Car insurance, biodegradable bank card, buy now pay later: This week’s best banking news
- One-fifth of Aussie drivers considering axing their car insurance during the pandemic
- Say hello to Hay’s new biodegradable Visa card
- Buy now pay later: big players Afterpay and Zip are expanding
- New neo business credit card on the horizon for fintech Archa
- Banks move to be more responsible when it comes to credit cards and gambling
- UBank finds Gen Z & millennials are the savviest with money.
All in this week’s best banking news recap: editor’s pick.
Car insurance and COVID-19: 1 in 5 drivers may cancel their policy
Aussie drivers are finding it tough to pay for car insurance during the pandemic, found the Mozo 2020 car insurance report.
In fact, numbers showed that 32% of policyholders view their car insurance as a financial burden, while one-fifth say they’re considering axing it all together.
Plus, the report also revealed that a massive 25% of respondents had already said goodbye to their cover.
Read full article: 1 in 5 drivers might cancel car insurance during Covid-19 for tips on how to haggle on your car insurance in 2020.
Fintech Hay strikes against plastic waste by offering biodegradable Visa card
Sydney-based fintech Hay has been working on a brand new Visa card that is 85% biodegradable and the first of its kind in Australia.
Hay collaborated with Melbourne-based card manufacturer Placard to create this more environmentally-friendly card.
“Essentially it’s a typical PVC petroleum based product, but with an additive that helps microbe-rich environments latch onto the product and break down strains of the plastic,” said chief brand and marketing office at Hay, Alex Lloyd.
Most bank cards are made from PVC, or polyvinyl chloride, and can take decades to break down. However, Hay’s card is made from a material called SICOECO, a PVC film with an additive that can degrade under the right conditions.
Lloyd says that the fintech aims to be carbon neutral sometime next year.
Read full article: Fintech Hay combats plastic waste with new biodegradable Visa card for more on Hay’s decision to go biodegradable.
Afterpay and Zip to offer new products
This week, buy now pay later (BNPL) heavy hitters Afterpay and Zip both announced they’d be expanding their products on offer.
- Afterpay: In partnership with Westpac (and its new digital bank-as-a-service platform), Afterpay will offer transaction and savings accounts as well as cash flow tools to customers in the second quarter of 2021.
- Zip: In partnership with Visa, Zip has launched a ‘Tap & Zip’ product feature which will allow customers to use the BNPL platform in-store anywhere that accepts Visa.
Read full articles to find out more:
Afterpay and Westpac team up to offer transaction and savings account
Zip expands its Buy Now, Pay Later service
New neo business credit card coming from Aussie fintech Archa
If you haven’t heard of a neo business credit card before, introduce yourself to Melbourne-based fintech Archa.
Earlier in the week, the company announced that it is now a principal issuing member of Mastercard, allowing them to prepare to launch a new neo business credit card.
The product will be a card and app combo that will be equipped with a bunch of innovative tools to help small businesses manage their expenses better.
Archa is currently in beta testing and is set to launch in 2021.
Read full article: Fintech Archa to launch new neo business credit card and see what Archa chief executive, Oliver Kidd, and vice president of fintech, Mastercard, Kallan Hogan say about the new match up.
Credit card providers ban users from gambling
Last week, Bank Australia announced it will ban the use of its credit cards for gambling. From 1 December 2020, customers will no longer be able to make credit card transactions for things like slot machines, online gambling, casinos, government lotteries or horse and dog racing.
But they are not alone. In July 2019, Macquarie Bank brought a similar ban which saw any transaction registered under the gambling merchant category automatically blocked.
In addition, other providers like Suncorp, Bank of Queensland, Credit Union Australia (CUA), American Express and Citibank all have bans on the use of credit cards for gambling.
Read full article: Credit cards and gambling: Banks move to be more responsible lenders to find out more about increased concerns with online gambling.
Which Aussies are best at managing money? Gen Z & millennials says UBank!
Move over boomers, Gen Z & millennials are killing it at the personal finance game.
This is according to UBank’s Know Your Numbers survey, which found that 74% of Gen Z and 62% of millennials take active interest in managing their finances. Both higher than other Aussie age brackets.
Notably, when it comes to budgeting, millennials take the cake. In fact, 68% of millennials claim to have a budget in place, while the same can be said about 59% of Baby Boomers, 58% of Gen X, and just 55% of Gen Z.
Read full article: Gen Z & millennials are the best at managing money says UBank for more stats and budgeting tips.
Want to start your budget off right with a killer savings account? Check out the options below!
Compare savings accounts
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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MoneyMAX Account
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.75% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the MoneyMAX Account
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Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Savings Accelerator
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
CompareCompareBonus Saver Account
Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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