Savings account news and advice

Emerging from our Covid lockdown cocoons has been a joyful affair for many. Far flung friends and family have been reunited, we’ve tamed unruly locks at the hairdressers, and even begun booking holidays.

The savings account interest rate cuts continued to rain down last month, with 38 rate reductions recorded in the Mozo database. 

While many Australians have been dedicating more funds to their savings accounts during lockdowns, there have been notable shopping splurges as restrictions ease in New South Wales and Victoria.

Feeling stressed about news of postal delays ahead of Christmas? 

Despite the prospect of international travel in 2022, it would seem that many Australians are more focused on achieving savings goals over the next 12 months than planning getaways. 

Over the last month, savings account interest rates have taken a tumble. Mozo’s analysts recorded 26 cuts across the database which, despite one increase, brought the average ongoing savings rate down to 0.39% p.a.

Parting with something that has been in your possession for a long time can be difficult. Perhaps even harder though, is figuring out where to dispose of unwanted items in an environmentally friendly way. Luckily, having an eco-friendly clear out is possible. We’ve summed up five ways to dispose of your unwanted goods, none of which involve a landfill pit. Happy spring cleaning!

It’s undeniable that pandemic-induced social restrictions and lockdowns have changed the way Australians handle their finances. Most people have had to reconsider how they spend their money and set their savings goals, and many have experienced financial instability and hardship. 

When it comes to your finances, being a good saver is crucial. And what goes hand-in-hand with being a good saver? A high interest savings account. So if you are currently signed up with a provider that offers low interest rates (or none at all), it’s time to put your savings account on your spring clean list! 

Westpac has made a slew of interest rate cuts to its savings accounts, including to the leading Westpac Life rate for 18 to 29-year-olds. The big bank shaved a sizeable 50 basis points off the rate, taking it down from 3.00% p.a. to 2.50% p.a.*