The new banking products on the block this spring
Change is rife in consumer banking right now, with a host of brand new banking products hitting the market.
Most notably, ING stole headlines last week by introducing a neat digital roundup tool to its Orange Everyday account while two new home loans and two credit cards were announced in the past three days.
One of the other major changes to the market wasn’t necessarily a new product, but a new feature. Last week, ING launched its Everyday Round Up initiative, a new savings tool that gives its customers the option to sweep their digital change into a high interest savings account.
On the home loan front, owner occupiers now have a couple of extra options when it comes to financing their home.
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Firstly, G&C Mutual Bank introduced an owner occupier home loan of $100,000 or more at a variable interest rate of 3.74% just in time as prices in Sydney begin to cool.
However, if you’re after the security and convenience that comes with a fixed rate home loan, Bank of Sydney also launched owner occupier packages with rates ranging from 4.09% to 4.59% on terms between 1 to 5 years.
Meanwhile in the land of credit cards, consumers now have a new rewards credit card to consider when weighing up which piece of plastic to equip themselves with for the Christmas shopping season after Myer made waves by relaunching its Visa Card.
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The new version of the card ditches its previous monthly points cap and is the only store-branded card on the market to offer both Android and Apple Pay services.
This week also saw the Commonwealth Bank announce it will launch a credit card with a low 9.90% interest rate and an annual fee of just $60, at the start of next year. The card will rival Westpac’s Lite Card, offering the lowest rate of any big four bank.
The host of new products hitting the market has increased the amount of choice that consumers have when it comes to their finances. But if you’re struggling to keep up to date, check out our top tips to make sure you don’t fall behind on your banking.
3 tips to make sure your banking products are up to date
- Set aside some time: It might not be the most fun thing to do but staying on top of your credit repayments, bank accounts and home loan is super important. Designate some time every few months to run through your banking products with a finetooth comb and find out exactly what you’re paying for.
- Skill up: When reviewing your finances you’re likely to encounter a few terms you’re unfamiliar with. But luckily, Mozo’s financial jargon buster is here to help you decipher those long, funny-looking words you might find on your bills or contracts.
- Compare, compare, compare: Think you’re paying more than you should for your home loan? Unhappy with the interest rate on your credit card? The next step is to compare a range of other options on the market with our dedicated comparison tables whether it be for home loans, credit cards or bank accounts
* 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.
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