Finder app: New way that you can save $8496

A new money-saving app has launched – and it promises to save the eight million of us currently getting stung by the “loyalty tax”.

The new app could save you some serious coin. Picture: iStock

A brand new app has just launched – and it promises to save Aussies thousands.

The Finder app is designed to find members better deals for credit cards, home loans, savings accounts and health insurance and includes features such as spending insights and alerts to save you money.

According to Finder’s Loyalty Tax Report, an estimated eight million Australians stay loyal to their financial providers by not switching regularly – a habit which costs a combined $67.8 billion a year.

But Finder estimates Australians could save up to $8496 each year across four common financial products – home loans, savings, health insurance and credit cards – if they simply switch providers.

The free app analyses members’ financial products and their spending, and notifies them of potential savings across those four main categories.

Finder co-founder Fred Schebesta said the app aimed to put billions of dollars back into Australians’ bank accounts.

The new app is free and available now. Picture: iStock

“The Finder app has been created to empower Australians to make better financial decisions with their own data. We want to help more people find better deals, and put money back into their pockets,” he said.

“The way Australians bank is changing – we are seeing more products, and more disrupters. “Our preliminary insights show that Finder app members have at least five financial products with two or more institutions. Consumers want more help to make their lives easier.”

Mr Schebesta said people expected companies to know their preferences, and that as a result, automation and machine learning was booming.

“We need to better serve our members and this requires new technology and innovation,” he said.

It comes hot on the heels of the Energy Switch comparison tool – a NSW government initiative that lets people compare the plans of all household electricity and gas providers – which lets eligible customers initiate the switch process, all without leaving the site and with no phone calls required.

The service, driven by NSW Minister for customer service Victor Dominello, has already been used by more than 7000 people since it first launched. The average household saves $420 a year after using the site, with the most dramatic savings being $6000.

And last month, smartbank 86 400 launched a fresh product to help Australian households to get a better deal on their electricity bill.

The service, also named Energy Switch, made the firm the first financial institution in Australia to independently assess its customers’ electricity spend.

It uses smart technology to help customers find a better deal and was developed with Accurassi, which also built the data services behind the NSW Government’s Energy Switch tool of the same name.