2020 banking products you may have missed but should know about for 2021

woman looking up 2021 banking products on her laptop

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. 

Home loans 

Athena AcceleRATES Variable Home Loan 

Release: August 2020 

Mozo snapshot:
The AcceleRATES home loan from Athena offers some seriously competitive variable rates for both owner occupiers and investors that have lower loan-to-value ratios (LVRs). Plus, it automatically rewards borrowers with lower rates when they pay down their loan.  

There are different rate tiers attached to this loans between $100k and $2 million, depending on their LVR: 

  • Liberate (70-80% LVR): Rates from 2.29% (2.23% comparison rate*) for owner occupiers and 2.64% (2.59% comparison rate*) for investors.
  • Evaporate (60-70% LVR): Rates from 2.24% (2.21% comparison rate*) for owner occupiers and 2.59% (2.56% comparison rate*) for investors.
  • Celebrate (<60% LVR): Rates from 2.19% (2.19% comparison rate*) for owner occupiers and 2.54% (2.54% comparison rate*) for investors.

Athena also took home multiple 2020 Mozo Experts Choice Awards in the home loans category, for Best New Home Loan and Home Loan Innovation, Best Low Cost Home Loan and Best Investor Home Loan. 

86 400 Own Home Loan 

Release: August 2020

Mozo snapshot:
Neobank 86 400’s Own Home Loan is also based on an LVR tier system. Owner occupiers making principal and interest repayments will receive a lower rate based on their LVR.

Here’s a breakdown of what’s on offer: 

  • LVRs of 60% or less, rates start from 2.39% (2.68% comparison rate*)
  • LVRs of 70% or less, rates start from 2.44% (2.73% comparison rate*)
  • LVRs of 80% or less, rates start from 2.54% (2.82% comparison rate*)

Personal loans 

Credit Union SA Online-only Special Fixed Rate Personal Loan 

Release: May 2020

Mozo snapshot:
Currently, this personal loan offers the lowest fixed rate for secured personal loans on the Mozo database at 3.99% (4.40% comparison rate*). Customers can borrow from $5,000 to $100,000 and choice from a 1 to 7 year loan term. Plus, there are also free extra repayments and redraws on this loan. This loan also received a 2021 Mozo Experts Choice Award for best Car Loan. 

Alex Personal Loan

Release: June 2020

Mozo snapshot:
New neobank Alex launched this year with it’s unsecured personal loan product. Based on your credit history, it comes with competitive rates starting at 6.95% (6.95% comparison rate*) and comes with free extra repayments. Plus, there are no ongoing fees to worry about, and for a limited time, you won’t have to pay an application fee as the lender is waiving this cost until 15 January 2021. It’s no surprise this product was awarded the Mozo Experts Choice Award for Best New Loan Product in 2021! 

Credit cards 

NAB StraightUp Card 

Release: September 2020 

Mozo snapshot:
This card works a little differently to an old-school credit card. Instead of paying interest, customers pay a monthly fee based on their credit limit: $10 for a $1,000 limit, $15 for a $2,000 limit and $20 for a $3,000 limit. Plus, there are also no annual fees or late payment fees attached to the card, AND if you don’t use your card at all over a statement period or have a zero balance, NAB will waive the monthly fee. Not only that, this card was awarded the 2020 Mozo Experts Choice Award for Credit Card Innovation. 

CommBank Neo 

Release: December 2020 

Mozo snapshot:
This card is also an interest-free credit card. It also operates on a monthly fee that is calculated in relation to your credit limit: $12 for $1,000 limit, $18 for a $2,000 limit and $22 for a $3,000 limit. In addition, there are no late or foreign exchange fees. Plus, if you apply by 31 January 2021, you’ll get $20 cashback! 

Savings accounts 

Westpac Life Savings Account 

Release: July 2020 

Mozo snapshot:
Sick of low savings account rates? If you are between 18 and 29 this savings account could be the one for you.  In place specifically for young Aussies, this account comes with a juicy 3.00% interest rate on balances up to $30,000. All you need to do is link a Westpac Choice account, make 5 transactions per month on the debit card and increase your savings balance each month. Savers who don’t grow their balance but still meet the minimum transaction requirements, will receive a still competitive 2.45%. The rate drops to a low 0.20% if the required conditions aren’t met. 

Want to see how other savings accounts compare? Check out these options below!

Compare savings accounts - last updated 18 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    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.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Online Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details
  • 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 $250,000

    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.

    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.

    Details
  • WebSavings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.00% p.a. (for $2,000 and over)
    0.05% p.a.(for $2,000 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening on balances over $2,000 only, available to new customers only.

    A high interest savings account that still lets you access your cash, no monthly account keeping fees and top up as many times as you like.

    Details
  • Savings Maximiser
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $100,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance.

    No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.

    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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