My clients were sceptical about achieving interest savings whilst the rates were going up. I’ll admit, it’s tricky when banks are increasing rates at different times. That why it’s important you know what stage the bank is at with setting their rates. Have they factored in the most recent RBA increase or are they still to make an announcement?

It’s possible your bank has not moved their rates and the bank you are comparing to has. That’s why I value the relationship that I have with the bank managers, and can have the conversations to ensure that we are comparing apples with apples when it comes to interest rates.

We tendered their business banking to a couple of banks and followed up with their existing bank. They decided to remain with their existing bank but only after we managed to reduce their margin by 0.5% a savings of $15,000 per year.