This week in banking news - savings sadness, RBA aftermath, energy and a frugal festive season

- The bad energy habit that 22% of Aussies are guilty of.
- Have business loans been affected by the October RBA cut?
- Find out just how low the average ongoing savings rate has dropped.
- Why Aussies are struggling towards payday.
- Are you dreaming of a frugal festive season?
All in this week’s banking recap.
Have business loans been affected by the October RBA cut?
With the Reserve Bank of Australia deciding not to cut in November, interest rates have arguably had a bit of breathing space to settle down. And with that, the impact on business loans has become clearer.
Excluding a handful of lenders, almost every bank has decided to pass on a portion of the cash rate cuts from June, July and October to their business loans. In fact, according to the Mozo database, the average residentially secured, variable rate business loan has dropped 0.40% in the past five months, from 5.52% to 5.12%.
22% of Aussies are guilty of this bad energy habit, research finds
According to the recently released Mitsubishi Electric Australian Home Trends Report, 22% of Australians are guilty of turning the aircon on with the windows still open, while 20% admitted to leaving it on when no one was home.
Mozo’s energy expert Nathan Warne named habits such as these as the reason why your energy bill may wind up being bigger than expected this summer. Warne suggested keeping on top of what appliances you’re using and when, to make sure you don’t have any nasty surprises when it comes to billing time.
Average ongoing savings rate at a record low
For the first time since Mozo started tracking rates back in January 2012, the average ongoing savings rate has dropped below 1.00%. This figure is based on the combined data from 188 different personal savings accounts with an ongoing rate or ongoing bonus rate.
Five years ago, in November 2014, the average ongoing savings rate in the Mozo database was almost triple what it is today, at 2.53%. So it’s bad news for savings accounts, with possibly even more grimness to come as experts predict future cuts from the Reserve Bank of Australia either later this year or in early 2020.
Aussies struggling to make it to payday, research finds
With interest rates for savings accounts at an all time low, it’s no wonder more and more Aussies are struggling to save. In fact, according to recent research conducted by Mozo, 1 in 2 Australians save less than $200 a month, with 16% of those aged from 25 to 34 admitting to running out of money altogether, before payday.
As Mozo spokesperson Gemma Rasmussen suggested, increased costs of living and stagnant wage growth has most likely played a big part in Aussies finding it hard to get ahead of the game.
Reports find Aussies more frugal than festive this year
With this in mind, it shouldn't come as any surprise that Australians are planning to spend less this Christmas. Indeed, according to a report from St George Bank, 43% of Aussies are setting a budget for spending on family and friends this festive season.
ING also found that more and more Australians are leaning towards a greener Christmas, with 57% of the country saying that they would opt for more sustainable presents this year. This comes after an approximate 10 million unwanted gifts were given last Christmas.
Now if you are planning to save money and have a more eco-friendly Christmas this year, why not check out the savings accounts below, to find the best interest rate for your hard earned stash.
Compare savings accounts - last updated 9 December 2023
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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
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Mozo experts choice awards won:
- No Strings Savings - 2023
Savings Account
5.50% 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
- 5.50% 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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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 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
- -
Read our Mozo Review to learn more about the Reward Saver
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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 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 or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the High Interest Save Account
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Mozo experts choice awards won:
- Kick Start Savings - 2023
- No Strings Savings - 2023
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
^See information about the Mozo Experts Choice Savings Account Awards
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