This week in banking news - 2020 banking predictions, Up Bank, savings and business loans

  • Guide to banks providing emergency bushfire relief packages.
  • Expert banking predictions for 2020.
  • Neobanks to look out for in the new decade.
  • How neobank Up has made life easier for travellers.
  • Why 2020 might be the best year to take out a business loan.
  • UBank reveals Aussies’ most popular savings goals for 2020.

All in this week’s banking recap.

Banks providing emergency bushfire relief packages

In wake of the current bushfire crisis, the Australian Bankers Association (ABA) last Friday announced that there would be changes made to a number of banking products to help customers affected by the ongoing fires.

Customers experiencing financial difficulty as a result of the fires can have fees and charges waived, loan repayments deferred and current loans restructured. Members of the ABA include the big four banks, ING, Bendigo and Adelaide Bank, Rabobank, Bank of Queensland and Suncorp.

If you or someone you know has been affected financially by the bushfire crisis and you are a customer of one of these banks, you can read more about the financial help you can get in our Guide to Australian bushfire bank emergency relief packages.

Expert banking predictions for 2020

From the continued closure of ATMs and bank branches to the rise of neobanks, our Mozo experts have a lot to say about the future of banking in 2020.

Buy Now Pay Later services may have been the thing of 2019, but our experts predict that ASIC will have something to say about them in 2020. 

Plus with the introduction of open banking, our experts predict more power to the people, at least when it comes to managing personal bank data.

Read the full article, Expert predictions for banking 2020: RBA cuts to neobank home loans, to find out what else our experts saw when they looked into the financial crystal ball.

Neobanks in the 2020s

Speaking of the future of banking, we also put together a list of neobanks to look out for in 2020.

With the continued closure of physical bank branches and the rise of online banking, it only makes sense that 100% digital banks will become the thing of the 2020s. And that’s exactly what neobanks are. Neobanks run on 100% digital platforms, meaning there is no reason for them to rely on physical infrastructure such as bank branches.

Aussie neobanks to look out for in 2020 include, 86 400, Up Bank and Xinja. For the full list and to read more about the perks you can enjoy by signing up to a neobank, read the full article, Aussie neobanks to look out for in the roaring 20s.

Up Bank banishes debit card fees for international travellers

On the topic of neobanks, Melbourne based neobank Up just made travelling internationally that little bit cheaper for its intrepid customers. How? Well Up has now officially removed the $5 international ATM fee from its Up Everyday Account.

This decision makes Up Bank the latest of just a handful of Aussie banks to offer 0% foreign exchange commision and no international ATM fees. 

Read the full article, Up joins exclusive club by ditching debit card fees for international travellers, to find out what other banks offer the same perk and to learn more about this latest move by Up.

Why 2020 might be a good year to consider a business loan

If you’re contemplating taking out a business loan this January to make your dream business a reality, or simply to boost your current business, then the good news is 2020 might just be the best year to do so.

Using statistics from the Mozo database, we discovered that the average interest rate for the 11 business loans on offer from the big four banks and challenger banks has actually dropped by 0.45% since January 2019. And that’s not all, 2019 was just a continuation of a much longer trend which has been happening with business loans over the past few years.

Check out the full article, Why 2020 could be the best year to take out a business loan, to find out more about how business loans have changed since Mozo first started tracking them back in 2011.

UBank reveals Aussies’ top savings goals for 2020

Online bank, UBank, this week revealed interesting new data showing what Aussies are saving for in 2020. The report found that one of the top reasons Aussies intend to save was *drumroll* to buy a house!

Well you might have guessed that one, but the report also found that the average Aussie saving for a house this year is working hard to save a huge $67,000 just for the deposit. 

To find out what else Aussies are saving for and for some handy tips on how to achieve your savings goals, why not check out the full article: UBank reveals the top Aussie savings goals of 2020.

If saving is one of your top priorities in 2020 and you’re on the lookout for a savings account with a more rewarding interest rate, why not check out the savings accounts below or head to our savings accounts comparison page for a list of accounts compared by Mozo.

Compare high interest savings accounts - last updated 14 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 2023 Mozo Experts Choice Award winner.

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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, Bills 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.

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  • 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.^

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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.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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