This week in banking news - home loans, online businesses, energy and saving for retirement

  • Find out which neobank just became the first to offer home loans.
  • Why small businesses are heading online.
  • The reason Aussies are ditching aircons this summer.
  • Retirement savings and anxiety.

All in this week's banking recap.

Neobank 86 400 ventures into the world of home loans

Recently launched neobank, 86 400 ventured into the world of home loans this week, with 86 400 Own Home Loans. Currently these home loans are only available to take out through a broker, but the neobank does stress that all paperwork can be completed electronically. 

Plus, according to Mozo’s database, 86 400’s 2 and 3 year fixed interest rate loans for owner occupiers are pretty competitive, offering relatively low fixed interest rates at 2.88% p.a. (3.31% comparison rate*, principal and interest loan).

More and more Aussie businesses moving online, report shows

According to a recent report conducted by American Express, as much as 48% of small business owners in Australia believe that their business will become a 100% online business in the future.

While heading online is not necessarily a bad thing, the research also found that more online businesses feared becoming insolvent in the next three to five years than businesses made of bricks and mortar. 

So if your business is heading online,  taking out a business loan to invest in more technology can help you afford to make the transition the right way. 

Aussies ditching aircons to save on energy bills this summer

In more research released this week, energy retailer Powershop has found that a huge 80% of Aussies are worried about how much their energy bills will cost them this summer.

Besides putting money aside in preparation for their next bill, over half of this number said they would make an effort to track their power usage and keep their costs down. In fact, a huge 56% said they would even consider using their beloved aircon less or not at all.

Aussies increasingly worried about retirement savings

On that note, it would seem that Aussies are also concerned about not having enough savings for retirement. Indeed, according to a survey conducted by investment firm, Franklin Templeton, 70% of Generation Y Australians feel some form of stress or anxiety when they contemplate saving for their retirement, not to mention the huge 74% of Generation X Aussies who don’t hold out a lot of hope for a big retirement nest egg in the future.

Plus, with interest rates on savings accounts at an all time low, these concerns are certainly well founded. Some Mozo tips on upping your stash include: making extra contributions to your super, creating a budget and sticking to it and lastly, automating your savings. 

If you are one of many Aussies worried about building up your retirement savings, there are still some competitive savings rates on offer for those who know where to look. Why not check out the high interest savings accounts below to see how much interest you could be earning on your hard earned money.

Compare high interest savings accounts - last updated 16 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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  • 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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  • 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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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

^See information about the Mozo Experts Choice Savings Account Awards

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