Savings Accounts News

How to grow your savings in the time of low interest rates

While COVID-19 hit many people hard, it has also helped so many households get ahead by boosting their rainy-day fund. But many Australians may be wondering how they can be expected to actually grow their new-found savings in the current low-rate environment.

Saving slowed over Christmas, but Aussies squirrelled away $100b

The rate of savings slowed in November according to the latest data from the Australian Prudential Regulation Authority (APRA), as millions of Aussies undoubtedly spent more on groceries and gifts in the lead up to Christmas.

CBA responds to ASIC’s investigation into school banking

The nation’s largest provider of school banking has responded to criticism that they’re taking advantage of ‘vulnerable’ children in an effort to grow their customer base.

CBA responds to ASIC’s investigation into school banking

School banking failing our kids: ASIC report

Consumer advocate, RateCity.com.au, believes state and territory governments should kick banks out of our primary schools, on the back of today’s damming school banking report from ASIC.

CommBank AdvancePay: Borrow hundreds of dollars for a $5 to $10 fee

The Commonwealth Bank is piloting a new program that’ll see participants tap into hundreds of dollars for a flat fee -- provided they make their repayments on time.

CBA sneaks through a second savings cut before Christmas

The country’s largest bank, CBA, has today shaved its popular savings accounts for the second time in a month.

RBA: Shoppers shouldn’t pay Afterpay surcharge, but perhaps someday soon

Rules banning retailers from slapping surcharges on the products bought over buy now pay later platforms are unlikely to be scrapped, the RBA has said -- that is, until the technology matures.

Australians saving about a fifth of income as country bounces back from recession

The country bounced back from a quarterly loss comparable to The Great Depression, but Australians are still being cautious and saving nearly 20 per cent of their income.

ING shakes up its popular Savings Maximiser account

ING’s Savings Maximiser has announced changes to conditions for savers to earn its bonus interest rate. However, some customers may now be unable to qualify for the bonus rate if they're not careful.

Dumping Dollarmites: why CBA’s school banking scheme doesn’t pay

Parents with children enrolled in CBA’s Dollarmites should send their school a message by switching to a more competitive savings account, according to RateCity.com.au.

Dropping like flies: NAB joins growing list of banks cutting savings rates

Australia’s third largest bank, NAB, has today cut rates on a range of savings, retirement and term deposit accounts.