This week in banking - RBA, HSBC Everyday Extras, and the best travel insurance of 2019
In this week’s banking recap, we revisit the RBA’s August decision, plus turn our attention to travel insurance in light of the latest round of Mozo Experts Choice Awards.
RBA holds the cash rate at 1.00%
After two consecutive cuts in June and July, the Reserve Bank decided to take a breather and keep the cash rate unchanged this August, with RBA Governor Philip Lowe saying he expects conditions in the economy to pick up in the near future.
“The outlook is being supported by the low level of interest rates, recent tax cuts, ongoing spending on infrastructure, signs of stabilisation in some housing markets and a brighter outlook for the resources sector,” he said.
Best travel insurance policies revealed
Travel insurance might not be too high on your list of priorities ahead of a holiday, but that doesn’t mean you should ignore it. To make picking the right policy easy, we’ve compiled the best of the best in this year’s Mozo Experts Choice Travel Insurance Awards.
World2Cover was named our Travel Insurance Provider of the Year, marking the second year in a row it’s taken out the top spot. But all the other winners are well worth a look. Whether you plan to board a cruise or make your way down the ski slopes, you’re sure to find a policy that suits you.
Reap the rewards with HSBC’s Everyday Extras
HSBC has launched Everyday Extras, a nifty little feature which could see savers rewarded each time they spend.
Customers who deposit at least $2,000 a month into their HSBC Everyday Global Account will receive 2% cashback on purchases up to $100, so long as they use payWave, Apple Pay or Google Pay.
“Australians love rewards, but most rewards programs rely on offering the chance to earn points, which can be complicated or time-consuming to redeem. We wanted to offer customers a more immediate benefit,” said Jessica Power, HSBC Australia’s Head of Retail Banking and Wealth Management.
Wholesale demand response: a potential remedy to energy woes
This Tuesday, the Australian Energy Market Commission (AEMC) heard a proposal to introduce a ‘wholesale demand response’ in the Australian energy market. Such a mechanism would reward customers for responsible energy habits with cash or credit, which can go towards further lowering their bills.
ME lowers fixed rates to lowest in its history
The cuts to fixed rates continue to pile up, with ME the latest to join the party. Headlining the latest round of changes is its 3-year Flexible Home Loan Member Package, which saw a massive 0.40% reduction. The new 3.18% p.a. fixed rate (3.87% p.a. comparison rate*) marks the lowest rate ever offered by the bank.
If you’re on the lookout for a quality home loan, be sure to visit our home loan comparison page, or have a browse of the options below.