Savings Account News

Consumer Data Right passes: What does this mean for customers?

The Consumer Data Right (CDR) legislation was passed by the Senate yesterday afternoon, paving the way for open banking to finally begin in Australia.

By William Jolly ● August 02, 2019

Term deposit, savings account rates slump to a new all-time low

Term deposit interest rates have fallen to all-time lows in the wake of two successive cash rate cuts in June and July.

By William Jolly ● August 02, 2019

No pay rise for Aussies in eight years

The median household disposable income for Australians hasn’t gone up in eight years. In fact, it’s gone slightly backwards.

By William Jolly ● July 30, 2019

No, your wedding reception is not tax-deductible

The Australian Taxation Office (ATO) has released a list of some of the more bizarre claims people have made on their tax returns.

By William Jolly ● July 30, 2019

“I regularly don’t eat at all”: Spotlight on Newstart as HILDA survey reveals poverty on the rise

Poverty is on the rise in Australia after several years of decline, according to the latest Household Income and Labour Dynamics in Australia (HILDA) survey – and changes to welfare policies have been cited as the possible cause.

By Emma Duffy ● July 30, 2019

These banks haven’t passed on a rate cut to savings accounts in July

Dozens of institutions have passed the two consecutive rate cuts onto their savings account products, hitting those who rely on earning interest to supplement their income.

By William Jolly ● July 26, 2019

Commonwealth Bank slashes savings account rates

Commonwealth Bank has stung savers by cutting interest rates on its savings accounts by up to 25 basis points, making it the last of the big four to reduce savings rates this month.

By Alex Brewster ● July 23, 2019

Westpac, NAB & others cut savings account and term deposit rates

This week’s rate changes on the savings account and term deposit market saw more banks cutting interest rates, with Westpac and NAB headlining the latest movements.

By William Jolly ● July 19, 2019

86 400 becomes Australia’s newest bank

Australia has a brand-new bank, with 86 400 granted a full Authorised Deposit-taking Institution (ADI) license by APRA today.

By William Jolly ● July 18, 2019

UBank cuts savings account interest rates again

UBank has today slashed the interest rates on its savings accounts by 19 basis points, taking the maximum rate on its ‘USaver with Ultra’ account down to 2.41% p.a.

By Alex Brewster ● July 17, 2019

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