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 - last updated 19 April 2024
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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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- 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
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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 four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 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 four 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
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Saver Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Savings+Bonus
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the High Interest Save Account
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^See information about the Mozo Experts Choice Savings Account Awards
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