Bank account news and advice

All the latest bank account news and top tips to help you manage your bank account.

1 in 4 part-time workers want more work.

1 in 4 part-time workers want more work.

A new survey by the Australian Bureau of Statistics has found that 27 percent of young Australian part time workers would like to be working more hours to help contribute to their bank accounts.

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School's $65,000 price tag

School's $65,000 price tag

The Australian Scholarships Group recently released data showing that parents with a child entering pre-school this year can expect a $65,000 strain on their bank accounts over the next 14 years.

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New Australian Cyber Security Centre

New Australian Cyber Security Centre

Prime Minister Julia Gillard has promised a new world class Australian Cyber Security Centre to be available by the end of the year, reminding Australians to be proactive in their own cyber threat precautions by securing bank account details and credit card information.

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CBA unveils latest mobile banking services

CBA unveils latest mobile banking services

The Commonwealth Bank (CBA) is set to launch a range of new services that will make it easier for customers to access their bank accounts on the move. More and more Aussies are using mobile banking applications via their smartphones and tablets and the nation's major lenders need to ensure they provide the latest technology so they do not fall behind their rivals. CBA has recognised the booming popularity of social media and some of its new offerings are centred on sites like Facebook. With more than 12 million Aussies having an active Facebook account, it is no surprise the bank has made its CommBank Kaching service available through the social networking site. Users will be able to make payments to people who are on their "friends" list and they can also request money for an event or holiday that has been booked as part of a group. CBA has also created a new version of its Kaching function that has been designed specifically for Android-powered devices. Michael Hart, group executive of enterprise services and chief information officer at the bank, suggested that technology has changed the way people engage with their bank. "Driven by mobile, the cloud and social – customers are demanding a new banking experience that puts the world's most advanced technology at their finger-tips – whether it's in a branch, on the street, or from their smartphone. And for those touch points to work together, not independently," he remarked. The company also unveiled details of its CommBiz Mobile app, which is aimed at business banking customers and is due to be launched in 2013. Changes have also been made to the NetBank system, allowing customers to share their payments directly with their Facebook friends and tagging their expenses. Last month, CBA confirmed it was upgrading 3,500 of its ATM machines across Australia. The new cashpoints would enable customers to deposit cheques and money 24 hours a day, with their balance increasing in real time. This is yet another clear sign that CBA is moving with the times. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

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NAB to introduce Speech Security technology

NAB to introduce Speech Security technology

National Australia Bank (NAB) will launch a sophisticated new system that will grant customers faster access to their bank accounts. The company will be the first of the country's major banks to introduce Speech Security technology, which is aimed at streamlining telephone banking services, the Daily Telegraph reports. By using voice-biometric security software, the bank will be able to recognise a person without having to ask them a number of time-consuming verification questions. Up to 40 per cent of Aussies forget their phone banking passwords and are left frustrated when they cannot access their account. This new system will eradicate this problem and is also said to reduce call times by the equivalent of 15 million minutes a year. Understandably, some people are worried that this will increase the chances of having their account hacked by criminals, but NAB leaders have insisted it will actually boost security and is a better system than fingerprint verification. "Speech is a very secure, personalised form of ID," NAB head of voice services Andrew Davis told the news provider. "While a fingerprint has around 40 unique characteristics, each voice print is made up of 120. Each person has unique physical attributes that determine the sound of their voice, and we use these to create the biometric print." To make sure thieves do not record a person's voice, the bank will conduct a "liveliness test", which requires them to repeat a random phrase or sequence of numbers. Aussies certainly seem to be receptive to the latest banking technology and NAB is keen to use new developments to make their services even more customer friendly. Last month, the bank announced a strategic partnership with global payments leader VeriFone Systems, which will see the pair come up with more convenient ways for business banking customers to manage their finances. One of the first products to be launched is the iPhone and iPad "PAYware" sleeve – an application that essentially turns an Apple gadget into a payment terminal. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

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