Payment cuts, StraightUp credit card, cashback: All in this week’s best banking news

family at home vulnerable to JobKeeper cuts
  • JobKeeper and JobSeeker cuts: 8 million Aussies vulnerable 
  • Meet NAB’s StraightUp credit card with no interest rate 
  • Fintech Hay offer 1% cashback for small purchases 
  • Westpac and Amex part ways and no longer offer bundled credit cards
  • Thinking of an electric car? Introduce yourself to AGL’s new subscription service
  • How to look after your financial health this R U OK? Day

All in this week’s best banking news: editor’s pick. 

As JobKeeper and JobSeeker cuts loom 8 million Aussies are left vulnerable 

From 28 September, both the JobKeeper and JobSeeker payment programs will be reduced. 

  • JobKeeper: from $1,500 a fortnight to $1,200 ($750 for part-time workers) 
  • JobSeeker: $1,115.70 a fortnight to $815.70

In a recent Mozo study, numbers showed that 33% of Aussies on these government support payments felt that the amount they receive isn’t enough to support them. 

Approximately 8.2 million Australians are on either JobKeeper or JobSeeker, so any cuts could have devastating effects for many people. 

“More than one in four Australians currently receiving the government assistance say what they’re receiving is not enough to come and go on, painting a bleak picture for October onwards,” said Mozo Director, Kirsty Lamont.

Read full article:
8 million Australians vulnerable as JobKeeper and JobSeeker cuts loom for more stats from Mozo’s latest JobKeeper and JobSeeker report. 

Introducing NAB’s StraightUp credit card that doesn't charge interest  

Want to turn your back on interest? NAB’s new StraightUp credit card has done just that. 

Unlike other credit cards on the market that come with interest rates attached to them, this card works a little differently. 

Instead of your standard interest rate and annual fee, NAB charges a monthly fee which is based on your credit limit. Here’s a breakdown: 

  • $1000 credit limit comes with $10 monthly fee
  • $2000 credit limit comes with $15 monthly fee 
  • $3000 credit limit comes with $20 monthly fee 

And if you don’t use your credit card in a statement period or have a zero balance, NAB won’t charge the monthly fee.

But that’s not all NAB’s done this week, they also dropped a $2,000 cashback offer for mortgage refinancers

Read full article:
NAB is 'Straight Up' with its brand new credit card for more on this new product. 

Want a little cashback? Hay offer 1% back to customers on small purchases

man paying with his phone to get Hay 1% cashback offer

Aussie fintech Hay has launched a cashback offer for customers: the TinyBig Rewards Offer

For eligible Hay users, they’ll receive 1% cashback on small everyday purchases under $10. They just need to pay using the Hay prepaid card or using Apple Pay or Google Pay. 

The good news is there’s no cap on the amount of times you receive cashback on purchases below $10. However, in order to activate the cashback offer you must refer a friend to Hay first.

Read full article:
1% cashback: Fintech Hay rewards users for small purchases to read what Hay’s chief brand and marketing officer, Alex Lloyd says about the new TinyBig Rewards offer. 

No more Westpac and Amex bundled credit cards as providers cut ties  

This week, Westpac and American Express decided to part ways and cut their bundled credit cards from sale. 

What this means is the Westpac Altitude Black and Westpac Altitude Platinum will no longer be able to be bundled with an American Express card. 

The decision to split was made with Amex and Westpac says that it came about due to a change in consumers' desire for bundled credit card options. 

“In the current environment, stats have shown that Aussie spending is low,” Mozo Director, Kirsty Lamont said.

“So naturally, some credit card users might be looking to ditch their bundled credit cards and opt for something that suits their needs better, like a low rate credit card or different rewards program.” 

Read full article:
Westpac and Amex split: what are your credit card options? and find out what products are still available to customers. 

AGL introduces new subscription service for electric cars

couple charging an electric car on AGL subscription

Energy giant AGL is piloting its AGL Next Electric Vehicle Subscription Service. This venture is in partnership with car subscription service Carbar and electric vehicle (EV) charging supplier, JET Charge. 

AGL says that the service will be the first of its kind offered in Australia. Subscription costs will start from $299 a week and there will be no lock-in contracts. 

“The market for EVs in Australia is continuing to grow but we know many customers may still be reluctant to buy an EV outright due to price, concerns about technological change or access to charging facilities,” said AGL executive general manager Future Business & Technology, John Chambers.

“AGL’s EV Subscription Service eliminates these concerns allowing customers to access the latest technology as it hits the market.”

Read full article:
AGL accelerates electric vehicle boom in Australia with new subscription service and check out more about this service. 

Ways to check on your financial health this R U OK? Day

Finances can be stressful, especially in the current environment we are in. In fact, over 40% of Aussies have claimed to be feeling nervous, restless or exhausted over the past month says recent stats from the Australian Bureau of Statistics. 

“People are affected a lot about their finances, mentally. It can create a lot of worry and concern,” chair of the ‘R U OK?’ Conversation Think Tank, Kamal Sarma says.

“For example, if you’re near retirement and you see your nest egg dropping in value or you’ve lost your job, that can be really challenging.” 

So what are some ways to help you through financial struggles? Check these out: 

  • Talk to a professional: Like a financial counsellor, such as National Debt Healthline.   
  • Tell your loved ones: Let the people close to you that you are having financial trouble, they may be able to help you. 
  • Track your expenses: Keep a closer eye on your spending and create a budget, you may find more areas than one where you can save a bit more. 
  • Set up a plan to recover: This might mean being tighter with your spending now to ensure you make it through this financially uncertain period. 

Read full article: RU OK? Day: How to look after your financial health for more from R U OK?’s Kamal Sharma. 

Need to see more return on your savings right now? Check out these high interest savings account options below.

Compare High Interest Savings Accounts - last updated 22 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account 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.^

    Compare
    Details
  • 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.

    Compare
    Details
  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

    Compare
    Details
  • 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

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account 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.