Upworth launches Savings Account Scanner

Australian households collectively miss out on approximately $30 billion in unearned interest annually on savings deposits due to sticking with lower-yielding products

Piggy bank eating coins

Australian households collectively miss out on approximately $30 billion in unearned interest annually on savings deposits due to sticking with lower-yielding products.

The savings account landscape is broken, with wide discrepancies in interest rates, complex product designs, and frequent rate changes making it difficult for consumers to compare and choose the best options.

Upworth has launched a free Savings Account Scanner to address these issues, leveraging Consumer Data Rights to provide alerts for better rates, monitor bonus rate achievement, and offer transparency on product details.

This initiative aims to empower individuals to retake control of their money and potentially recover an average of $1,474 per Australian adult in lost interest annually.