Savings account news and advice

All the latest savings account news and top tips to help you manage your savings account.

How do banks create money

Do banks really create money out of thin air?

Most people tend to think of banks as intermediaries between people with savings and people who want to borrow money. They loan out deposits to borrowers, and make a profit by charging more interest than they pay savers.But is this an accurate description of how banks work? Nowadays, there’s a lot of debate about where banks actually get the money for loans, with some suggesting deposits may not be the source after all. Below, we explore a few of the main theories.

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How to avoid money stress as a new parent

How to avoid money stress as a new parent

A huge 75% of new parents underestimate the cost of having a child, research from Credit Union Australia (CUA) shows. Indeed, almost half of those surveyed regretted not saving more money before starting a family. Around 40% said that with hindsight, it would be good to save between $5,000 and $8,000 to cover the extra costs.

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Winners announced in the 2021 mozo experts choice awards for savings and bank accounts

Winners announced in the 2021 Mozo Experts Choice Awards for Savings and Bank Accounts

If you’ve got some serious savings goals for 2021 or just want to limit the fees you pay for your everyday banking, choosing the right savings account and bank account is an all important step in your financial journey.Whilst it can be simple enough to know the features you want and don’t want with your banking, sifting through the hundreds of options out there can be confusing, but that’s where our Money Experts step in!The Mozo Expert Choice Awards not only help you down the right track, our awards also highlight some of the best products in the industry that offer everyday Aussies more bang for their banking buck.“With savings rates dropping dramatically in the last year, it’s more important than ever to proactively manage your money and get the best deals you can find. It might not seem like much, but a 1% difference in your savings rate can add up in the long run,” said Peter Marshall, Mozo Experts Choice Awards judge.    And the winners are…

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