Whether you’re just getting started with setting up your banking or you’re doing a financial clean sweep and revamping your current accounts, it’s a good idea to establish better organisational habits right from the get-go.
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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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