Banks are sneaky f**ckers. A term deposit of mine matured today, a week ago i went into a bank and filled in a form saying that i didn't want to continue at the end - today they rolled it over at 1.5% - yes 1.5%.
Stopping the account is an easy fix, but my question is - is offering this kind of rate at all acceptable?. When you can get 5.11% from UBank and near that from Bankwest for savings accounts, and this will most likely rise a bit over the next year not fall.
How many people make the assumption that they will be getting a "fair" rate and simply leave accounts. ie grandparents saving for grandkids etc. Part of me thinks that you should be able simply roll over your term deposit and expect a "fair" rate. Seems a bit sneaky to me - ok they are banks, but still.