Savings account news and advice

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

Savings account customers 'need to work for millions'

Savings account customers 'need to work for millions'

Australians looking to make their fortune have been told that hard work is often the key. Those looking to compare savings accounts in which to store their cash may be interested to hear the secret of many of the country’s millionaires. Most are in the position they are in due to an "over-riding competitive drive that makes them work seven days a week", according to news.com.au. The article cites a number of examples of people who have built their fortune through graft and savvy fiscal planning. One such businesswoman is Angela Vithoulkas of Vivo Cafaace Group – which she owns with her Brother Con. "Retirement is not my goal, nor is it part of my strategy," she told the online resource. "I know retirement can be viewed as a sign of success but my mum is 70 years old and still puts in a 50-hour week." The website also recently reported a large proportion of Australians could be at risk of a pension shortfall by not paying enough superannuation or laying enough by in savings accounts. This article is brought to you by Mozo – Helping you compare savings

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'More payments needed' into superannuation savings accounts

'More payments needed' into superannuation savings accounts

Those looking to compare savings interest rates with a view to putting something away for their retirement may be interested in a recent article to appear on news.com.au. It suggested a high proportion of Australians could find themselves short of cash at the end of their working life if they do not increase their superannuation contributions. The article stated there have been calls for contributions to be raised to a minimum of 12 per cent from the current nine to ensure a large-scale problem is avoided. People looking to have a comfortable retirement are said to need around $400,000 to half a million put aside, according to the Association of Super Funds Australia and Westpac. This equates to roughly $40,000 per year for a single person, the website revealed. It suggested those who have not begun saving for retirement could find they struggle to catch up, with those in their mid-forties saving 12 per cent of their earnings potentially running out of cash by age 79. Another recent article on the site How to Make your First Million may also interest those looking to compare home loans. This article is brought to you by Mozo – Helping you compare savings accounts

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Savings account customers told how to make millions

Savings account customers told how to make millions

A recent article in Courier Mail has explored how those looking to compare savings accounts can make their first million. It suggests one of the most important steps is setting financial goals that are achievable and progressive. Savings account customers are told to look at their current state of affairs and judge how healthy their finances are, taking into consideration anything owed on credit cards, home loans or any other form of lending. Investors’ advocate Angelo Mena explained to the newspaper it is important to write down goals and make them attainable. He suggested using the SMART – specific, measurable, achievable, realistic and timed – method to ensure the target is sensible, adding if this criteria is not matched then the aims are unlikely to be achieved. "I see a lot of people who approach real estate investing like hitting a home run," Mr Mena explained. "They belt the ball so hard and think, with one deal, they will be rich for life." The article explained making your first million usually takes over a decade, although those who are savvy can manage it sooner. In other news, those looking to compare home loans may be interested to hear Commonwealth Bank has increased its fixed-rate mortgage price. This article is brought to you by Mozo – Helping you compare savings accounts

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ING 'puts pressure on competitors' with new savings account

ING 'puts pressure on competitors' with new savings account

Australians looking to compare savings accounts could see banks put under more pressure to take action on fees due to the introduction of a new product, it has been claimed. The Orange Everyday offering from ING Direct allows customers to use every cash machine in the country without being charged, while they will also avoid an extra bill if they go over their limit, the Courier Mail reported. An absence of a monthly levy also makes the deal a tough one for other lenders to match, according to consumer group Choice spokesman Christopher Zinn. "This will put enormous pressure on the other banks and could force charges down across the board," he told the newspaper. Customers should note that rather than acting like a savings account, the Orange Everyday pays no interest. Earlier this year, ING Direct executive director of savings Brett Morgan explained people have been paying high fees for banking services for too long. This article is brought to you by Mozo – Helping you compare savings accounts

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NAB launches new savings account

NAB launches new savings account

National Australia Bank (NAB) has launched another option for those looking to compare bank accounts. The lender is making a new high interest savings account available exclusively online through its UBank offshoot.

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CBA to reduce charges on bank accounts

CBA to reduce charges on bank accounts

Those wishing to compare bank accounts may be interested in a recent statement from the Commonwealth Bank of Australia (CBA). It revealed earlier today (August 5th) it will follow the likes of Westpac and St George Bank in reducing fees for its customers. The lender is taking action to make life easier for those with everything from normal bank accounts to low interest home loans. An announcement revealed dishonour fees will be slashed from $35 to $5 on both personal and business bank accounts, while overdraft charges will drop $20 to $10. Furthermore, home and personal loan customers will now incur a late payment bill of $25, as opposed to the $45 one they would have received previously. Retail banking services group executive Ross McEwan explained the bank is also offering a number of optional safety net products, such as SMS alerts and email balance messages to help customers avoid situations where fees would be incurred. "We want to provide significant fee reductions, while retaining a positive incentive for our customers to help them avoid any exception fees," he said. St George Bank and Westpac announced they would take similar steps earlier this week, following the decision of National Australia Bank to do the same. This article is brought to you by Mozo – Helping you compare savings accounts

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Lotto winner living off savings account interest

Lotto winner living off savings account interest

A lucky Kiwi has revealed his plans for a dream career – a job in a fast food restaurant. New Zealand Lotto winner James Green is taking advantage of high interest savings accounts by not touching his actual prize money. He has put it in a savings account and is now living off the interest, while still staying with his brother. The 36-year-old was laid off from his welding apprenticeship just weeks before scooping the $397,600 prize. However, he has now declared himself bored of lazing around the house and stated he intends to take on an "easy" job, such as one in McDonalds, Burger King or a supermarket. "I haven’t bought anything with it, [I’m] just living off the interest," the Kiwi said of his winnings. Meanwhile, Australians who are not fortunate enough to have lottery winnings to live off of were yesterday advised by news.com.au to shop around for the credit card that suits them best. This article is brought to you by Mozo – Helping you compare bank savings accounts

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