Bank account news and advice

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

  • Aussies are hitting the shops again

    Tuesday 08 May 2012

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    Contrary to popular belief, not everyone down under has their wallet under lock and key. Granted, a lot of people have been forced to tighten their belts as the cost of living has risen, but a new study published by Westpac has found that Aussies are heading to the shops in greater numbers. The March retail sales report indicated that monthly sales were up by 0.9 per cent when compared to February 2012. This was the strongest gain since April 2011 and was very much against the expectations of economists and retail industry experts. Clearly, Aussies do not have quite as tight a grip on their bank accounts as many people thought. The Westpac report suggested the main catalyst for this increased level of spending was significant price cuts offered by retailers up and down the country. With concerns about the state of the global economy still lingering, it seems that Aussies have been sniffing out a lot more bargains in recent months. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Compare bank accounts in order to reduce fees

    Thursday 03 May 2012

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    One thing that really gets on our nerves is the hidden fees that some companies attach to their bank accounts. Nothing is more annoying than being forced to pay for services that you don't feel you are getting the most out of. According to official figures, Australian households spent $1.2 billion on transaction charges in 2010 alone, News Limited reports. Although this was down by $688 million in 2009, it is still clearly too much. One way to escape from these ridiculous fees is to compare bank accounts online and see which ones do not carry such hefty charges. Chief executive of the Australian Bankers' Association Steven Munchenberg said that people are finally speaking out against unfair costs. He also believes that many banks are now being forced to lower their rates in order to attract new customers. "Banks are always offering new products and the trend is to lower-fee bank products," he was reported as saying. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Aussies are less happy with their bank accounts

    Wednesday 02 May 2012

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    A growing number of Aussies are feeling less content with their bank accounts, which could prompt more people to search for a better deal. According to a new study conducted by Roy Morgan Research, satisfaction with the country's major banks has waned for the second consecutive month. Happiness levels were down by 0.4 per cent in March 2012 compared to the previous month. This followed on from a 0.5 per cent dip in February, which was the first decline since March 2011. The majority of survey respondents said they were peeved about rising home loan rates. The study also indicated that Aussies who use a smaller bank are generally far more content than those who rely on more established names. "It will be interesting to see if the superior performance by the smaller players can be translated into market share gains," commented industry communications director at Roy Morgan Research Norman Morris. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Budget could be painful for Aussies

    Friday 27 April 2012

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    A lot of Aussies' bank accounts are in a sorry state due to the rising cost of living down under, but are things about to get worse? The government wants to achieve a budget surplus, but the chances of this are slimmer than it was first thought. Treasurer Wayne Swan needs to plug a gap in the region of $8 billion if the authorities are to reach their target, which has sparked fears of tax increases or public sector cutbacks. With many Aussies feeling the pinch, the last thing they need is to be hit with a tax hike, but the government has to claw back the cash from somewhere. Drivers will be hoping that duty rates on fuel will be left well alone, as motorists are already paying sky-high prices at the pumps. This is not the only sector where costs appear to be spiralling out of control. Recent figures showed that major cities like Melbourne and Sydney are among the most expensive places to live in the world, so it is clear that whatever the government decides to do, it must not plunge Aussies into even deeper financial trouble. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Households 'are failing to stick to a budget'

    Monday 23 April 2012

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    A worrying number of Aussies are failing to stick to a budget, new research has shown. According to a study conducted by St George Bank, more than half of Australian households do not take the time to plan their finances, National Features reports. Just 49 per cent of the survey respondents said they managed their monetary situation on a regular basis. This is particularly surprising when taking the results of the latest Westpac/Melbourne Institute Consumer Sentiment Index into account. The Australian Associated Press reports that people are far from happy with their financial standing, which makes it even more important that Aussies do not overstretch themselves. More than a quarter of households stated that they either did not have time, or it was too hard to keep track of their spending. With more people being able to access their bank accounts online, there really is little excuse for constantly living beyond your means. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Women keen to boost their earnings before settling down

    Monday 23 April 2012

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    It seems that the global economic downturn has had a bigger impact on people's lifestyle than many Aussies may realise. Lots of companies were forced to make some members of staff redundant when the worldwide recession took hold in 2008-09 and plenty of workers are still concerned about the security of their jobs. A new study conducted by Clearblue has shown that women want to ensure they are in a solid financial position before they consider having children. Australians' bank accounts have been under increasing pressure in recent months, as the cost of living has risen sharply and it appears that females are willing to postpone raising a family. Just four per cent of ladies who responded to the survey said that having children was their top priority. Almost half suggested that having a child would be too much of a financial burden at this moment in time. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Prioritise your spending to avoid debt stress

    Wednesday 18 April 2012

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    Many Aussies are wallowing in debt and this could have a negative impact on their physical health and mental wellbeing. The cost of living down under appears to be rising all the time and plenty of people have seen their bank accounts take a major hit in recent years. Occupational psychologist and author of Taming the Pound: Making Money Your Servant, Not Your Master Kim Stephenson believes that being in arrears can have serious consequences. "We can end up with a whole range of niggling things and become more susceptible to serious illness because our immune system isn't working properly," he remarked. With money being so tight, Mr Stephenson suggested that Aussies cannot afford to have materialistic attitudes anymore. He said that the desire to always want more can make Aussies really unhappy and people can easily become slaves to money. The expert advised households to adjust their spending habits so they are only buying essential items. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Cost of living in Queensland set to be reduced

    Thursday 12 April 2012

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    The latest World Cost of Living Survey showed that certain Australian cities are among the most expensive on the planet. More people living in areas such as Sydney, Melbourne and Brisbane are struggling to make ends meet because the price of everyday items has spiralled upwards. Queenslanders are feeling the pinch particularly badly and governors in the state have pledged to do all they can to ease the strain on people's bank accounts. Premier Campbell Newman told the Gold Coast Bulletin that a number of measures have been drawn up and these will be put into action as soon as possible. Cabinet members have agreed to reinstate stamp duty concessions from July 1st 2012, which officials hope will provide a much needed boost to the property market. As well as this, Queensland residents who use a go card on public transport networks will be given free travel once they have made nine journeys in a week. Have a question about bank accounts? Ask the money gurus at Mozo Answers.

  • Aussies 'looking for bargains when dining out'

    Monday 30 January 2012

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    Aussies have been forced to reign in their spending in a number of ways since the global financial crisis took hold and this includes dining out. According to new figures released by the Australian Bureau of Statistics, people are being cautious about how much they spend on their debit cards when they head to a restaurant or eatery. Many more Aussies are searching for special deals before booking a table in a particular establishment. However, despite this new bargain hunting approach, figures indicated that $19.6 billion was spent on eating out in the year leading up to November 2011. Chief executive at Restaurant and Catering Australia John Hart said many chefs have been forced to offer discounts in order to attract customers. "We started to see deals like lunch with a glass of wine and that was before the daily deals kicked off and that's been retained ever since," he remarked. A recent study conducted by ING Direct showed that people in New South Wales are the most confident about their financial wellbeing in 2012, as many were able to boost their savings accounts last year. Have a question about debit cards? Ask the money gurus at Mozo Answers.

  • Tax office 'bogged down by bonuses'

    Wednesday 29 April 2009

    This year’s tax returns are likely to be a little late in coming, as the Australian Tax Office (ATO) is too busy handing out Kevin Rudd’s $900 cash bonuses.