Savings account news and advice

In December last year, neobank Xinja renounced its Authorised Deposit-Taking Institution (ADI) licence and discontinued its banking and savings accounts.

Want to build up a rainy day fund in 2021? Well it might be time to channel that positive, early noughties pop energy and reach for the savings stars!

Every new year is an opportunity to start fresh and try something new. And if one of your financial goals this year is to save a bit more cash, getting inspired with some fresh ideas is a great place to start. To help you take your first step toward your savings success, we’ve jotted down our top five savings tactics we think are worth their salt in 2021.

When it comes to money management, the decade got off to a very weird start. A global pandemic and short-lived recession left many Australians struggling to maintain funds in their savings accounts, while others started spending in new ways.

Is your takeaway coffee cup always full and your savings account always empty? If you answered a reluctant ‘yes’ to that then it might be time to rethink your expenses.

Whether you are looking to switch your home loan, opt for a high interest savings account or get a fresh set of wheels with a car loan, 2021 could be the year to get more financially savvy. So, how can you improve your money know-how this year? It’s all about what you look for when choosing your financial products. There are three main things to consider: 

Goodbye 2020 and hello 2021! With the holiday season drawing a close and a brand new year ahead of us, it’s time to get ready to kick some serious 2021 goals.In fact, if you start out on the right foot, this could be the year to give yourself the best chance to achieve your financial New Year’s Resolution, no matter how big or small. So with that in mind, here are some 2021 financial New Year’s Resolutions and simple ways you could knock them out of the park over the next 12 months! 

Whether we’ve realised it or not, the COVID-19 pandemic has given the country a well needed financial reality check. And it looks like that feeling will be carried on in the new year. According to new research from UBank, Aussies are planning to prioritise financial security in 2021 over travel and unnecessary spending. The number one financial goal for more than half (42%) of those surveyed is saving for an emergency fund, followed by saving for retirement (27%). Getting debt free is another popular financial goal for 22% of respondents, while only 23% plan to save for an international holiday. But with 49% of people admitting that last minute costs and spending is the biggest financial hurdle, UBank Personal Finance Expert, Andre Botes says it might be best to go back to the basics to ensure financial success in 2021, from goal setting to drafting a budget. “By establishing your goals, you’ll have a clearer idea of why you’re creating a budget. If you know what you’re working towards, you’re more likely to follow through,” he said. “Writing down your goals and putting them in a visible place or changing your phone screen to an image of your dream are great ways to help visualise where you want to be in the future.”

Australians are looking to spend more across retail, entertainment, motor vehicles and home buying, according to the November instalment of the Commonwealth Bank’s Household Spending Intentions series.

There’s no denying that 2020 has been a whirlwind. From people hoarding toilet paper, lockdowns across the country to wild weather, there’s been a lot going on. So if you’ve missed the release of some of these new banking products, we don’t blame you. In fact, we are here to help! Here’s a roundup of some fun new financial products that dropped in 2020 that you should consider in 2021.