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Here’s some good news to report...I think.

The Australian Securities & Investments Commission (ASIC) will be holding forums this month with banks to discuss their concerns that the advertising of some online savings accounts is potentially misleading.

So here’s our chance to have our say and give some ideas on how we can get the industry to adopt better standards of disclosure and transparency.

If you’ve read my previous blog post and the various comments you’ll know that I’m not a fan of promotional rates. I’m not saying they should be banned but there should be some clear advertising guidelines ensuring that customers know what is being offered and what the drawbacks are. Hiding restrictions in the small print is not on.

So here are some of my ideas that I will raise with the Australian Bankers Association and ASIC. But I don’t want to be a lone voice in the forum so please post your ideas here too.

• Removing the condition that customers must open separate accounts – such as a fee paying transaction account linked to the savings account

• Advertise the ongoing rate in a prominent position in the advertisement in a larger, legible font size – not in the fine print

• Any interest calculations should be based on a 12-months period

• Consider a minimum period for bonus rates, such as six months

This is just a starting point. I’m looking forward to reading your ideas.