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

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 271 savings accounts.
Last updated 4 October 2024 Important disclosures
  • 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 4 months.

    Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.

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    Details
  • 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.^

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    Details
  • MoneyMAX Account

    No Current Offer

    4.70% p.a.(for $1 and over)

    Yes up to $250,000

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

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    Details
  • Savings Accelerator

    3.55% p.a. (for $0 to $50,000)

    2.85% p.a.(for $0 to $50,000)

    Yes up to $250,000

    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Details
  • Life - 18-29 years old

    5.20% p.a. (for $0 to $30,000)

    1.85% p.a.(for $0 and over)

    Yes up to $250,000

    Make 5 eligible card purchases per month with a linked Westpac Choice account, make one deposit and grow the balance each month.

    Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.

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    Details

*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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