How can I check my offset account is collecting the savings it should?

According to The Conversation, Australia's financial regulator, ASIC, found all eight of the country's largest banks—handling more than seventy percent of home loans—have failed to properly set up and manage offset accounts. An offset account is linked to your mortgage; the money saved in it reduces the interest you owe. In a report released this week, ASIC reviewed over two hundred thousand home loans and discovered some customers never received their requested offset accounts, while others had accounts that weren't correctly linked. Since September twenty twenty-three, the failures have cost banks fifty-five million Australian dollars in compensation. ASIC is urging anyone with an offset account to verify with their bank that it's been set up correctly and is actually saving them money.

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