Trending Financial News 5 March 2020

Which banks have cut home loan interest rates?

The Reserve Bank cut interest rates on 3 March by 0.25 percentage points to 0.50%.

All four big banks were quick to announce home loan rate cuts of 0.25 percentage points in the wake of the RBA cut.

Other banks to pass on the full 0.25 percentage point rate cut to their home loan customers include:

Athena Home Loans

Auswide Bank

firstmac

Macquarie Bank

Suncorp Bank

Reduce Home Loans

St George Bank

Bank Of Melbourne

BankSA

HomeStar

Loans.com.au

86 400

Compare home loan rates from Australia’s banks and credit unions at InfoChoice.

First savings rate cuts announced

Term deposit market leader Judo Bank is the first institution to announce cuts to savings rates following the RBA’s cut to official interest rates yesterday. Judo Bank’s term deposit rate cuts are effective immediately, 1pm 4 March 2020.

Judo Bank has sliced 0.05 percentage points from their 12-month rate from 2.0 per cent pa to 1.95 per cent pa.

Compare term deposit rates from Australia’s banks, credit unions and neobanks at InfoChoice.

Compare savings account rates at InfoChoice.

New Commbank app update has cashback shopping rewards

The CommBank app has been updated and now features cashback shopping rewards at some of Australia’s leading retail brands.

You can get cashback rewards from brands like Domino’s Pizza, Flight Centre, Just Jeans, Portmans, RedBalloon, Endota and more. The Flight Centre offer is $100 cashback when you spend $1500 (terms and conditions apply). The Commbank app comes with Apple Pay, Android Pay, BPay, and Cardless Cash.

5.9 million people use the Commbank app which has been rated one of the world’s best banking apps by Forrester Research.

Read InfoChoice’s review of the Commbank app update at InfoChoice.

New Judo Bank term deposit rates

Judo Bank has sliced 0.05% pa from many of its term deposit rates, including the popular 6 and 12-month terms.

6-month term deposits are now paying 1.90% pa. The top Judo term deposit rate is still 2.35% pa for five years.

These Judo Bank term deposit rates are effective from 4th March 2020:

Go directly to Judo Bank term deposit interest rate information at InfoChoice.

New Queensland mega Super fund coming soon

QSuper and Sunsuper have signed a Memorandum of Understanding ahead of a merger. The two funds announced any potential combination would be subject to a best interests of members test and regulatory approvals including the passage of enabling legislation.

The two funds signalled their merger intentions late last year.

Which bank wants to be number one online?

The number of new online banks in Australia continues to climb as Australians migrate their banking and financial relationships from bank branches to mobile apps and online bank portals.

Australia’s biggest bank, measured by number of customers, market capitalisation and funds under management is Commonwealth Bank. Commonwealth Bank overhauled its core banking system three years ago to prepare for new digital developments.

Commonwealth Bank’s Netbank site is ranked one of the top online banking portals in the world. CBA’s Commbank app for mobile is ranked the number banking app in Australia by Forrester Research.

Commbank app set to get better and better

Commonwealth Bank’s Commbank app features tap and pay, Android Pay and Apple Pay. In 2020, the bank added Buy Now Pay Later functions in association with the Klarna app. Read InfoChoice’s review of Klarna.

Commonwealth Bank has now unveiled a new fintech project, X15 Ventures, which is planning 25 new customer-focused digital businesses over the next five years.

Commonwealth Bank plans to invest $1 billion a year over the next five years in digital and technological developments said CBA’s CEO Matt Comyn.

“Through the launch of X15 Ventures we are building a pipeline of new digital businesses with a focus on delivering the best customer experiences”

Read InfoChoice’s review of the Commbank app at InfoChoice.

Best balance transfer credit card deals in March 2020

The best balance transfer credit cards offer long periods of zero interest with low or no one-off balance transfer fees, a reasonable revert rate once the introductory period is over and reasonable annual fee. Plenty of Frequent Flyer credit cards have great balance transfer offers.