Term Deposit Rate Update January 2020

In January 2020, InfoChoice’s top term deposits include products with market-leading rates, like the Green Term Deposit from UBank, Citi Australia’s term deposits and Judo [...]

POSTED ON January 7, 2020
Banks swiftly decrease deposit rates

Many of the major banks have pointed to increased funding costs as the primary reason for not being able to pass on the full 25 [...]

POSTED ON April 16, 2009
Banks told to let fixed rate borrowers go

The Housing Industry Association wants banks to drop severance and other refinancing charges from fixed-rate loans. Break fees can be more than $20,000 on a [...]

POSTED ON April 16, 2009
Cash Converters lending more

Retailer, pawn broker and financial services provider Cash Converters is planning to expand the range of financial services it offers to customers. Cash Converters boast [...]

POSTED ON April 16, 2009
Infochoice Smart Investor Awards Survey

InfoChoice would like your help in judging the upcoming AFR Smart Investor Awards. We want to know how you rank the most important factors based [...]

POSTED ON April 16, 2009
Rate cuts – RBA forced to go big

The Reserve Bank will be forced to make big cuts to interest rates in coming months to ensure that at least some of the cuts [...]

POSTED ON April 15, 2009
Bankwest simplifies personal loans

Bankwest has 'relaunched' its three personal loan products which it says have been improved to better meet customer needs.The Bankwest Car Loan offers a fixed [...]

POSTED ON April 15, 2009
Stimulus money goes on card debts

More than half of taxpayers who are due to receive economic stimulus payments of up to $900 from the federal government will use the money [...]

POSTED ON April 15, 2009
Your cheque is in the mail says ATO

People who have already lodged their 2007-08 tax return will begin receiving their tax bonus payments from this week. Tax Commissioner Michael D'Ascenzo said if [...]

POSTED ON April 15, 2009
St George offering business mentoring

St George Bank is again running its Small Business Mentor Program competition, together with ActionCOACH. The program, now in its second year, aims to provide [...]

POSTED ON April 15, 2009
Banking cartel ups their cut

Bank margins on low rate credit cards have blown out by 3.5 per cent since July 2007 according to data from the Reserve Bank. Margins [...]

POSTED ON April 14, 2009
AMP cuts home loan rates

AMP Banking has announced its standard variable home loan interest rate will drop 0.10 per cent to 5.89 per cent per annum effective Thursday 23 [...]

POSTED ON April 14, 2009
More taking the easy way out of debt

Middle class and high income earners are choosing to take advantage of cheap and easy insolvencies to escape their debt. During the three months to [...]

POSTED ON April 14, 2009
Banks unmoved by kick in bum

The major banks will reap $800 million dollars from their decisions to hold back at least part of the Reserve Bank's 0.25 per cent rate [...]

POSTED ON April 9, 2009
Cheap bankruptcies booming

The growth in non-business related bankruptcy activity continues to grow. Bankruptcies were up 13.66 per cent over the figures from the March quarter of 2008 [...]

POSTED ON April 9, 2009
Banks pass on rate cut to depositors

The Reserve bank of Australia yesterday cut official interest rates by 0.25 per cent to a 49 year low of three per cent. Although banks [...]

POSTED ON April 8, 2009
Only one fee-free bank account remains

Bankwest's Zero Transaction Account is the only account in the market currently to provide a rebate covering all foreign ATM withdrawal fees, as long as [...]

POSTED ON April 8, 2009
No compo for wrong credit reports

The Federal Court has dismissed a case against the credit reporting agency Veda Advantage claiming defamation and negligence arising from alleged failure to maintain accurate [...]

POSTED ON April 8, 2009
Stimulus payments start coming through

The government's tax bonus payments began on Monday, with eligible taxpayers set to receive $250, $600 or $900. An estimated 8.7 million taxpayers are eligible [...]

POSTED ON April 8, 2009
RBA cuts cash rate, how have the banks responded

It was anyone's guess as to what the decision would be proceeding today's Reserve Bank of Australia's Board Meeting. Leading economists across Australia were equally [...]

POSTED ON April 7, 2009
Banks wear losses from card skimming

The Australian Bankers' Association (ABA) is assuring customers they are not liable for unauthorised transactions on their accounts when they become victims of skimming crimes. [...]

POSTED ON April 7, 2009
Banks are NOT profiteering

Banks have not added much to their margins over the course of the credit crunch says the Reserve Bank of Australia. Ric Battelino, deputy governor [...]

POSTED ON April 6, 2009
Westpac extends aid to business borrowers

Westpac chief executive Gail Kelly says that the Westpac/St George Banks will extend the mortgage and loan assistance package for unemployed people to its small [...]

POSTED ON April 6, 2009
Housing approvals show signs of recovery

The latest February building approvals data released from the Australian Bureau of Statistics has indicated signs of recovery in most states. Western Australia posted the [...]

POSTED ON April 3, 2009
Falling property prices, a recipe for disaster

Falling house prices are starting to have an effect on the housing market, with many borrowers losing equity in their home. Unemployment fears are prompting [...]

POSTED ON April 3, 2009
NAB customers offered value health insurance

Health insurer NIB has formed a partnership with National Australia Bank that will see it market a 'value health insurance product' to NAB customers. NIB [...]

POSTED ON April 3, 2009
First home buyers risky for banks

Banks are sitting on a bad debt time bomb caused by increasing numbers of first home buyers entering the market says research from Royal Bank [...]

POSTED ON April 2, 2009
Banks look after their commercial loans

Commercial property investors are vulnerable to banks raising the margins on their loan facilities because the global financial crisis constitutes a 'material change in circumstance' [...]

POSTED ON April 2, 2009
Pay day lenders find ways around the rules

The pay-day lending industry is preparing, in various ways, for the introduction of the uniform national consumer code that will set a cap of 48 [...]

POSTED ON April 2, 2009
Lending flatlines in February

Owner-occupied lending remains the only growth sector of the credit market according to figures released by the Reserve Bank. There was no growth in credit [...]

POSTED ON April 1, 2009
Credit cards resist rate cuts

The average rate of interest charged on credit cards has fallen from 16.53 per cent to 16.04 per cent since September when the Reserve Bank [...]

POSTED ON April 1, 2009
Qantas extends frequent flyer deadline

A last minute rush by credit card customers angling to transfer their reward points to Qantas frequent flyer points forced the airline to extend the [...]

POSTED ON April 1, 2009
Market leader Bankwest losing deposits

Thousands of Bankwest customers have abandoned the bank since it was taken over by Commonwealth and moved to Westpac, ANZ and Bendigo Bank. Household deposits [...]

POSTED ON April 1, 2009
First home borrowers need to be more conservative

Falling interest rates, government incentives and initiatives, and decreases in the overall cost of living has provided relief to mortgage stressed households. The latest edition [...]

POSTED ON March 31, 2009
Qantas Frequent Flyer: time to choose, or not?

Qantas' lengthy campaign run over the last couple of months alerting qualifying cardholders to make a decision in relation to transferring their loyalty points to [...]

POSTED ON March 31, 2009
$900 can save $3K off credit card

All taxpayers earning less than $100,000 in 2007/2008 will receive a bonus payment of up to $900 from the federal government in April. Experts say [...]

POSTED ON March 31, 2009
CBA, Westpac tighten home loan rules again

Commonwealth Bank yesterday tightened credit criteria further on home loans. In a circular to third part originators the bank announced a reduced maximum loan to [...]

POSTED ON March 31, 2009
Bankwest ends east coast expansion

Commonwealth Bank's decision to cut 400 jobs at Bank of Western Australia signals the end of any east coast expansion plans under the Bankwest banner. [...]

POSTED ON March 31, 2009
Banks cut more staff

Major banks are set to embark on a new round of big job cuts according to sources reports the Herald Sun. Three thousand jobs are [...]

POSTED ON March 31, 2009
People not rules matter to investors

Investors should be more concerned about the quality of the people on a company board rather than the governance arrangements that are in place said [...]

POSTED ON March 31, 2009
Lenders call in the debt collectors

Since January, the number of referrals to debt collectors from lenders is up 42 per cent compared to the same time last year says credit [...]

POSTED ON March 30, 2009
Westpac Choice goes fee free

The Australian Securities and Investments commission issued a statement saying Westpac has agreed to modify the terms and conditions of a deposit product, Westpac Choice, [...]

POSTED ON March 30, 2009
Savings accounts can be misleading

The Australian Securities and Investment Commission gave the banks notice of its intention to police advertising standards more vigorously when it wrote to the Australian [...]

POSTED ON March 30, 2009
Another Bank of Queensland branch closes

Another Bank of Queensland branch franchisee in NSW has handed back the keys of the branch to BoQ this week and walked away from the [...]

POSTED ON March 27, 2009
Missing mortgage repayments no big deal

Almost a third of Australians with a mortgage said they would skip a home loan repayment in preference to doing without utilities and basic consumer [...]

POSTED ON March 26, 2009
$2K card debt can see home repossessed

Increasing numbers of homeowners are putting their homes at risk of repossession over credit card debts they can't repay says the Victorian Consumer Action Law [...]

POSTED ON March 26, 2009
Pension up, deeming rate down

Pensioners are better off this week after last week's increase in pensions and allowances and a cut in deeming rates to their lowest level in [...]

POSTED ON March 26, 2009
Trust me, I’m a bank says NAB

National Australia Bank wants to re-earn the trust of customers says chief executive Cameron Clyne. "What we want to eliminate is that niggling doubt too [...]

POSTED ON March 26, 2009
ATM direct charging a success

Reserve Bank assistant governor Philip Lowe yesterday gave his seal of approval to the outcome of the new ATM direct charging system, declaring that "most [...]

POSTED ON March 25, 2009
Foreign banks are still lending

The lending market share of the big four banks declined from 81 per cent to 79 per cent in the 12 months to September 2008. [...]

POSTED ON March 25, 2009
Online card fraud up again

Fraud committed against credit card holders who shop online increased by fifty per cent last year said the assistant governor of the Reserve bank Phillip [...]

POSTED ON March 25, 2009
CBA, NAB look at rich opportunities

While many banks, especially foreign owned banks, are scaling back their private banking and wealth management arms, Commonwealth and National Australia Bank are building up [...]

POSTED ON March 25, 2009
Diamonds are a lender’s best friend

Demand for short term finance from high interest pay day lenders is surging as consumers find it more difficult to access credit from the major [...]

POSTED ON March 25, 2009
ANZ ATM skimmed

ANZ Bank is working with Victoria Police to find the criminals responsible for installing a fraudulent skimming device near an ATM at 353 Elizabeth St [...]

POSTED ON March 25, 2009
Spend up or forget about card rewards

Credit card holders must spend at least $2,000 per month to get any value from credit card rewards programs according to consumer advocates. Consumers who [...]

POSTED ON March 24, 2009
CBA’s netbank now mobile

Commonwealth Bank has launched its next generation mobile internet banking service, available on any internet enabled mobile phone. Customers can now log on to their [...]

POSTED ON March 24, 2009
Customers choose convenience over free ATMs

Almost half of all ATM transactions in Australia are foreign ATM transactions incurring charges. Analysis of the latest Reserve Bank payment data by MWE Consulting [...]

POSTED ON March 24, 2009
Our big banks are beautiful

Australia's big four banks will emerge from recession stronger and with much greater power to set prices says ex Westpac chief executive David Morgan. Analysts [...]

POSTED ON March 24, 2009
Repossessions boom

More than 2,100 households in Victoria faced repossession action in the six months to December, according to Supreme Court records. Fifty five repossession claims per [...]

POSTED ON March 23, 2009
Debit better value than credit card

The value of payments made on debit cards is increasing at almost three times the rate for credit and charge cards, according to the latest [...]

POSTED ON March 23, 2009
Property investors positively gearing

Residential property investors are benefiting from low interest rates and high rents and are being able to positively gear their investments from day one. However [...]

POSTED ON March 23, 2009
Govt encouraging Aussie sub-prime crisis

The federal government is encouraging an Australian version of the US sub-prime crisis with its economic stimulus payments and first home owner grants says a [...]

POSTED ON March 23, 2009
NAB targets micro-businesses

National Australia Bank is constructing a team of bankers to focus on building lending share in the micro-business market. NAB is already enjoying lending growth [...]

POSTED ON March 23, 2009
Repossessions up – help available

The number of homes being repossessed by lenders is on the rise with all banks reported that the numbers of borrowers getting into trouble with [...]

POSTED ON March 20, 2009
St George customers stick by their bank

St George customers are sticking by their bank three months after the takeover by Westpac says new chief executive Greg Bartlett. Bartlett says he is [...]

POSTED ON March 20, 2009
No guarantees about Aussie banks

John Laker, chairman of the Australian Prudential Regulatory Authority, said that the regulator could guarantee that an Australian bank would not fail during the current [...]

POSTED ON March 20, 2009
Fixed rate loan disputes boom

The banking and finance division of the Financial Ombudsman Service has reported that the number of disputes it is handling doubled in the second half [...]

POSTED ON March 19, 2009
DJs Amex card popular with shoppers

Premium retailer David Jones says its co-branded American Express credit card launched in August is a big success and very popular with its customers. The [...]

POSTED ON March 19, 2009
NAB Qantas gold card delayed

National Australia Bank cardholders who were due to receive their new NAB Qantas Gold Card earlier this month will now not receive their new card [...]

POSTED ON March 19, 2009
Amex improves Membership Rewards

The Qantas Frequent Flyer move to a direct earn points system has sparked plenty of re-positioning in the reward program market. While some card issuers [...]

POSTED ON March 19, 2009
All banks will deliver home loan relief

The Commonwealth Bank's hardship package for its home loan customers has enraged the government and other major who say the industry has been working collectively [...]

POSTED ON March 19, 2009
ANZ/Esanda offer premium term deposits

Esanda managing director Moray McDonald said it was business as usual after the finance company's parent, ANZ, announced yesterday that it would absorb the company, [...]

POSTED ON March 19, 2009
0.75% rate cut coming in April

Economists expect the Reserve Bank of Australia to cut interest rates again next month with many predicting the central bank will deliver a cut of [...]

POSTED ON March 18, 2009
Govt cash: pay card debt first

Financial advisors suggest a number of strategies that smart consumers can implement with their cash from the federal government's economic stimulus package. Number one priority [...]

POSTED ON March 18, 2009
Banks cut dividends

Commonwealth Bank CEO Ralph Norris would not be drawn yesterday on whether the bank would cut its dividend payment to shareholders this year. ANZ and [...]

POSTED ON March 18, 2009
ING to tighten up lending

ING Direct has announced changes to its lending policies relating to mortgages with high loan to valuation ratios. Maximum LVRs on mortgages for a home [...]

POSTED ON March 17, 2009
Suncorp goes mobile

Suncorp internet banking customers can now access their bank via an Apple iPhone or Google Android HTC Dream mobile phone handset, both of which use [...]

POSTED ON March 17, 2009
ABN Amro now RBS

RBS Australia undertook some public relations via national newspapers in connection with the rebranding of the ABN Amro businesses under the names of its new [...]

POSTED ON March 17, 2009
Westpac calls customers on Do Not Call register

Westpac copped a warning from the Australian Communications and Media Authority over what the regulator described as prohibited telemarketing calls. In a media release yesterday [...]

POSTED ON March 17, 2009
Next housing boom beginning now

After five quarters of decline, twenty one thousand mortgages were started in the December quarter, a rise of 12 per cent, says figures from the [...]

POSTED ON March 16, 2009
Pay off $5K card debt with $3K

The economic stimulus payments from the federal government are a once in a lifetime opportunity to pay down debt, but smart consumers can make even [...]

POSTED ON March 16, 2009
Card repayments skyrocket

The federal government's economic stimulus payments are cutting into interest income from consumer credit for banks and lenders. As consumers prepare for a recession, personal [...]

POSTED ON March 16, 2009
Customers reject nasty ATMs

Customers Limited, owner of the largest non-bank network of automatic teller machines, said transaction levels declined 12 per cent over first two weeks of the [...]

POSTED ON March 16, 2009
Five dollar ATMs

Consumers are being charged more than five dollars to access their own cash through ATMs. A reader of the Australian Consumers Association ATM Watch website [...]

POSTED ON March 16, 2009
Rate cuts to resume in April

Economists are expecting the Reserve Bank of Australia to resume cutting interest rates again next month as unemployment rises to more than five per cent. [...]

POSTED ON March 13, 2009
Govt widens lending support to banks

The Australian government may co-invest in commercial loans in any industry sector and will not confine its lending to commercial property and construction as first [...]

POSTED ON March 13, 2009
Jobs go from VIC and WA

The rate of unemployment in Australia has jumped up sharply by 0.4 per cent to 5.2 per cent as 50,000 people lost their job in [...]

POSTED ON March 13, 2009