News Archive for February 2019

Bank Australia recognises that many Australians want their financial institutions to have more of a moral compass, so it’s made responsible banking the cornerstone of its business. That means it only invests in companies that advance social and environmental causes, plus as a customer-owned bank, its members are the ones that reap the benefits.

It’s safe to say you’ve probably heard of this one. As one of the biggest names in Australian banking, Commonwealth Bank boasts over 1,100 branches and 4,300 ATMs across the country.

People’s Choice is currently one of Australia’s largest credit unions, with over 365,000 members across SA, NT, VIC, WA and ACT. As a member-owned bank, everything it does is geared towards benefiting its members, and it’s safe to say it’s doing a pretty great job of it.

With all that goes on in the banking world each day, it’s easy to feel a bit in over your head. That’s why we compile all the major changes of the past week in one handy spot for you to peruse at your leisure. Read on for all the latest news on home loans, term deposits and more.

If you live in South Australia, chances are you’ve heard of Credit Union SA. After all, they’ve got over 50,000 members! But Credit Union SA don’t just offer their services to South Australians, they’ve got an extensive range of award-winning bank accounts, home loans and credit cards available to Australians across the country.

Formerly known as the Police & Nurses Credit Society, P&N Bank is the largest mutual bank in Western Australia. Because it’s a mutual bank, P&N make sure their customers come first, and they’re obviously doing a standout job of it because in recent years P&N Bank have been recognised for their Mozo Experts Choice Award winning bank accounts, savings accounts and term deposits.

Since launching in Australia in 1999, ING has garnered a reputation as one of the more innovative banks in the country, going without branches and passing the savings onto customers. Its range of savings accounts, bank accounts and term deposits consistently rank among the best in terms of value, and have seen ING nab several Mozo Experts Choice awards.

Defence Bank is one of Australia’s largest member-owned banks, catering not just to Australian Defence Force personnel but the wider Australian public. And since it’s owned by members, it reinvest its profits to make the experience that much better for the people that use it every day. What’s more, it runs several community outreach programs and support services for ill and injured servicepeople, so you know that it’s committed to the community. Check out our Defence Bank bank account page for an idea of what they offer.

Beyond Bank really knows how to stand out from the pack. Formerly known as Community CPS, Beyond Bank is one of the biggest 100% customer-owned banks in Australia. With over 46 branches and 3,000 ATMs across the country Beyond Bank offers a competitive range of banking and financial services, including bank accounts, home loans, credit cards, savings accounts, term deposits, and personal loans.

If you’re looking for ways to boost your savings, then a high-interest savings account is a sure-fire way to do it. And if you’d like to get your hands on an award-winning high-interest savings account, then you’ve come to the right place. We've compiled a list of some of the top high-interest savings accounts of the 2019 Mozo Experts Choice Awards for Deposits winners.

Emerging Australian businesses and industries are being held back when it comes securing the business funding they need to grow.

For many Australians, the thought of moving places is likely to elicit a collective groan. Between rounding up all your belongings, packing them in boxes, and lugging them from your old place to your new one, there’s plenty that could go wrong.

Following the death of a Cabramatta motorist in July 2017 after the deployment of a faulty Takata airbag during an accident just days before his inflator was due to be replaced, the enormity of one of Australia’s biggest automotive recalls began to hit home.

On a mission to find a new credit card but need an extra sweetener to seal the deal? Well the Commonwealth Bank wants a word.

From slow walkers to standing on the right-hand side of the escalator, every Aussie has something that gets on their nerves. But if there’s one thing that makes eyes roll across the country, it’s bank account fees. And if your bank balance is currently being eaten up by pesky fees, there has never been a better time to ditch and switch.

As always, there were plenty of changes across the banking and energy landscape this week. Here’s our weekly recap to give you a rundown of all the ups and downs, as well as any stories you might have missed.

As Australians remain glued to their smartphones like never before, it’s hardly a surprise that mobile apps are becoming a more and more popular way for them to conduct their everyday banking.

The Mozo Experts Choice Awards are back in full swing for 2019, and we’re excited to announce UBank has won our Savings Bank of the Year award, making this the second year in a row it’s taken home the honour.

If you’ve ever wondered what makes a top bank and savings account, then today is your lucky day because we’ve just announced the winners of our 2019 Mozo Experts Choice Deposit Awards.

It’s that time of year again. The sixth Mozo Experts Choice Awards are well underway and our office is abuzz as we announce the top products in Australian banking.

The numbers have been crunched and the results for the Mozo Experts Choice Awards are in, with ING taking out awards for the best value in savings, term deposits, everyday accounts and more, showing that it’s a top choice for Aussies looking for everyday banking with great value and competitive interest rates.

Bendigo Bank’s origins go back 160 years, when it began as Bendigo Bank in Victoria and Adelaide Bank in South Australia. It’s since grown to 1.6 million customers, but despite its size Bendigo Bank has managed to retain its community-minded spirit. If you’re interested in the products the bank has to offer, be sure to check out our Bendigo Bank bank account page.

Energy retailers are set to feel the heat with new regulations being imposed on unclear and unfair billing practises.

Renewable or green energy has slowly become the talk of the town when it comes to the future of electricity.

It’s no secret that buying a car can be just as exciting as it is stressful - there’s heaps to organise, plus a decent amount of paperwork to sort through before you’re given the keys to your new ride.

There’s one thing Aussies love more than travel - travelling for free!

According to ME Bank’s recent survey, 81% of Aussie adults in relationships spend an average of just $50 or less on their partners' on Valentine’s Day, and only 56% of those in relationships plan to celebrate the day at all.

Although the question of how soon is too soon for stores to start stocking Easter chocolate has become a nationwide debate, booking your Easter holiday is something that cannot be done soon enough.

If you’re a big spender who’s being holding out for the right piece of plastic to come along, we’ve got good news.

Things can be tough for international students in Australia. As if adjusting to a new country and keeping on top of your studies weren’t difficult enough, you also have to deal with all the usual money worries that plague most students.

Today, two-time Mozo Experts Choice Best Online Bank Award winner, UBank announced it will be introducing the world’s first AI-powered home loan application assistant.

To help Aussies in NSW concerned about their upcoming energy bills, the Berejiklian government has proposed a new household solar plan.

Got a date with the checkout planned this Valentine’s Day? Whether you’re buying roses for that special someone or treating yourself to take your mind off being single (again) this year, one thing’s for sure - you'll need the right piece of plastic with you.

Australia’s overall financial comfort may be improving, but that doesn’t mean Aussies are ready to give up on stashing money away like doomsday is just around the corner.

From home loan hikes, seesawing term deposit rates and the final blow of the Banking Royal Commission Report, it’s been a big week in banking. But if you’ve been a little slack with your finance reading, here’s what you missed.

For a limited time, Coles is offering $100 off a single Coles Supermarket shop for new customers who sign up to one of their three Coles Mastercards. To qualify for the offer all you need to do is apply by the 30 June 2019, and spend on your new card within the first 30 days of approval.

As the reporting embargo was lifted and our news feeds came to life at 4:30pm on Monday afternoon, it’s fair to say many observers would have greeted the recommendations released in the Royal Commission’s Final Report into Misconduct in the Banking, Superannuation and Financial Services Industry with disappointment.

So now that it’s February, and all the festive hullaballoo is officially done and dusted, we’d like to think you've finally found a routine and gotten into the groove of the daily work grind (or at least close to it?) Well if not, don't fret! There’s no better way to get organised than by buckling down with a budget and getting your finances in order.

With much of Australia in the grips of a rolling heatwave, many people are turning to air-conditioning in a bid to stay cool. But with air-conditioning use one of the main drivers of electricity bills over summer, how you manage your use can have a significant impact on your bill.

As existing savings from the Queensland Government’s Affordable Energy Plan continue to flow, Queenslanders could save a further $58 on power bills each quarter from next year.

The Reserve Bank Board has maintained the official cash rate at 1.50% for a 30th consecutive month at its first meeting of 2019 in Sydney this afternoon.

It’s been on the cards for a while, but a cut to the RBA’s official cash rate cut could finally be just around the corner. This could mean relief for borrowers, but according to Mozo Data Manager Peter Marshall, it’s not that simple.

Up until last year, the term neobanks (or digital banks) may not have been something you were very familiar with, if at all. As the name suggests, it’s simply a bank that operates online through a computer or app on your phone.

Between some continued trends in term deposits and a number of key changes across home loan rates, there's plenty of banking news to report this week. Let’s get right into it.

It may seem unavoidable at times, but committing the same financial mistakes can leave you trapped in a ‘Groundhog Day’ spell. Not to worry! There are opportunities to learn from your financial flaws, and now is the chance to make a change. After all, new year new you!

With Valentine’s Day right around the corner, loved up couples across the country are getting their gifts sorted and dinner plans finalised.

Gateway Bank has released their latest Mortgage Holders’ Sentiment Report, and it looks like Aussies never tire in their search for better rates.