New term deposit rules come under scrutiny

Term deposit rules are under scrutiny by the Australian Securities and Investments Commission.About 20 banks and credit unions have changed the conditions of their term [...]

POSTED ON April 2, 2015
Savers still like term deposits

The level of deposits in banks and credit unions is still rising despite low rates. One month ago, in January 2015, it was possible for [...]

POSTED ON March 3, 2015
How much can I earn on a term deposit?

Right now, in February 2015, savers with $10,000 in a six or twelve month term deposit account are getting average rates of 2.94 per cent [...]

POSTED ON February 25, 2015
Banks to add more to RBA rate rises

Borrowers are likely to be slugged by more rate rises from RBA and more margin expanding rate rises from the big banks as well. The [...]

POSTED ON November 2, 2009
Switch your lender & save $3,800

Over the last 14 months of the GFC, many people moved their money and their business to a big four bank. Many people could simply [...]

POSTED ON November 2, 2009
Four steps to switching banks

Switching bank accounts to a new bank is easier than it has been in the past, but can still be a complex process. ASIC and [...]

POSTED ON November 2, 2009
Fee changes to all transaction accounts

Almost all banks, credit unions and building societies have announced changes to the fees they charge their credit card, loan and account customers. Now may [...]

POSTED ON November 2, 2009
Banks trying to connect with customers

ANZ, Westpac and NAB have launched new marketing programs recently all trying to reconnect with their customers and communities. ANZ have re-fashioned their signage with [...]

POSTED ON November 2, 2009
Most borrowers reject fixed rates

Most homeowners are choosing to stick with their variable rate mortgages with only ten per cent saying they are opting to fix their rate now. [...]

POSTED ON November 2, 2009
Aussies are stashing their cash

The first national study by Westpac into the social effects of the global financial crisis shows more than 32% of Australians are cocooning in the [...]

POSTED ON November 2, 2009
School tuckshops take credit cards online

Parents at some schools are paying for their children’s lunches online with their credit card to avoid having to give their children money. Holy Cross [...]

POSTED ON October 6, 2009
Aussie share obsession cuts our wealth

Australians lost almost twice as much money during the global financial crisis as people in other countries according to the 2009 global wealth report, by [...]

POSTED ON October 6, 2009
Ten million online bankers

Almost 10 million Australians visited their online internet bank each week, but more visit and spend much more time on social networking sites such as [...]

POSTED ON October 6, 2009
Less competition in banking

National Australia Bank yesterday acknowledged to a senate committee hearing in Melbourne that banking consumers' choices had narrowed in the past year. “I think it's [...]

POSTED ON October 6, 2009
Auction continue to deliver results

There were only 171 auctions listed in Sydney on the October long weekend but the clearance rate improved to 72.5 per cent from 62 per [...]

POSTED ON October 6, 2009
Competition returning to mortgage market

NAB, ANZ and second tier lenders all managed to claw back mortgage market share in August. ANZ said they have improved turnaround times on mortgage [...]

POSTED ON October 2, 2009
Borrowers head to Commonwealth in August

The growth story in the loan market remains that of Commonwealth Bank, which lifted its lending by 1.2 per cent over the month of August [...]

POSTED ON October 2, 2009
200,000 Ford car loans sold to Macquarie

Macquarie Leasing will take over the servicing of the Ford loans by January 2010. The portfolio covers around 200,000 vehicles and adds to the bank’s [...]

POSTED ON October 2, 2009
Savings tax to be slashed

The federal government’s Henry review into taxation is set to recommend that tax on savings should be slashed. Ken Henry said yesterday that a middle [...]

POSTED ON October 2, 2009
Savers want good rates and no fees

Bank customers are fed up with fees on savings accounts and want to be rewarded with higher rates for saving regularly, according to a new [...]

POSTED ON October 2, 2009
RaboPlus to launch bonus saver account

RaboPlus will add a bonus saver account to its product portfolio to be launched next week. It will pay five per cent interest to customers [...]

POSTED ON October 2, 2009
Banks deny rate rise plans

Speculation is continuing that the big banks are planning to raise interest rates on variable rate mortgages independently of the Reserve Bank. Banks are continuing [...]

POSTED ON October 2, 2009
Grants cut down but sales to hold up

First home buyers of new homes will be entitled to $14,000 of federal government assistance from today, October 1, down from the $21,000 grant paid [...]

POSTED ON October 1, 2009
ME’s Online Savings Account ahead of the pack

ME Bank’s Online Savings Account has won the Australian Financial Review Smart Investor Blue Ribbon Awards 2009, Overall Savings Account Category. Savings products from over [...]

POSTED ON October 1, 2009
InfoChoice more popular than ever

Traffic to the InfoChoice website has grown 56 per cent from January to June 2009. InfoChoice.com.au remains Australia’s most popular banking product comparison website as [...]

POSTED ON August 31, 2009
50,000 seek hardship relief

More than fifty thousand Australian households have been given hardship relief by major banks in the past year. Westpac, St George, ANZ, National Australia Bank, [...]

POSTED ON August 31, 2009
Government checks up on bank rate rises

Sources within the major banks say the federal Treasury rang around all major banks last week to check on rumours that they are planning on [...]

POSTED ON August 31, 2009
Be prepared for higher rates says RBA

Homebuyers have to be prepared for higher interest rates says the governor of the Reserve bank, Glenn Stevens. Stevens told a parliamentary hearing that rate [...]

POSTED ON August 17, 2009
No May rate cuts expected

The Reserve Bank of Australia is expected to keep official interest rates on hold at three per cent when the board meets this week. Economists [...]

POSTED ON May 4, 2009
No more big rate cuts

The Reserve Bank governor has signalled that the central bank may wait and see the impact of recent rate cuts before making any new big [...]

POSTED ON February 24, 2009
St George still favourite bank for business

Almost eighty per cent of business banking customers are satisfied with their main bank according to TNS Communications, but satisfaction levels seem to have plateaued. [...]

POSTED ON February 24, 2009
Deposits and margins up at Westpac

Westpac bank increased deposits by 9.6 per cent and lending was up 2.4 per cent in the December quarter said Westpac chief executive Gail Kelly. [...]

POSTED ON February 19, 2009
Half per cent rate cut for March

Market expectations of a 0.5 per cent rate cut firmed yesterday to a 100 per cent certainty after the release of the Reserve bank Board [...]

POSTED ON February 18, 2009
Consumers get protection against fees

High bank penalty fees for overdrafts, late credit card payments or direct debit dishonours could be outlawed by new commonwealth consumer rules to be introduced [...]

POSTED ON February 18, 2009
Hard hit savers look at term deposits

Retirees and people reliant on their savings have had their income hit hard in recent months. A couple with $120,000 in savings could have had [...]

POSTED ON February 18, 2009
Depositors seek safety in majors

Commonwealth Bank, Westpac, ANZ and NAB and St George all increased their deposits in the last few months according to the Australian Prudential Regulation Authority.CBA's [...]

POSTED ON February 12, 2009
CBA needs to keep future rate cuts

The Commonwealth Bank has signalled that it may not pass on in full to borrowers any future rate cuts delivered by the Reserve Bank of [...]

POSTED ON February 12, 2009
No more big rate cuts

A slightly improved economic outlook for Australia has caused many analysts to revise their interest rate predictions. The Reserve Bank is now not expected to [...]

POSTED ON February 9, 2009
More rate cuts and more spending needed

Further deep cuts in interest rates are needed as well as more government spending to stimulate the economy the treasury secretary Ken Henry said yesterday. [...]

POSTED ON February 6, 2009
Banks say maybe to future rate cuts

Major banks warned yesterday that they may not pass on the full amount of any future rate cuts. NAB's retail banking executive general manager Lisa [...]

POSTED ON February 5, 2009
BankWest & St George customers unhappy

Almost one quarter of all BankWest customers and St George customers report that they are less satisfied with their bank since it has been taken [...]

POSTED ON February 5, 2009
Depositors struggle to get five per cent

Retirees dependent upon their savings and people saving for home deposit are the big losers from the yesterday's interest rate decision to cut one per [...]

POSTED ON February 4, 2009
More rate cuts on the way

Financial markets expect the Reserve bank to cut interest rates again next month by a further 0.75 per cent taking the official cash rate to [...]

POSTED ON February 4, 2009
Rate cuts to keep on coming

The Reserve Bank of Australia faces extreme pressure to deliver substantial rate cuts today and in next few months as the global economic crisis spreads. [...]

POSTED ON February 3, 2009
Deposits way up at ME, Investec, MacBank

Investec, Members Equity Bank and Macquarie achieved strongest growth in household deposits in the three month to December 31 according to figures published by banking [...]

POSTED ON February 2, 2009
RBA may cut by 1.5 per cent

The Reserve Bank of Australia is likely to decide tomorrow to set a new 'floor' for Australian official interest rates of around 2 per cent [...]

POSTED ON February 2, 2009
Rates down to 2 per cent by June

Investors trading on the Sydney Futures Exchange yesterday estimated the chances of a 1.0 per cent rate cut next week by the Reserve Bank at [...]

POSTED ON January 30, 2009
Consumers to pocket more savings

With many economists tipping a rate cut of at least 0.75 percentage points in next Tuesday's Reserve Bank's Board Meeting, borrowers with a $400,000 mortgage [...]

POSTED ON January 29, 2009
Three big rate cuts coming soon

The Reserve Bank of Australia is expected to cut interest rates three times in the next four to five months. Yesterday's inflation figures indicated that [...]

POSTED ON January 29, 2009
One per cent rate cut expected

Economists are expecting the Reserve Bank of Australia to cut interest rates next Tuesday by a full one per cent despite fears inflation may not [...]

POSTED ON January 28, 2009
AMP term deposits lead market

AMP is believed to be planning to expand its retail banking operation to fill the market void left by the takeovers of BankWest and St [...]

POSTED ON January 27, 2009
Depositors shop around for six per cent

Term deposit rates have halved in the last six months from more than 8 per cent. Online savings accounts are paying up to six per [...]

POSTED ON January 27, 2009
NAB to hold back on more rate cuts

National Australia Bank may not pass on in full any rate cuts delivered by the Reserve Bank at its February meeting. Chief executive Cameron Clyne [...]

POSTED ON January 27, 2009
Suncorp downgraded

Suncorp Bank's cost of borrowing looks set to rise significantly after ratings agency Standard & Poor's downgraded the bank's long term rating from A+ to [...]

POSTED ON January 9, 2009
Term deposit boom looks over

Money invested in term deposits grew almost fifty per cent last year as investors looked to take money out of markets and place them in [...]

POSTED ON January 2, 2009
Rates to plunge to two per cent

The Reserve Bank will cut official interest rates to 2.5 per cent or below next year say some economists because unemployment is expected to almost [...]

POSTED ON December 31, 2008
Only Rabo not offering guarantee

Rabobank and its wealth management arm RaboPlus will go it alone in Australia and not participate in the government deposit guarantee scheme for depositors with [...]

POSTED ON November 28, 2008
Bank guarantee becomes law

The Greens failed yesterday to amend the bill to give banks and their depositors the benefit of a government guarantee over deposits and wholesale bank [...]

POSTED ON November 27, 2008
Big depositors get to opt out of guarantee

National Australia Bank said it would give customers with funds over $1 million the choice of opting out of the government guarantee. For customers who [...]

POSTED ON November 27, 2008
Bank guarantee to be made into law

The government will today introduce legislation to the parliament to make its bank deposit guarantee law, just three sitting days before parliament rises for the [...]

POSTED ON November 25, 2008
More big rate cuts on the way

Financial markets believe there is a 93 per cent chance of a one per cent interest rate cut in the first week in December. Markets [...]

POSTED ON November 17, 2008
Banks advise on deposit fee avoidance

Westpac and National Australia Bank have been advising wealthy customers to establish deposits under different business names to avoid the fees associated with the federal [...]

POSTED ON November 17, 2008
NAB tips more big rate cuts

The Reserve Bank will continue to make big cuts to the official cash rate over the next few months says NAB’s chief economist Alan Oster. [...]

POSTED ON November 13, 2008
More big rate cuts on the way

Markets are pricing in a ninety per cent probability that the Reserve bank will cut official interest rates by another full one percentage point in [...]

POSTED ON November 11, 2008
Banks planning new deposit products

Big banks are planning on launching new term deposit and guaranteed accounts to counter the threat of money moving to other institutions after the 28th [...]

POSTED ON November 11, 2008
Credit Unions take on the banks

Credit Unions are preparing to take on the big banks and are preparing for the “next plane of competition” says Louise Petschler, the new chief [...]

POSTED ON November 10, 2008
Big banks want rate cap on guarantee

The big four banks want a cap on the interest rates paid on deposits covered by the federal government’s deposit guarantee. The chairman of the [...]

POSTED ON November 6, 2008
Rates headed down to 3 per cent next year

Markets are pricing in rate cuts to take the official rate to 3.75 per cent over the next six months. Yesterday the Reserve Bank made [...]

POSTED ON November 5, 2008
RBA may cut by 0.75 per cent

Increasing evidence of a recessionary trend in economic data is adding weight to expectations of a big cut in interest rates this afternoon by the [...]

POSTED ON November 4, 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
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
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
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
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
MLC investors act against MLC

National Australia Bank is facing legal action from unhappy MLC clients who were promised $60 million compensation on losses from superannuation products. The promise was [...]

POSTED ON January 24, 2003
Warning over off-market offers

The New South Wales Government has joined the Australian Securities & Investments Commission in warning investors to be wary about below-market offers for their shares [...]

POSTED ON January 13, 2003
Little joy for mums and dads

Mum-and-dad investors in a handful of big brand-name stocks have not fared well in 2002 with 20 of the ASX's largest stocks languishing. Small retail [...]

POSTED ON January 9, 2003
Xmas mobile shoppers beware

Consumers buying mobile phones for Christmas should check and understand the terms of their phone contract before signing warns the Australian Communications Authority (ACA). The [...]

POSTED ON December 12, 2000
Anger at Kurnell airport plan

The Federal Government's plan for a second Sydney airport in Kurnell – supported by Prime Minister John Howard – has been attacked by local residents [...]

POSTED ON December 11, 2000
Chat sites back under the hammer

Criminal lawyer, Chris Murphy, is launching a defamation action against online stock chat forum Stockhouse. It appears that the abuse and allegations against Murphy were [...]

POSTED ON December 11, 2000
Virgin Blue arrives in Adelaide

Virgin Blue commenced its Brisbane to Adelaide service yesterday. The red Boeing 737 didn't have one empty seat and flew under an archway of water [...]

POSTED ON December 11, 2000
Record health fund profits prompt payout call

Private health funds are under increased pressure to help out consumers and struggling private hospitals after recent figures indicate a record $343 million profit for [...]

POSTED ON December 11, 2000