With interest rates in Australia stuck at an all time low, getting the best value savings, bank accounts and term deposits is critical, whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster.
In the world of banking, 2020 was a whirlwind. From three RBA rate cuts and the implementation of open banking, to the growth of some neobanks and fall of others, it can all be hard to keep track of. So if you’re left feeling a bit confused about what’s to come in 2021, we’ve got you covered. Here are our top 10 banking buzzwords you’re likely to hear more than once this year.
When talking about accessibility, our minds often turn to the physical world first – railings, ramps or signage, for example. Indeed, in the banking world, these more tangible features are present and often advertised the most when financial institutions promote themselves as ‘inclusive’ organisations.
A shocking 40% of renters across Australia are struggling to pay for essentials including bills, food, clothing and transport, new research from the Australian Housing and Urban Research Institute has found.
As COVID-19 continues to dominate the social and economic landscape of 2020, virtual experiences and transactions are becoming more popular and often essential.Financial institutions have seen a sharp rise in online banking, while growth in online shopping platforms and digital payment methods shows no sign of slowing. But with this rise in digitised spending, scams and other fraudulent activities have also increased.
As the Covid-19 pandemic continues to financially test households across the country, recent research has shown there might be one generation that’s finding it harder than others. According to new research by J.D Power, millennials are more likely to be financially stressed compared to older Aussies. Almost half (41%) of millennials reported to have high or moderate levels of stress. One in five also said they were dissatisfied with their current financial situation and struggle with managing their finances.“Millennial finances have been hardest hit by the pandemic and it will take time for their personal financial condition to recover,” said Bronwyn Gill, head of banking and payments intelligence at J.D. Power Australia. But despite these feelings of uncertainty, 16% of millennials have taken the initiative to switch banks within the last twelve months. Lack of competitive interest rates and too many fees were two of the top reasons for switching at 15% and 13%, respectively. A bank’s reputation was also of high importance to 6% of younger Aussies, as they would be willing to switch based on how often banks were negatively represented in the media.
When it comes to saving and spending habits, 2020 has been a rollercoaster year of change for many. Australians have had to rethink budgets to manage income loss caused by the pandemic, turn to online shopping during lockdowns and even abandon cash to help stop the spread of COVID-19. In light of this, you might be looking for new ways to make your banking more efficient and help you save for rainy days to come. As more Aussies head online for their banking needs, we’ve laid out some of the innovative banking features to help you make more out of your cash in 2020.
Cards and digital payments are in, cash is out. That’s the major takeaway from newly released research from MyState Bank which found that two in three Australians (68%) have been using less cash since the COVID-19 outbreak began.