There’s little doubt about it, budgets are going to be tight in the lead up to Christmas 2018, with many Aussie families likely to rely upon dipping into their savings accounts or using a credit card to fund this years festivities.
In a rare win for savers, the Commonwealth Bank has today hiked the introductory rate on its NetBank Saver account by 4 basis points from 2.51% to 2.55% and extended the introductory period on the offer from three to five months.
ANZ has well and truly bucked the long term downwards trend among saving rates this morning after injecting a significant rate increase to one of its main savings accounts.
As any Australian with money in a savings account will know, growing a balance has become more and more difficult over recent years thanks to steadily falling interest rates.
A Mozo survey of over 1,000 parents has revealed that more than half of Aussie parents have set up savings accounts to start building up a nest egg for their kids.
You might be easily forgiven for dipping into your savings stash every now and again, but according ME Bank’s most recent Household Financial Comfort Report (HFCR), many Aussies have become dependant on routinely plundering their savings balance.
It may not come as a huge surprise, but newly released survey data has revealed that Australians with low levels of financial literacy are less likely to make regular contributions to a savings account, less likely to be able to draw on an emergency fund and less likely to pay off their credit card balance.
Australian savers are feeling the heat as two of the Big Four banks ring in the new financial year by lowering their base rates on standard savings accounts.
If there’s one thing all Aussie parents aim to do, it’s tell their kids to dream big. But according to recent Mozo research, the big banks don’t feel the same way when it comes to their savings accounts.
How many working days do you think you'd need to get through each year to cover your basic expenses?