Westpac alert scheme could help Australian savers earn hundreds

Savvy Australians could earn a whopping $21 million in interest on their savings accounts with the introduction of a new mobile phone appeal.

A new mobile phone push notification launched on Monday by banking giant Westpac will alert customers how to earn extra interest.

The big four bank said around 107,000 customers had already earned an average of $201 each in interest after responding to the mobile call.

Transaction banking managing director Mandy Rutherford said the bank wanted to make it easier to increase “hard-earned savings”.

“These calls are designed to help customers better understand opportunities to earn additional interest and allow them to act quickly,” she said.

“This is part of our (Westpac’s) continued investment in digital tools to help our customers make more informed decisions about their money.”

Westpac customers can earn extra interest on their Westpac Life Savings Account each month when they increase or top up their balance.

Customers under 30 can also earn extra bonus interest if they use their debit card five or more times in just one month.

Westpac also issues online and mobile alerts to customers when introductory bonus rates expire, as well as fixed deposit due dates.

The bank’s announcement comes as many of the country’s major banks are rolling out new features aimed at customers who may be struggling with a cost-of-living crisis.

The Commonwealth Bank announced earlier this year that it was introducing loan deferments and adjusted loan repayments for some borrowers.

Read related topics:Westpac

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