Is it time to ditch your bank after the Banking Royal Commission?
If the Banking Royal Commission has shown one thing, it’s that Aussies shouldn’t blindly trust that the big banks have their best interests at heart. But the good news is, if you’re feeling let down by the dodgy practices being brought to light, there is something you can do about it - switch.
“With big banks under fire from the Royal Commission and competition heating up in the industry, Aussies are in a great position to score themselves a better deal by switching to a new provider,” said Mozo Director Kirsty Lamont.
“Banks clearly aren’t being faithful to their customers, so why should hard working Aussies be loyal to the banks? There are plenty of great value options out there to switch to if you know where to look.”
Well, here at Mozo, we know where to look. And we’ve put our skills to good use to come up with this list of great value products you could switch to if you’ve had enough of bad behaviour from your bank.
Home loan
Newcastle Permanent - Discounted Variable Home Loan
- 3.64% variable rate (4.03% comparison rate*)
- No application fee ($395 annual fee applies)
- Free extra repayments and redraw facility
These days, if you’re paying more than 3.70% interest on your home loan, then you’re paying too much! That’s where the Newcastle Permanent Premium Plus Package comes in. This mortgage deal comes with a super low rate, plus all the bells and whistles like free extra repayments, a redraw facility and an offset account.
Credit cards
American Express - Essential Credit Card
With no annual fee and a lower than average purchase rate, the American Express Essential card is super easy on your wallet, and comes with the added value of a rewards program. Plus, if you need to clear some debt from your old card before getting started with this one, there’s a 0% interest balance transfer period for 12 months to help you out.
Personal loan
Plenti - Personal Loan
- Interest rates from 8.42% (10.97% comparison rate^)
- Free extra repayments allowed
- Borrow up to $45,000
The interest rate you snag on a personal loan can make a huge difference to just how much that new car, kitchen renovation or much-needed holiday really costs you. With the Ratesetter Unsecured Personal Loan, you can not only snag a great low rate, but you’ll also be able to make fee free extra repayments to pay off your loan faster and save on interest.
Savings account
Rabobank - High Interest Savings Account
- 3.05% bonus interest for the first 4 months (1.80% ongoing)
- No account keeping fees
- Mozo Experts Choice No Strings Saving and Kick Start Savings winner 2018
Did you know some savings accounts come with interest rates as low as 0.05%? That’s not exactly the best way to grow your stash, but luckily, there are options like the RaboDirect High Interest Savings Account out there which offer a stellar return on your rainy day fund. And it’s a Mozo Experts Choice winner to boot!
Bank account
ING - Orange Everyday
- $75 cash bonus when you deposit $1k per month and make 5 card purchases in the month
- No account keeping fees
- No ATM fees in Australia when you deposit $1k per month and make 5 card purchases in the month
There’s no sense in paying fees on your everyday transaction account when you don’t have to! The ING Orange Everyday Account comes with no account keeping fees, plus a tonne of added value when you meet the deposit and spend conditions. So if you’re after a top value bank account that’s got your back, check it out.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
*** WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.