There are fresh concerns loyal customers are still doing it tough and losing out on special rates with the big banks amid a Federal Government inquiry into retail bank deposits.

A study undertaken by over 7000 Australians found consumers feel they’re being hit with a loyalty tax on the rates earned on savings accounts.

Patrick Veyrat, the Head of Policy and Government Relations at the consumer advocacy group CHOICE, detailed the findings with Deborah Knight.

“People are fed up with a loyalty tax,” he said.

Listen to more highlights from Afternoons with Deborah Knight below: