Spike in online card fraud, faster NBN & getting storm season-ready: This week’s best banking news
- Shiny new UBank home loan rate
- Rise in online shopping leads to spike in online card fraud
- Cancel out your carbon emissions for free with EnergyAustralia
- Get your home insurance ready for storm season
- Faster NBN for 300,000 more homes
- Virgin Money offers hot new introductory savings rate
All in this week’s best banking news recap: editor’s pick.
Shiny new UBank home loan rate
This just in: UBank has just released a shiny new 1.85% p.a. (2.24% p.a. comparison rate*) 3-year fixed rate on its UHomeLoan.
This competitive new rate is officially one of the lowest 3-year fixed home loan rates in the Mozo database, at a whopping 48 basis points below the average 3-year fixed rate of 2.33% p.a.
On top of this stellar interest rate offer, for a limited time only, UBank is waiving its $395 fixed home loan rate lock fee.
Read full article: UBank makes a splash with sizzling new home loan to find out more about the offer.
Increased online shopping leads to spike in online card fraud
The Australian Payment Network’s 2021 Fraud Report found that while online shopping increased by 65% in 2020, Aussies lost $418.9 million to card not present (CNP) cybercrime in the same period.
The report found that in light of the COVID-19 lockdown restrictions, many Australians started opting to shop online instead of in-store - which ultimately led to this significant increase in CNP fraud.
Interestingly, the average value of fraud transactions throughout this period was $116. It was also found that online card fraud now makes up for 90% of all Australian card fraud – compared to 87% in 2019.
Read the full article: Card fraud rises with increased online shopping, says report for a full rundown.
EnergyAustralia helps Aussies cancel out carbon emissions for free
Keen to do your part in helping out the environment? Well, your electricity bill could be a great place to start.
More than 300,000+ Aussie households are cancelling out carbon emissions generated from their home energy use for free, thanks to EnergyAustralia’s Go Neutral program.
“Our Go Neutral product is something special. It means customers can choose to cancel out the carbon emissions from their electricity or gas usage, or both,” said EnergyAustralia’s chief customer officer, Mark Brownfield.
The program has already made waves, offsetting over 2.8 million tonnes of carbon dioxide emissions since 2016 and 1.2 million tonnes in just 2020 alone.
Read the full article: 300,000+ Aussie households cancel out their carbon emissions for free with EnergyAustralia to learn more about this incredible initiative.
Nearly 50% of Aussies unsure about home insurance as storm season approaches
Spring might’ve only just sprung, but insurance companies are already thinking about the costs of severe weather damage and whether Aussies are prepared for the upcoming summer storm season.
A recent study from insurance provider Budget Direct revealed that storms and flooding have been responsible for over $20 billion worth of damages in Australia over the past five years.
In Budget Direct’s survey, around 60% of people said their home or property had been damaged by severe weather throughout this time. Despite this, one in five said they didn’t have a home and contents insurance policy, while 28.6% said they didn’t know what was covered by their policy.
Read the full article: Almost 50% of Australians unsure about home insurance as storm season approaches to get the full scoop.
Faster internet for 300,000 more homes, says NBN
NBN Co has just announced which suburbs will be next to receive fibre upgrades as a part of their network improvement program.
These new upgrades will mean over 300,000 homes and businesses in these suburbs will be eligible for broadband speeds of up to 1000mbps.
At this point, only FTTP connections and select HFC connections are eligible for the NBN 250 and NBN 1000 speed tiers. Homes with other connection types can only access the lower speed tiers, however NBN Co aims to upgrade 2 million homes on the network to FTTP connections by late 2023.
Read the full article: Faster internet for 300,000 more homes, says NBN to find out more.
Virgin Money offers hot new introductory savings rate
We’ve seen most savings account interest rates plummet exponentially in the last year. However, Virgin Money comes bearing some good news for Aussie savers.
Virgin Money has just launched a brand new introductory rate on its Virgin Money Boost Saver Account, making it the highest intro savings rate in the Mozo database at this point in time.
Here’s the deal: customers (who apply before 30 November 2021) can earn 1.50% p.a. interest on their balance for the first three months, after which point the bonus interest rate will revert to 1.20%.
Prior to this, the leading ongoing bonus interest rate in the Mozo database was 1.35% p.a. with ING’s Savings Maximiser at - so this is quite the offer!
Read the full article: Virgin Money offers a new breakthrough introductory savings rate for more info on this offer.
Looking for somewhere to stash your savings? Then check out our savings account comparison tool below to see what’s around:
Compare Savings Accounts today - last updated 23 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Simply grow your balance each month and earn a high interest bonus rate (T&Cs apply). Only requires $1 to open. Free e-banking transactions and no monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Must hold an eligible Bendigo Bank transaction account
CompareCompareReward Saver
Simply grow your balance each month and earn a high interest bonus rate (T&Cs apply). Only requires $1 to open. Free e-banking transactions and no monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Must hold an eligible Bendigo Bank transaction account
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance (in addition to interest paid by Bendigo Bank) each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access available for deposits only.
Read our Mozo Review to learn more about the Reward Saver
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the High Interest Save Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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