Afterpay and Westpac team up to offer transaction and savings account

Tuesday, 20 October 2020

Buy now pay later giant Afterpay and major bank Westpac have announced they'll be joining forces. As part of the Westpac Group’s new digital bank-as-a-service platform, Afterpay will introduce savings accounts and cash flow tools to its customers. Back in November of last year, Westpac said it would invest in the digital banking platform as part of its full year results and this appears to have now come to fruition. Chief executive Peter King said fintech innovation is reshaping the way Aussies bank and how the traditional bank needs to keep up. “Our new digital banking platform is part of our long-term strategy to support this trend and better respond to changing customer needs,” he said. “The platform allows us to combine our banking experience with the innovation of our partners to support new customer experiences. We look forward to working with Afterpay to deliver new products and services.”

How to get married in 2020: Popping the question around cost

Thursday, 8 October 2020

On the 27th of June, my boyfriend got down on one knee and asked me to marry him. And like any young woman who grew up watching ‘Say Yes to the Dress’, my mind was already racing with wedding ideas. But in between the overwhelming messages from friends and family was news reports about the COVID-19 pandemic spreading, with cases hitting record numbers. Although I have no plans of getting married this year, I knew I had to move fast to secure a venue, as COVID-19 restrictions were forcing couples to push their weddings until next year. And even though I didn’t like the idea of rushing, I can understand why a couple would choose to delay what’s come to be known as ‘the happiest day of your life’ - coming from a big family myself.According to wedding planning website Easy Weddings, around 60% of couples have already cancelled or postponed their 2020 wedding due to COVID-19.Other couples, however, are choosing to embrace this unusual time and are committed to walking down the aisle. While motivations for doing this can vary between couples, one reason could be the unexpected financial benefit. This report will take a deep dive into what the wedding industry looks like in 2020 and why couples are using COVID-19 as their opportunity to host a refined version of their dream day.

Which of these 5 different savers are you?

Wednesday, 30 September 2020

Although one saving method does certainly not fit all, there are a few common traits that (most of us) subscribe to when it comes to stashing cash for a rainy day.

Ethical investments perform best even during the pandemic, says RIAA

Wednesday, 23 September 2020

Ethical and sustainable investments are the way of the future, according to the Responsible Investment Association of Australia (RIAA).The group has released new research showing responsible investment funds outperform their mainstream competitors across 1, 3, 5 and 10-year timeframes. This includes analysis of fund stability during the economic disruption caused by COVID-19.“The pandemic has resulted in significant economic turmoil, severely impacting many people’s livelihoods and financial markets globally. However it’s become clear that responsible investors are ahead of the game,” RIAA chief executive, Simon O’Connor said.“They are identifying the key themes influencing markets and returns, which helps them to better navigate turbulent times, avoid the biggest risks and capture more opportunities” The RIAA report assessed Australia’s responsible investment market in 2019. It found over $1 billion in assets under ethical management, which was a rise of 17% from 2018. This kind of investment now represents 37% of more than $3 trillion in Australia’s professionally managed assets.O’Connor said companies and investments simply won’t thrive in the future if issues like climate change, health, working rights, diversity and corruption aren’t taken into account. “Investors are fast realising that consideration of these issues provides more informed investment decisions, such as valuation and asset allocation," he said.RELATED: Accessed your super early? Here’s how to rebuild your nest egg.

How to get your savings ready in time for summer

Tuesday, 22 September 2020

For many, the warmer spring days are a great motivation to drink more water and snack on more juicy fruits. Now while we also love a good smoothie, we’d rather talk about whether or not your savings account is getting its five-a-day.

5 things to buy and sell preloved this month and save

Thursday, 17 September 2020

Here at Mozo we reckon buying and selling preloved all year round is not only good for the planet, but also for your wallet. So we took a look at Gumtree’s latest Secondhand Economy Report to see what items Aussies are most interested in buying or selling used.

How to teach kids the value of dollars and cents

Monday, 14 September 2020

When it comes to finances, there is one thing you simply cannot buy and that’s good money habits from an early age. Just like riding a bike or learning a second language, some things are just easier to pick up when you’re little.

8 million Australians vulnerable as JobKeeper and JobSeeker cuts loom

Last updated Wednesday, 9 September 2020

The government’s fiscal stimulus efforts have helped put a floor to Australia’s financial problems, but a fast approaching deadline will put households to the test.From 28 September, JobKeeper payments will be reduced from $1,500 a fortnight to $1,200 a fortnight for full-time workers and just $750 a fortnight for part-time workers. Meanwhile, an unemployed person on JobSeeker who is currently receiving $1,115.70 a fortnight will have their payment cut to $815.70.The JobKeeper and JobSeeker payments have been a much-needed lifeline for millions of Australians, with half of all recipients Mozo surveyed admitting the payments were keeping them financially afloat. But for many, the support measures have been less than adequate. One-third of respondents (33%) felt that the amount they are currently receiving is not enough to keep on top of their finances. The changes to payment rates from late September will only make things more difficult for this cohort. They will also be keenly felt across Victoria, where the prospect of an extended lockdown has renewed fears of widespread business closures. “More than one in four Australians currently receiving the government assistance say what they’re receiving is not enough to come and go on, painting a bleak picture for October onwards,” said Mozo Director, Kirsty Lamont.

Australia’s best savings accounts for 2020

Tuesday, 8 September 2020

If 2020 is the year you get savvier with your savings, then you’ve probably already begun your search for the best savings accounts around.

Your savings in 2020: Death by a thousand rate cuts

Friday, 4 September 2020

Interest rates on savings accounts and term deposits have plummeted in recent years. That won’t come as any surprise to the country’s long-suffering savers, but the sheer number of cuts that have been passed down by banks in the last six months might.

Savings account news and advice