2020 banking products you may have missed but should know about for 2021
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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
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
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Bonus Saver Account
5.00% 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 Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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