This week in banking news - neobanks, home renos, bad energy habits and term deposits
- 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.
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.
Compare high interest savings accounts
-
Savings Account
5.50% p.a. (for $0 to $250,000)
5.00% 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.
CompareCompareSavings Account
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.
- Maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 5.00% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read reviews and learn more about Macquarie savings accounts
-
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
-
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
-
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
-
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.^
CompareCompareSavings Accelerator
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.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about ING savings accounts
Your selected interest rates
Your selected interest rates
Your selected interest rates
Your selected interest rates
Your selected interest rates
^See information about the Mozo Experts Choice Savings Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
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.