UBank trims term deposit rates

National Australia Bank’s UBank has collected $500 million in deposits in the first month of operations. UBank has trimmed the aggressive pricing on its term [...]

POSTED ON November 4, 2008
Westpac grows deposits

For the year to September 2008, Westpac increased term deposits by 55 per cent to $40 billion, with at-call funds increasing four per cent to [...]

POSTED ON October 31, 2008
Rudd says funds should become banks

The Prime Minister Kevin Rudd last night announced that government will provide funding to support Mortgage Funds and other managed fund providers applying to become [...]

POSTED ON October 29, 2008
Bendigo boasts strong deposit growth

Bendigo and Adelaide Bank increased retail deposits by $2 billion last financial year to $23.6 billion. Managing Director Rob Hunt said the bank's retail deposits [...]

POSTED ON October 28, 2008
Deposit guarantee fees outlined

Foreign banks have been included in the federal government's deposit guarantee scheme for their short term wholesale funding raised from Australian residents and a fee [...]

POSTED ON October 27, 2008
Govt guarantee creates surge in bank deposits

Bank deposits increased last week by 6 to 9 per cent as money rushes into the financial institutions protected by the federal government's deposit guarantee [...]

POSTED ON October 27, 2008
Money floods out of unprotected banks

Foreign banks in Australia are losing deposits as money managers move investors money to institutions covered by the government deposit guarantee. If the trend continues [...]

POSTED ON October 24, 2008
Deposit guarantee will hurt property market

The Federal Government's bank deposit guarantee could weaken the property market mortgage finance companies are warning. "This issue has caused concern and uncertainty where it [...]

POSTED ON October 23, 2008
RBA wants a low cap on deposit guarantee

The Reserve Bank warned the government that a cap would be required for the deposit guarantee scheme to prevent large investors moving money into protected [...]

POSTED ON October 23, 2008
Depositors struggle to beat inflation

Depositors will struggle to find interest rates that keep the value of their savings growing more than the rate of inflation. As interest rates fall, [...]

POSTED ON October 23, 2008
Millionaires to pay for deposit guarantee

Depositors with more than $1 million will pay a premium for the government's guarantee on deposits under changes announced yesterday by the Prime Minister Kevin [...]

POSTED ON October 22, 2008
Eight per cent term deposits ending soon

Investors willing to lock away $10,000 for one year can get rates of 8 per cent, but those historically high interest rates are set to [...]

POSTED ON October 16, 2008
Savings account interest rates slashed

Interest rates on deposit and high interest savings accounts are coming down rapidly. Term deposit rates have fallen in the last two weeks by as [...]

POSTED ON October 16, 2008
Super & investment products miss out guarantee

Traditional bank products such as savings, transaction, debit card, term deposit and cheque accounts are all covered by the government's guarantee on deposits. Farm management [...]

POSTED ON October 14, 2008
Banks welcome increase in deposits

Household deposits in big banks rose by 13 per cent in August and are expected to increase further according to Deutsche Bank. "We expect recent [...]

POSTED ON October 10, 2008
Banks cut deposit rates

The Commonwealth Bank, Westpac, NAB and ANZ confirmed they would be cutting rates on deposit accounts, in some cases by more than the 1 per [...]

POSTED ON October 9, 2008
NAB launches UBank brand

National Australia Bank announced the establishment of UBank, a new direct channel offering, focused on savings products. As the first brand in NAB's Star Direct [...]

POSTED ON October 2, 2008
Promotional rates work for BankWest and ING

Promotional rates on deposit products offered by foreign banks appear to be working, with BankWest adding five per cent in August to $14.8 billion, and [...]

POSTED ON October 1, 2008
Commonwealth leads on deposits

Commonwealth increased deposits by 1.3 per cent during August to $111 billion, with the deposit balance $20 billion or 22 per cent higher than the [...]

POSTED ON October 1, 2008
Investors switch to term deposits

Investors are switching from cash management trusts to term deposits as concern grows in relation to the health of many investment banks and investment houses. [...]

POSTED ON September 23, 2008
ANZ raises rates on deposits

ANZ has gone against the trend and raised interest rates on its 12 month term deposits by 0.3 per cent from 7.0 per cent to [...]

POSTED ON September 5, 2008
Banks cut rates on loans and deposits

All the major banks cut their standard variable home loan interest rates by 0.25 per cent yesterday. All four announced the changes within 10 minutes [...]

POSTED ON September 3, 2008
Boom in bank deposits

Household deposits to financial institutions grew 3 per cent in the month of July according to the banking regulator APRA. Business deposits grew 2.8 per [...]

POSTED ON September 2, 2008
Banks lend super contributions to customers

Superannuation contributions are being channelled through the wealth management arms of banks and life companies via cash account and term deposit options into their lending [...]

POSTED ON August 29, 2008
Don’t pay the advertised mortgage rate

Anyone paying the banks' indicator variable mortgage rate of 9.45 per cent is being taken advantage of. Banks offer discounts on their "indicator" rates to [...]

POSTED ON August 20, 2008
Depositors cash in

Investors are cashing in on high rates of return from simple deposits in the bank, as market turmoil drives other investments down. Banks are desperate [...]

POSTED ON July 28, 2008
Australia needs more saving

Tax incentives to encourage saving are needed to help Australia through the global credit crunch say leading business figures. Restrictions on lending could be eased [...]

POSTED ON July 23, 2008
DIY super goes to cash and term deposits

The self managed superannuation funds sector continued to expand during the 2008 March quarter. The number of SMSFs at the end of March was 378,656, [...]

POSTED ON July 21, 2008
Depositors get nine per cent return

Depositors can get returns from high interest online savings accounts and term deposits right now as the banks turn to retail deposits amid ongoing credit [...]

POSTED ON July 21, 2008
Investors go for safety

Term deposits and cash investments are growing in popularity as investors shy away from equities. The ASX200 has dropped 15.4 per cent this year and [...]

POSTED ON June 20, 2008
BankWest expanding, not selling

BankWest torpedoed speculation over whether HBOS might sell its Australian retail bank. Retail chief Ian Corfield said HBOS was "completely committed" to Australia for the [...]

POSTED ON June 12, 2008
ING makes ID easier

ING Direct has become the first Australian bank to allow customers to open and operate a deposit account entirely online. The bank has done away [...]

POSTED ON June 3, 2008
Tax breaks would increase savings

Economists, accountants and bankers are urging the federal government to introduce a tax-free savings account, although Treasurer Wayne Swan has said that there will be [...]

POSTED ON May 12, 2008
More rules for DIY super

The do-it-yourself superannuation sector is to face tougher regulations aimed at improving the governance applied to the $313 billion sector. The Minister for Superannuation and [...]

POSTED ON February 15, 2008
BankWest first to lift online deposits

BankWest has lifted the 12 month introductory rate on their Telenet Saver Account 0.30 per cent (0.05 per cent more than the RBA increase) to [...]

POSTED ON February 5, 2008
Adelaide is the new boom city

As other cities are already too expensive buyers have turned their attention to Adelaide. While the average house price in Brisbane was up by 21.6 [...]

POSTED ON February 5, 2008
Tax breaks for house deposits

To soften the blow of interest rate increases, the federal government has announced details of new savings accounts for first-home buyers. The special accounts will [...]

POSTED ON February 5, 2008
Australians need to lift savings level

A study has found that Australian households are the worst savers in the English-speaking world, only putting away an average of less than 3 per [...]

POSTED ON January 23, 2008
Banks revisit IT options

While no contracts have been signed yet, three of the big four banks are investigating upgrades of their core transaction processing systems. Sources told The [...]

POSTED ON December 18, 2007
Australia should be concerned about US economy

The US economy is heading for recession and countries like Australia should be worried according to the chairman of investment bank Morgan Stanleys' Asian arm, [...]

POSTED ON December 17, 2007
Savings Calculator

Project how much you can accumulate over time from an initial contribution and regular ongoing deposits. Note: The results from this calculator should be used [...]

POSTED ON December 11, 2007
CBA more convenient than ANZ

The Commonwealth Bank has emerged victorious in its fight with the ANZ Bank over which could claim to be "Australia's most convenient bank". ANZ will [...]

POSTED ON December 7, 2007
ANZ wants seven day trading

ANZ is following the lead of BankWest and the Commonwealth Bank in offering seven day service to its customers. ANZ already opens three branches on [...]

POSTED ON December 6, 2007
CUA members profit with the company

Credit Union Australia (CUA) has recorded a net profit of more than $48 million over the 2006/07 financial year, with assets under management increasing to [...]

POSTED ON November 9, 2007
APRA releases point of presence report

APRA reports that the number of "points of presence" (POP's) with a branch level of service has increased by 106 or 1.6 per cent in [...]

POSTED ON November 9, 2007
ING pumps up savings rates

ING has reacted swiftly to the Reserve Bank's 0.25 per cent increase in the cash rate today by announcing that it will pass on the [...]

POSTED ON November 7, 2007
Suncorp branch expansion to fight rivals

Suncorp is aiming to grow and will expand its branch network in Queensland over the next three years in response to new branches being opened [...]

POSTED ON October 19, 2007
New chief says ANZ will evolve faster

The new chief executive of the ANZ Bank, Mike Smith, has been in his job for less than three weeks but it is already clear [...]

POSTED ON October 17, 2007
Aussie Dollar hits new 23 year high

The Australian dollar has breached another 23 year high in overnight trading touching 90.61 US cents, surpassing the previous high of 90.50 US cents reached [...]

POSTED ON October 12, 2007
Jobless rate falls to 33 year low

The good news on unemployment with the national jobless rate falling to 4.2 per cent is tinged, with a bitter twist for Australian borrowers as [...]

POSTED ON October 12, 2007
Special accounts used for tax not drought

The average balance of a farm management deposit account rose to a record $68,600 in the June quarter, up $2,600 or 4 per cent from [...]

POSTED ON September 26, 2007
Westpac shifts jobs to India

Westpac is moving 25 back-office data processing jobs from its operations centre at Concord in NSW to a third party in India. A previous plan [...]

POSTED ON September 17, 2007
ACCC alleges price fixing by ANZ

The Australian Competition and Consumer Commission is claiming that the ANZ Bank has engaged in price fixing and has commenced legal action, arguing that 19 [...]

POSTED ON August 21, 2007
DIY super to explode

Do-it-yourself funds are expected to become the dominant type of superannuation with $1.46 trillion of a total pool of $4.1 trillion by 2021. Projections by [...]

POSTED ON August 20, 2007
Westpac paves the way

Westpac, having revamped their marketing approach has proven there are tangible results in producing and promoting marketing campaigns involved with environmental, social or community causes. [...]

POSTED ON August 13, 2007
Sales pressure encourages risky lending

Workers in the finance sector will today speak at a parliamentary committee warning that pressure on sales staff could be leading to risky lending practices. [...]

POSTED ON August 10, 2007
HSBC targets travellers

HSBC has said that it aims to double its customers over the next five years but, instead of the branch expansion strategy adopted by BankWest, [...]

POSTED ON August 1, 2007
Westpac banks on service

With Westpac enjoying improved customer service ratings the bank is now planning to add more staff to service premium retail customers and will overhaul its [...]

POSTED ON July 31, 2007
Great rates on offer

Negotiating for the best possible rate is of common practice in today's society, deals can extend from discounts on home loans to special rates offered [...]

POSTED ON July 11, 2007
Australian banks fight back

Figures released by the Australian Prudential Regulation Authority show that while banks backed by offshore companies have made inroads into the market share of the [...]

POSTED ON July 3, 2007
NAB named bank of the year

National Australia was named Bank of the Year in the annual AFR Smart Investor banking awards. Bankwest and Suncorp finished close runners-up, with Bankwest also [...]

POSTED ON April 20, 2007
CBA gets lift from booming share market

Colonial First State, Commonwealth Bank of Australia's (CBA) wealth management division, strongly contributed to the results announced yesterday. Colonial's net profit for the first half [...]

POSTED ON February 15, 2007
ME to increase market share

Member's Equity Bank plans to increase its customer base over the next decade, after a surge in home lending and deposits helped push it into [...]

POSTED ON February 12, 2007
Bankwest growing quickly

Yesterday Bankwest claimed to be Australia's fastest growing bank, across deposits, credit cards and mortgages in 2006. Bankwest's total deposit balances increased by 27.5 per [...]

POSTED ON February 7, 2007
A new year, a new wealth strategy

A new year often means that people will review their financial status in order to anticipate any problems or benefits ahead. This financial reassessment is [...]

POSTED ON January 17, 2007
BOQ smiles over first quarter trading

Bank of Queensland told the annual meeting yesterday that during the November 2006 quarter (the first quarter for the bank's financial year) BOQ recorded a [...]

POSTED ON December 8, 2006
Member’s Equity meets customer demand

Member's Equity Bank announced that it has introduced two new deposit products, a high interest online savings account and a term deposit account, both with [...]

POSTED ON December 5, 2006
Members Equity Bank sweetens term deposits

Members Equity Bank said it would offer the same interest rate on term deposits for terms of 12 months and 24 months irrespective of account [...]

POSTED ON November 28, 2006
High rate deposits there for the taking

InfoChoice said too many depositors were costing themselves valuable interest by using the wrong account. Those wanting to build a deposit for a house or [...]

POSTED ON November 27, 2006
Maths and banking too hard for high school students

The Australian Financial Literacy Assessment, in a survey of 50,000 secondary students, found that young people lack fundamental numeracy skills and basic financial knowledge. The [...]

POSTED ON November 20, 2006
Deposits booming in WA

All major banks report a sharp increase of money put in the deposit accounts of WA customers, at a rate double that of the rest [...]

POSTED ON November 1, 2006
Households fret over basic bills

A survey by Newspoll for the credit-advice firm Fox Symes shows almost a quarter of adults believe their financial situation has worsened recently. More than [...]

POSTED ON October 30, 2006
Banks waive home loan fees

Banks are willing to waive fees, offer bonus interest on term deposits and discount insurance products, on top of a discount on advertised home loan [...]

POSTED ON August 7, 2006
Church funds cleared to continue lending

The "development funds" of some churches face accusations (by banks) of operating as quasi-banks. The Australian Prudential Regulatory Authority on Wednesday published standardised conditions on [...]

POSTED ON July 7, 2006
Banks stiff depositors

ANZ and National Australia Bank pay zero per cent interest on transaction accounts while BankSA and the Commonwealth pay just 0.01 per cent according to [...]

POSTED ON June 13, 2006
Most retail funds slow to adapt to super changes

Do-it-yourself super funds may be the best option for savers wanting to take advantage of rules that allow couple to equally split superannuation contributions regardless [...]

POSTED ON April 26, 2006
Assets rising quickly in DIY super

Self-managed super funds remain a popular option. More than 22 per cent of super assets are in such funds. The number of assets in self-managed [...]

POSTED ON April 26, 2006
ANZ picks up customers and profits

Investment bank analysts are predicting ANZ will announce record cash earnings of around $1.7 billion tomorrow. ANZ has picked up retail market share with strong [...]

POSTED ON April 26, 2006
Westpac dedicates deposit to Landcare

Westpac said it would manage an environmentally-focused 100 day term deposit that partners with Landcare Australia. The Westpac Landcare Term Deposit is the first bank [...]

POSTED ON February 24, 2006
Take care with HSBC high yield account

There is no need to tie up your money in term deposits. Online savings accounts surpass old-fashioned term deposits with flexibility and high rates of [...]

POSTED ON January 24, 2006
Big banks lose ground in deposits

Bank deposits increased 7.1 per cent, in the 12 months to November 2005, according the Australian Prudential Regulation Authority with the big four banks grabbing [...]

POSTED ON January 10, 2006
Norris wants to improve CommBank customer rating

Commonwealth Bank CEO Ralph Norris wants to improve business loan approval waiting times and simplify deposit products to combat its low customer satisfaction rating. Norris [...]

POSTED ON November 25, 2005
All funds lost in Mercorella Scheme

Administrators of what has come to be known as the Mercorella Scheme – in effect a Ponzi scheme – told investors at a creditors’ meeting [...]

POSTED ON October 28, 2005
CUA and ANCU agree on merger

Credit Union Australia will take control of Australian National Credit Union under an agreed merger that will create a second tier banking entity with $4 [...]

POSTED ON October 12, 2005
NAB to continue overhaul of loans, accounts

National Australia Bank said it may take until 2008 to become a "truly competitive bank" in the domestic market, even though management says it has [...]

POSTED ON September 29, 2005
ANZ starts campaign for low cost planning

ANZ said it would lower the cost of financial planning, promising a "high quality, low cost model". ANZ said the offer would be cost effective [...]

POSTED ON July 15, 2005
Farmers in a rush on FMD deposits

The highest proportion of farm management deposits – which help farmers defer income tax to a later tax year - are made in June. The [...]

POSTED ON July 6, 2005
NAB rethinks deposit interest rates

National Australia Bank may increase interest rates on some deposit products and increase high yield, online-style products such as those of other major banks, ING [...]

POSTED ON July 5, 2005