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

Tara McCabe

Friday 10 January 2020

  • 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.

Hand stacking coins one on top of the other in a graph like manner with a block saying 2020 underneath.

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.

Back to top