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
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Online Savings Account
5.20% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 3 months from account opening.
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
CompareCompareOnline Savings Account
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
- Maximum rate
- 5.20% p.a. (for $0 and over)
- standard interest rate
- 1.00% 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 for the first 3 months from account opening.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
Read reviews and learn more about Newcastle Permanent savings accounts
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PremiumSaver
5.35% p.a. (for $0 to $250,001)
1.45% 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.
CompareComparePremiumSaver
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.
- Maximum rate
- 5.35% p.a. (for $0 to $250,001)
- standard interest rate
- 1.45% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
Read reviews and learn more about Rabobank savings accounts
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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 reviews and learn more about ING savings accounts
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Bonus Saver
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
CompareCompareBonus Saver
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Maximum rate
- 5.00% p.a. (for $0 and over)
- standard interest rate
- 1.00% 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 for the first 4 months from account opening.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about BCU Bank savings accounts
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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
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about MyState Bank savings accounts
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^See information about the Mozo Experts Choice Savings Account Awards
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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.