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7 Comments - Write a Comment

  1. Hope you’re having a great week so far.

    We love your blog.

    Our readers are very interested in different ways to save money and I was wondering if you were interested in cross promotion of our blogs?

    I would be happy to post a guest blog post from you and we could provide one tailored for your readers.

    If your interested please let me know and I can provide you with a range of topic’s to choose from.

    Look forward to hearing from you.

    Regards,

    Julie

    Reply
  2. Dear Mozo

    I hear of money transfers that disappear. I have JACK MALONEY from TORFX who rang me from QLD and now emails me. re rates. He got my name from a money dealer associate with FLIGHT CENTRE….HOW DO I KNOW THAT he is KOSHER?

    Reply
    1. Mozo

      Hi Elaine.

      We would advise against dealing with someone who has contacted you out of the blue re a money transfer on rates, as it may be a scam.

      We do have a section on the Mozo.com.au site that allows you to compare money transfer exchange rates side by side.

      Thanks

      Mozo Team

      Reply
  3. Dear Mozo,

    I recently read comments by Mozo in an article that was about the banks putting up their rates out of cycle from the RBA and how it should make them competitive in regards to term deposit rates.

    Today I spoke with an officer from one the big four only to find out that after the two recent out of cycle loan rate increase, they had put their term deposit rates down again, and this is about the second time in two months that they have done this.

    Maybe someone can explain to me why this is happening ?

    Reply
    1. Mozo

      Hi Frank,

      Thanks for your question – this is a tricky one! The big banks did put term deposit rates up for a while when they increased home loan rates, but those rates only lasted a short time before they were cut again. It’s possible the increases to term deposit rates were designed to take the heat off the banks when they were also hiking home loan rates. Then after things calmed down, the term deposit rates went back down again.

      Another explanation might be that, generally speaking, banks need to balance the amount they’re lending with the amount of deposits they take in. So if there’s a booming property market and a lot of loan applications being approved, as there has been lately, the banks might raise term deposit interest rates to entice more savers to deposit their money as well.

      If you’re after the best term deposit rates, keep in mind it’s always a good idea to consider looking outside the big banks, as you’ll often find higher returns on your money and you’re still covered by the government guarantee with a smaller bank or mutual.

      Hope that helps!

      – Mozo team

      Reply

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