Want your claim of $4 billion in lost interest?

In our recently launched advertising campaign, we call the major banks out for using low interest accounts to “steal" people's dreams.

You might have a few questions about the $4 billion in lost interest, so we thought we would explain what we mean – but also what you can do to make sure you avoid missing out.

What do we mean by $4 billion in lost interest?

This number is the calculation of potential savings from interest Australians might have made had their surplus cash been invested in a high interest savings account, rather than leaving it in a transaction account.

$4 billion? That's a lot of money!

Actually, $4 billion is a conservative estimate. The upper end of the estimate is somewhere around $6-8 billion mark.

It translates to about $550 per person per year. We think you should know about that so you can be sure to review your cash holdings and move money into high interest accounts whenever possible.

What does this mean for me as a saver?

Apart from the obvious benefit of tapping into this pool of potential savings by switching to a high interest savings account, it also highlights the need for all of us to be more aware of the type of product we are using to house our money.

There is a clear difference between ‘savings' and ‘transaction' bank deposits but often there is confusion between the two.

What can I do to avoid the “low interest account" trap?

People have a great opportunity to wake up their savings. We encourage Australians to have a closer look at how they are using their banking products, and to seek information about products and services to check that they deliver what they promise. If it says 'savings' it should deliver savings, not erode your money!

For more information about our High Interest Savings Accounts and rates, click here.