Xinja exit, petrol prices, online shopping: This week’s best banking news

woman-closing-xinja-account-on-her-smartphone
  • 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

man accepting online shopping order

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. 

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