This week in banking news - neobanks, home renos, bad energy habits and term deposits

Tara McCabe

Friday 13 December 2019

  • Find out just how much bad energy habits will cost Aussies this summer
  • Why you should hold off on renovating this Christmas
  • Is it important to tell your bank about your overseas travel plans?
  • How UBank is making saving easier
  • The business bank launching a term deposit
  • Find out which new neobank just released its savings interest rate

All in this week’s banking recap.

A woman wearing a mint green top, sitting at a table, stares shocked at an energy bill.

Aussies’ bad energy habits will cost them dearly this summer

According to research recently conducted by Mozo, bad energy habits could cost you on average, around $378 this summer.

And that’s just how much you’ll waste if you leave your air conditioning on overnight. Other bad habits, including leaving the air conditioning on for your pet pals and tumble drying clothes instead of letting the sun dry them naturally, could also add on a hefty amount to your bill.

But the good news is, Mozo found one simple way to save, on average $554 per year on your energy bills. Read the full story on Aussies’ bad energy habits.

Why you might want to hold off on renovating this Christmas

From bad energy habits to home renovations, summer is a pretty busy time for a lot of Aussies. In fact, according to recent research from ME Bank, two thirds of Australians use Christmas time to get home renovations done.

And while Christmas might be a great time of year to tick off some to-do items, if you’re at a loss as to how you’re going to pay for your renovations, it might be a good idea to take a step back and have a look at refinance home loans

You can check out the full article on Christmas renovations here.

Why should I tell my bank about my overseas travel plans?

If you’re planning a trip abroad this summer, it might be a good idea to alert your bank before you go. Why? Because your travel debit or credit card could be blocked if your bank spots unusual activity, such as purchases made in another country.

You can easily let your bank know your plans, using your banking app or even with a quick phone call. Just as long as you alert them before you start spending in an unusual location, you should be able to avoid the headache of getting your card unblocked while in a foreign country.

Read the full article on notifying your bank of your upcoming travel plans.

UBank partners with fintech company Basiq to make saving easier

Just in time for Christmas, online bank UBank have teamed up with fintech company Basiq to help customers review their spending and save money.

With this new technology, if you’re a UBank customer, you’ll be able to view a complete breakdown of your spending using the bank’s in-app budget tool. 

Find out more about UBank and Basiq’s new partnership here.

Business bank Tyro launches term deposits

In some exciting news for Aussie businesses, business bank Tyro announced this week that it will soon be offering businesses a new term deposit product.

The interest rate for this new term deposit is yet to be released, but Tyro did reveal that it will be available for existing customers with a Tyro Bank Account and that you will be able to stash away as little as $1,000 for 30, 60 or 90 day terms.

Read the full story on Tyro’s new term deposit.

Neobank, Volt Bank’s new interest rate could be a game changer

On the subject of savings, highly anticipated neobank Volt Bank, this week finally released its ongoing savings interest rate.

The new neobank will be offering future customers an ongoing savings rate of 2.15% on balances up to $245,000. And the great news is, you won’t have to adhere to any rules, such as depositing a certain amount each month to earn it. 

Sitting head and shoulders above not only the average in the Mozo database but also the second highest, savings account base rate, Volt’s 2.15% interest rate is definitely something to write home about.

Now if you’re reading this thinking the interest rate on your own savings account isn’t so hot, it might be time to shop around. Interest rates on savings accounts may be at an all time low, but that doesn’t mean you shouldn’t try and get the best deal out there.

Why not take a look at the high interest savings accounts below or head to Mozo’s savings accounts comparison page for a full list of potentials.

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