powering smart financial decisions

Should you shop around for a bargain?

Should you shop around for a bargain?

There’s a lot of talk about online shopping these days — more and more Australians are plugging their credit card details into their PCs, laptops and tablets in order to buy goods online. 

However, it’s no longer a matter of picking a single online retailer, clicking on a desired item and heading to the virtual checkout. Shopping around for a bargain in both bricks-and-mortar and online stores is becoming increasingly popular. But should we be doing it?

Numerous store visits common

According to Mick McCabe, Nielsen’s Homescan Shopper Panel Product Leader, shoppers have become an incredibly savvy bunch. Over the past year, one in three grocery trips involved visits to multiple retailers on the same day.

“In today’s economy, savvy shoppers are, quite literally, willing to go the extra mile to get what they want,” McCabe explained.

Close to one in three shoppers visited more than one of Australia’s four key retailers chains in the same week. The numbers speak for themselves — people are not hesitant about shopping around and pulling out their credit cards only when they feel they’ve got a bargain. There are many reasons why people do this.

Better range

Whether you’re buying clothes or seeking a car loan, one of the key benefits to shopping around is range.

If you head into a single clothing store, you’re limited to its own buyers’ or designers’ tastes. But if you jump online, you’ll be able to access a much greater range of clothing.

Likewise, when looking for financial products, it’s worth checking out comparison sites rather than sticking with a single provider’s offerings. Access to a broader range means you’re more likely to find a product that suits you.

More convenience

Do you need to pick up a new jacket or pair of shoes before the day’s up?

Shopping around requires you to invest a bit of time. However, if you jump online you can also cut out the hassle of leaving the office in your lunch break or finding a car park at your local shopping centre on the weekend. 

Shopping around doesn’t have to be time consuming if you don’t want it to be. In fact, it can actually be a lot more convenient. With a few clicks of the mouse, you could order a new item of clothing, computer part or book a holiday while you’re enjoying your morning coffee.

In the year to June, online fashion retail sales increased eight percent, while electronic games experienced an even greater surge (22 percent), according to the National Australia Bank Online Retail Sales Index monthly update for June. Given the convenience online shopping affords, it’s no wonder these categories have seen sales growth.

Better price

A better price is arguably the key driver for shopping around — and possibly the most controversial.

Traditional stores are often frustrated by shoppers who use up sales assistants efforts in order to find the perfectly sized pair of shoes, only to jump online and buy the item at a cheaper price. 

But there are lots of savings to be found online as it’s much easier for consumers to spot a great deal by being able to compare multiple products and deals side-by-side.

In today’s landscape every penny counts so it’s always a wise idea to shop around and compare — regardless of whether you are looking for a new shirt, a credit card or a home loan.

Did you find this helpful? Why not share this article?



Money Health Newsletter

Subscribe for news, tips and expert opinions to help you make smarter financial decisions

By signing up, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.

Today's top savings accounts products


Learn more about savings accounts

Can you set up a savings account online?

Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.

Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

Can you have multiple ING savings accounts?

Yes, you can open up to nine accounts with ING at any particular time. If you’re saving money for various goals, such as buying a car or taking a holiday, you can name each of your multiple ING savings accounts differently.

To get a Savings Maximiser account, you’ll need to deposit more than $1000 every month and make at least five additional purchases. If you also want to grow your savings, from 1st March 2021, you can earn up to 1.35 per cent per annum variable interest on one account with a balance of up to $100,000 when you also maintain an Orange Everyday account.

With ING, multiple savings accounts can help keep track of all your savings goals. All the accounts offer flexible withdrawals where you can withdraw as low or as high as you want without impacting your earning interest rate. However, you can only earn the bonus interest on one account. To apply for a Savings Maximiser account, you can visit ingdirect.com.au.