The last few months haven’t been too friendly to savings accounts. Since the back-to-back RBA rate cuts of June and July, we’ve seen a flurry of activity on the deposits front, with the average ongoing special rate for savings accounts dropping from 2.25% p.a. all the way down to 1.82% p.a.
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A recent MyState Bank report found that 6 in 10 Australians say their mood negatively impacts their savings habits, with boredom, 'bad days', peer pressure and buy now, pay later services being the top savings hindrances.
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With July well and truly upon us, now’s the chance to take a step back and look at your finances and focus on some new financial year’s resolutions. Whether that goal be starting a new savings plan, paying-off existing debt or taking the big step of buying your first home, now is a great time to take the plunge.
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The UBank USaver with Ultra Transaction Account, a favourite among serious savers, will see reductions today as UBank takes the axe to its range of savings accounts and term deposits.
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Today, popular digital bank, ING slashed interest rates by 0.25% across most of its savings accounts products following the RBA decision last week.
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Australians may love spending money, but as it turns out, we’re also a nation of big savers. A new ME Bank survey reveals 48% of Aussies intend to stash their tax refund away for the long term, whether as an investment or inside a savings account.
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With interest rates on savings accounts continuing to nose dive, a couple of the big 4 have decided to spare savers by not passing on the full rate cut.
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Experts are urging Aussie savers to rescue their rainy day funds by switching to a top paying account, as rates on some of the nation's most popular accounts race towards 0%. Alarm bells are ringing after the average savings rate dropped by 22 basis points in June, and is now sitting at a dismally low 1.39%.
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New research from AMP paints a pretty dire picture of Aussies’ personal finances. According to the study, 1 in 5 Australians have less than $250 in savings. And even more distressing, two thirds of that group have no savings at all.
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In some not so great news for your savings stash, the RBA rate cut could see already low interest rates on savings accounts get even lower. If your bank follows the RBA and cuts interest rates by 0.25%, you could be earning a not so nice looking interest on your savings stash.
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