Savings account news and advice

There are so many Buy Now Pay Later platforms around these days, it would be surprising if you hadn't heard of at least one. Think Afterpay, Zip, Klarna and Payright. The question is have you come across the 'Bill Now Pay Later' concept?

Although there is certainly no shortage of savings accounts to choose from in Australia, not all of the ones on offer will be suited to your personal situation.

After an entire year, the federal government’s Covid-19 JobKeeper relief scheme came to an end on Sunday, March 28.

Did you purchase a lego set last year? A puzzle? Or a shiny new book fresh off the printing press?

Most people tend to think of banks as intermediaries between people with savings and people who want to borrow money. They loan out deposits to borrowers, and make a profit by charging more interest than they pay savers.But is this an accurate description of how banks work? Nowadays, there’s a lot of debate about where banks actually get the money for loans, with some suggesting deposits may not be the source after all. Below, we explore a few of the main theories.

A huge 75% of new parents underestimate the cost of having a child, research from Credit Union Australia (CUA) shows. Indeed, almost half of those surveyed regretted not saving more money before starting a family. Around 40% said that with hindsight, it would be good to save between $5,000 and $8,000 to cover the extra costs.

Like a gymnast at a limbo competition, savings account interest rates keep edging lower. 

At 1.35%, right now ING's Savings Maximiser offers one of the top interest rates in the Mozo database*, however as of 1 March 2021 the online bank is adding another condition for customers to meet. This will make it just that little bit harder for savers to earn the full interest rate.

Whether you know CommBank’s Dollarmites as ’80s gremlin puppets or as their schmick new animated kid-selves, their reign as Australian school banking royalty is coming to an end.

In the lead up to Valentine’s day this Sunday, neobank 86 400 has released some very telling results from a survey on shared finances.