Trending Financial News 11 March 2020

Big increase in customers for ING

ING is celebrating more than 20 years in Australia by announcing a big increase in customer numbers over the last 6 months.

ING Australia reported a 30% increase in the number of people who consider the institution their main bank. ING Australia welcomed 423,000 new customers over the last year reported Broker News. ING now has 2.6 million customers.

ING’s retail deposits grew by 9.9% to $37bn, and retail mortgages grew by 6.3% to $52bn.

ING has the most recommended banking app and most recommended bank website, according to RFi.

Go directly to ING interest rates and fees information at InfoChoice.

Is Australia heading for recession?

The Australian government is preparing an economic stimulus package as economic danger signs continue to indicate an economic downturn, even a recession may hit Australia in 2020.

Coronavirus and a developing oil trade war between Saudi Arabia and Russia are weighing on policy makers. The treasurer Josh Frydenberg is reportedly developing a $10 billion spending package.

Keep up to date with the latest interest rates outlook at InfoChoice.

Retail turnover falls 0.3 per cent in January

Australian retail turnover fell 0.3 per cent in January 2020, following a fall of 0.7 per cent in December according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures.

“Bushfires in January negatively impacted a range of retail businesses across a variety of industries” said Ben James from ABS.

“Retailers reported a range of impacts that reduced customer numbers, including interruptions to trading hours and tourism.”

“Dramatic increase” in home loan complaints

The Australian Financial Complaints Authority received 2,201 complaints about home loans and lenders in the six months ending 31 December 2019, an increase of 20%.

AFCA chief operating officer Justin Untersteiner said the results were “disappointing”.

“There has been a dramatic increase in complaints about home loans,” said Mr Untersteiner.

“This increase has been driven by financial firms failing to respond to requests for assistance, the conversion of loans from interest only to principal and interest and issues with responsible lending.”

Commonwealth Bank NetBank Saver rate slashed

Commonwealth Bank has slashed the rate on its NetBank Saver account, following cuts to GoalSaver and YouthSaver yesterday. The new ongoing base rate is 0.05% pa. The introductory rate for five months is now 1.25% pa, down from 1.55% pa. The total rate cut is 0.35 percentage points.

NetBank Saver interest rate cuts, 11 March 2020:

Keep up to date with the best savings account rates at InfoChoice.

ANZ Bank cuts term deposit rates

ANZ Bank has cut term deposit rates on most term lengths by 0.25 percentage points, following the RBA’s 0.25% rate cut last week. ANZ Bank has NOT cut its leading TD rate of 1.60% pa for 8 month Advance Notice TDs.

Got to ANZ Bank interest rate information at InfoChoice. ANZ Bank’s new term deposit rates (effective 11 March 2020) are in this table below:

ING cuts Savings Accelerator rate

ING has announced savings rate cuts in the wake of the RBA’s 0.25 percentage point cut last Tuesday. The maximum rate on balances under $50K in an ING Savings Accelerator account remains unchanged at 0.25% pa. 

For balances over $50K, the rate will change to 0.75% p.a. (previously 1.00%). Balances over $150K attract a rate of 1.25% p.a. (previously 1.50% pa).

Go direct to ING savings account interest rate and rules information at InfoChoice.

UBank cuts USaver Reach and Ultra rates

UBank has matched the RBA’s cut and sliced 0.25% pa off USaver Reach and USaver with Ultra Bonus account rates. The new maximum bonus rate on a USaver with Ultra bonus is 1.85% cent pa.

Go to ING savings account interest rate and rules info at InfoChoice. Keep up to date with the best savings account rates at InfoChoice.

Which banks have cut interest rates?

More banks and lenders have announced rate cuts following the Reserve Bank’s 0.25% rate cut last week.

Pepper Money has cut 0.20% pa from Prime loans, 0.20% from near prime loans and 0.25% pa from specialist loans. Go to Pepper Money home loan interest rates and fees information at InfoChoice.

Qudos Bank are passing on the RBA’s 0.25% pa rate cut to new and existing variable rate home loan customers from Monday 23rd March. Qudos Bank home loans interest rates and fees information at InfoChoice.

RAMS is decreasing mortgage rates by 0.25% pa for new and existing variable home loan customers, (owner occupier and investors), effective Tuesday, 17 March 2020. RAMS home loans interest rates and fees information.

Read more about Which banks have cut interest rates at InfoChoice.

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