Spike in online card fraud, faster NBN & getting storm season-ready: This week’s best banking news

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

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

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 - rates updated daily

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Go to site
    Details
  • placeholder
    Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Go to site
    Details
  • placeholder
    Grow Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Go to site
    Details
  • placeholder
    High Interest Savings Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Go to site
    Details
  • placeholder
    Fast Track Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Go to site
    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.