Citi announces sale of its consumer banking arm to NAB
Citi has today announced an agreement for NAB to acquire its consumer bank in Australia.
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Accessible banking features in 2021
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.
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Big 4 banks shut 350 branches across Australia during COVID
Westpac, ANZ, NAB and CommBank have already or plan to close down 350 bank branches between January 2020 and Christmas 2021.
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Australia's Best Savings and Bank Accounts for 2021 Unveiled
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.
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Illawarra Credit Union named Australia’s best credit union
Founded nearly 50 years ago, Illawarra Credit Union has learned a thing or two about keeping customers happy. And it's this customer-centred approach to banking that helped it win the title of Australia’s Best Credit Union in our 2021 Best Banking Awards.Our team of judges assessed 89 providers on the basis of value and quality. The winners were determined by the number of Mozo Experts Choice Awards they had won over the last 12 months and how their products compared against competitors.Illawarra Credit Union stood out mainly for its home loans, which were recognised in the offset, first home buyer, and packaged home loan categories in 2021. But it also impressed our judges with its personal loan and car loan offers.Since 1972, Illawarra Credit Union has provided a community-oriented banking alternative to the big banks. As a customer-owned credit union, it’s able to invest its profits into improving its products and services, rather than divvying it out to shareholders. We’ve collected an assortment of Illawarra Credit Union products below, but if you’re looking for more information on its win, be sure to read our 2021 Australia's Best Banking methodology report.
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MOVE Bank named Australia’s Best Small Mutual Bank for 2021
It’s time to give MOVE Bank another round of applause, as they’ve just taken out the title of Australia’s Best Small Mutual Bank for the second year in a row.
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Aussies flock to socially responsible bank, Teachers Mutual
Teachers Mutual Bank has reported a dramatic increase in interest in just 18 months. Between 2019 and 2020 the mutual bank (formerly a credit union) says its product portfolio increased a staggering $4.3 billion, from $2 billion to $6.4 billion.
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Customer owned banks and ING shine in Forbes’ 2021 World’s Best Banks list
Online bank ING and a host of customer owned banks, including Newcastle Permanent and Greater Bank, have placed at the top of the Australian charts in Forbes’ ‘World’s Best Banks’ list for 2021.
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JobKeeper cliff: CBA predicts 110,000 job losses
As many as 110,000 Australians could lose their jobs once the government’s JobKeeper scheme expires on March 28, according to new research from the Commonwealth Bank. JobKeeper was introduced at the start of the pandemic as a fortnightly wage subsidy of up to $1,500 per employee and since then that amount has been reduced to $1,000. Now with the scheme set to wrap up in less than three weeks, CommBank’s economic report has found that certain sectors will be hit harder than others.“We see transport, arts and recreation and accommodation and food services industries most at risk of job losses at the end of JobKeeper,” CommBank said. “These industries are sensitive to international travel and also suffer badly when restrictions and lockdowns are imposed.” Up to 25% of JobKeeper recipients in these “travel-sensitive industries” are expected to be out of work, totalling to about 69,000 job losses. This is followed by ‘medium risk’ industries - retail trade, education and rental and hiring - where 10% of recipients (or 18,000 out of 174,700) could be stood down once the scheme ends.As for ‘low risk’ industries which include all other sectors such as construction, health care and professional services, 5% of recipients (or 23,000 out of 450,400) may lose their jobs.CommBank has based its estimates on the assumption that around 900,000 individuals are currently receiving JobKeeper.
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Four bank accounts to help you get on board with digital wallets
From alarms that wake us up in the morning to messaging services that keep us connected, our phones can pretty much be used for anything these days. We can make purchases, manage personal finances and even keep track of our health and wellbeing, all using this one device. It’s no wonder 43% of Aussies would rather lose their wallet than their phone.
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