New home loans surpass $30 billion, NZ travel money options & the truth about your savings: This week’s best banking news
- Faster home loan application turnarounds
- The Reserve Bank of Australia holds the cash rate
- New Zealand travel money options
- New home loan commitments surpass $30 billion
- Tick off your May 2021 Financial Checklist
- The truth about your savings
All in this week’s best banking news recap: editor’s pick.
Faster turnarounds on mortgage applications
Keen to join the property market but concerned about long home loan approval wait times? Well, worry not - because in 2021 mortgage applications are getting approved quicker than ever.
While cautions raised by the Hayne Royal Commission have led to slower application turnarounds over the past few years, many lenders are now shifting their focus more towards helping eager Aussie home buyers enter the market.
Read full article: Does it take long to get a home loan in 2021? Read the full article to find out!
RBA holds the cash rate yet again
There are two kinds of people in the world: those who obsessively refresh their newsfeeds at exactly 2:29 pm every second Tuesday of the month to find out the RBA’s decision, and those who think that the RBA is some sort of sports association.
Well, assuming you’re somewhere in between these two groups then you might be yet to hear that the Reserve Bank of Australia kept the cash rate on hold this month, keeping the cash rate at 0.1% for the sixth consecutive month since November last year.
Read full article: RBA upgrades economic forecast in May meeting to find out what went down in this month’s board meeting and how it affects you.
Your New Zealand travel money options unpacked
It’s been a little over two weeks since the Trans-Tasman travel bubble opened up allowing Aussies to jet-set off to New Zealand without having to do the mandatory two-week hotel quarantine period.
So if you’re itching for a holiday after spending the year stuck at home thanks to COVID-19 border closures then now could be the time to take the plunge.
As we said, you might be a little out of practice when it comes to the whole travel thing - so check out the article below for a rundown on some of the different travel money options available if you’re heading over to New Zealand.
Read full article: New Zealand travel bubble: what are your credit card options? For all your New Zealand travel money options.
New home loan commitments pass the $30 billion mark
There’s been a lot of news circulating about the Aussie property market lately - but did you know that new home loan commitments have officially surpassed the $30 billion mark?
That’s right, according to the latest ABS lending data the number of new home loans has gone up by a whopping 5.5% over the past month.
This is largely linked to a renewed investor confidence, with investors attributing to more than half of the increase.
Read full article: New home loans rise to surpass $30 billion for the full scoop.
Start ticking off your May 2021 Financial Checklist
We’ve officially entered the month of May and boy is it starting to get cold! Which means there’s no better time to curl up on the couch and catch up with your May 2021 Financial Checklist.
On the agenda this month is:
- Cheap Mother’s Day gift ideas
- EOFY to-do list
- Intel on the latest home renovation loan deals
- The DL on living off-grid with Aussie Survivor star Aimee Stanton
- Learn how to make the most of Mercury retrograde this Taurus season
Read full article: May 2021 Financial Checklist for the whole shebang!
The truth about your savings
With savings interest rates dropping like flies over the past year or so, the future’s looking quite grim in the world of savings.
To put things into perspective, the average ongoing savings rate in the Mozo database currently sits at a mere 0.44%*. So gone are the days of doubling your money with a high interest savings account.
But with no sign of rates going back up any time soon, you might be wondering how to get yourself a little more bang for your buck.
Read full article: Savings goals or investing: What does your savings future look like? to find out how to get the most out of your savings while interest rates are still low.
While interest rates are at an all-time low, the best way to find a more competitive deal in the current climate is by doing your research. Use our handy savings account comparison tool below to start your search:
Compare High Interest Savings Accounts today - last updated 28 March 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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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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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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Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
CompareCompareHero Saver
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
- Maximum rate
- 4.60% p.a. (for $0 to $250,001)
- standard interest rate
- 1.00% p.a.(for $0 to $5,000,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Hero Saver
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^See information about the Mozo Experts Choice Savings Account Awards
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