Xinja exit, petrol prices, online shopping: This week’s best banking news
- Neobank Xinja calls it quits and discontinues is transaction and savings account
- ACCC’s petrol price report: why not to forget petrol costs these holidays
- Aussies have adopted some bad online shopping habits, says MyState Bank
- Why 2020 is the year we whipped our finances into shape
All in this week’s best banking news: editor’s pick.
Neobank Xinja exits the banking space, ends its transaction and savings account
This week, Neobank Xinja decided to exit the banking space and announced it would return its Authority Deposit-Taking Institution (ADI) licence.
Both Xinja’s Bank Account and Stash Account will be discontinued for existing and new customers.
Here are some key dates you should know about:
- 23 December 2020: No longer able to add cash into Xinja bank account and both transaction and savings accounts will automatically be closed.
- 6 January 2021: Xinja recommends removing all funds from accounts to new accounts by this date.
- 15 January 2021: Debit cards and other payment methods unavailable.
Read full article: Xinja discontinues its transaction and savings account: What it means for your cash for more information about what happens to the interest you earn on your Xinja account.
Why you shouldn’t forget petrol costs this holiday season
Got a summer road trip planned? Don’t forget to factor in the price of petty!
In fact, the Australian Competition and Consumer Commission's (ACCC) has just dropped its latest petrol price report.
The stats show that in Sydney, Melbourne, Brisbane, Adelaide and Perth, the average petrol price over the last quarter was 122 cents per liter (cpl), while Darwin sat at 118cpl. This is an increase of about 13cpl from last quarter, however doesn’t compare to the 159cpl high of December 2019 say the ACCC.
Read full article: Don't forget petrol costs in your holiday road trip budget and check out what ACCC Chair, Rod Sims said about the fresh numbers.
Bad online shopping habits that came out of 2020
New research from MyState Bank found that bad shopping habits are currently costing Aussies an average of more than $400 a year.
The majority (48%) were enticed by buying more items to qualify for ‘free shipping’, while 24% didn’t return an item that wasn’t right and 23% were shopping due to boredom, among other things.
On top of that, 36% of Australian shoppers believe they are spending more money online than in physical stores, and 65% have increased the amount of time they spend online shopping since the COVID-19 pandemic began.
Read full article: Are you guilty of this bad online shopping habit? to find out what MyState Bank general manager, customer experience Heather McGovern said about these stats.
Aussies focused on financial fitness in 2020
Rabobank revealed that 2020 was the year many Aussies whipped their finances into shape.
The Rabobank Financial Health Barometer found that 31% made the effort to regularly save each month this year, and a huge 90% now have a savings buffer. Stats showed that, on average, savers were pocketing $978 each month (which meant their buffer could last around four months).
On the other hand, for some Aussie households, 2020 meant tightening their wallets. Rabobank says that 3.7 million experienced a decrease in income as a result of the COVID-19 pandemic.
This meant many shoppers shifted their spending across a number of different retail areas such as clothing (40%), entertainment (44%), food (23%) and larger purchases (23%).
Read full article: It's official - 2020 was the year we whipped our finances into shape and see who was left most vulnerable financially in 2020.
Want to sort out your financial fitness? Check out some of these savings account options below!
Compare savings accounts - rates updated daily
AMP Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.25% p.a. (for $0 to $250,000)0.10% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of at least $250.
AMP Saver Account
Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing variable bonus rate applied when customers deposit at least $250 per month into their AMP Saver Account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Customers will need to deposit at least $250 a month into the AMP Saver Account in order to receive the 1.25% p.a. variable bonus rate.
Read our Mozo Review to learn more about the AMP Saver Account
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.10% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Hero Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.80% p.a. (for $0 to $250,001)0.01% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of $200 and no withdrawals in the month.
Hero Saver
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Hero Saver
Serious Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.30% p.a. (for $0 to $1,000,000)0.15% p.a.(for $0 and over)Yes up to $250,000Bonus rate for first 3 months, reverting to 0.15% rate after
Serious Saver
$0 monthly account fee. Link to any Australian bank account.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for first 3 months, reverting to 0.15% rate after
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Serious Saver
Flexi Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.25% p.a. (for $0 to $5,000,000)0.05% p.a.(for $0 to $5,000,000)Yes up to $250,000Increase balance by at least $300 in the month
Flexi Saver
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
- account fee per month
- $0.00
- Maximum rate conditions
- Increase balance by at least $300 in the month (excluding interest)
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
Read our Mozo Review to learn more about the Flexi Saver
Fast Track Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.05% p.a. (for $1 to $250,000)0.05% p.a.(for $1 and over)Yes up to $250,000Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.
Fast Track Saver Account
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Bonus interest rate criteria is effective from 1 February 2020.
Read our Mozo Review to learn more about the Fast Track Saver Account
^See information about the Mozo Experts Choice Savings Accounts 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.