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 - last updated 19 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- 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, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
CompareCompareReward Saver
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance (in addition to interest paid by Bendigo Bank) each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access available for deposits only.
Read our Mozo Review to learn more about the Reward Saver
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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.
CompareCompareSavings Account
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.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% 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 four 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 our Mozo Review to learn more about the Savings Account
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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.
CompareCompareHigh Interest Save Account
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.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the High Interest Save Account
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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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
Your selected interest rates
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Your selected interest rates
Your selected interest rates
Your selected interest rates
^See information about the Mozo Experts Choice Savings Account Awards
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