on the lookout for a group reportedly wielding machetes following…

Singapore’s Unyielding Justice: The Controversial Execution of Pannir Selvam

Singapore’s stringent justice system has once again drawn international attention following the…

Australia Set to Launch First-Ever National Environment Protection Agency

A new federal environmental watchdog will be set up by the Labor…

Trump Imposes 10% Tariff on Canada in Response to TV Ad Campaign

United States President Donald Trump says he plans to hike tariffs on…
Suspects arrested over theft of crown jewels from Paris' Louvre museum

Individuals Apprehended in Connection with Crown Jewels Heist at Paris’ Louvre Museum

On Wednesday, the prosecutor revealed that arrests had been made on Saturday…
After visiting Uluru to mark 40 year since the handback, he's departing Darwin bound for Malaysia and a week with Pacific leaders at ASEAN, buoyed by new opportunities stemming from the critical minerals deal signed in the White House.

Albanese’s Strategic Asia Trip: Navigating Diplomatic Tensions Amid Rudd Controversy

Following his visit to Uluru to commemorate 40 years since its handover,…
This undated photo provided by Essex Police on Friday, Oct. 24, 2025 shows Ethiopian national Hadush Gerberslasie Kebatu. (Essex Police/PA via AP)

UK Authorities Launch Urgent Search for Asylum Seeker Mistakenly Released from Prison

An Ethiopian asylum-seeker, who had been sentenced to a year in a…
Trump flies to Asia ahead of meeting with Chinese President Xi Jinping

Trump’s Strategic Asia Visit: Key Talks with China’s Xi Jinping on the Horizon

President Donald Trump is headed for Asia for the first time this…
Louvre museum heist

Unraveling the Louvre Jewel Heist: Inside Job Suspicions Loom Large

Detectives have raised suspicions that the audacious theft of $157 million worth…
Harry Brook's extraordinary 135 was not enough to save England from defeat in New Zealand

Harry Brook’s Unstoppable Record-Breaking Performance Can’t Save England from New Zealand Defeat

Harry Brook nearly achieved one of cricket’s most remarkable feats of resilience,…

Kamala Harris Hints at 2028 Presidential Ambitions: What This Means for the Future of U.S. Politics

Kamala Harris is not ruling out another run for the White House.…
President Nicolás Maduro of Venezuela greets his supporters during a rally to commemorate Indigenous Resistance Day on October 12, 2025 in Caracas, Venezuela.

Venezuelan President Accuses US of Manufacturing Conflict

Venezuelan President Nicolás Maduro has accused the United States of orchestrating a…