Newsletter news and advice

All the latest newsletter news and top tips to help you manage your finances.

New Site, New Savings.

New Site, New Savings.

To coincide with the launch of our new Rate Chaser TV ad, we’ve made some pretty exciting changes to the Mozo site. All the hassle-free comparisons are still there, but we’ve made finding the perfect product even easier.

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Tips For Rating Your Bank

Tips For Rating Your Bank

Thanks to you, the Mozo reviews are fast becoming Australia’s most useful financial resource – helping thousands find better products, and avoid nasty traps.

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Love rate rises?

Love rate rises?

With rates on the rise, the world of deposits is becoming a much more interesting place.

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Hate rate rises?

Hate rate rises?

Now is the time when revolutionary Mozonians should be looking for a better deal. So what is the best way to save a packet in the current economic climate, Soviet-style uprisings aside?

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The Great ATM Rip-Off

The Great ATM Rip-Off

It’s now been a whole year since the Reserve Bank announced reforms aimed at reducing ATM fees across Australia. So where have we ended up? Well, to cut a long story short: right back where we started. In fact, research by the team here at Mozo suggests many of us are paying more in ATM fees now than we were 12 months ago. The RBA hoped that by allowing ATM owners to charge directly for the use of their machine (previously your bank decided what to charge you) and forcing machines to display a message warning about charges, that fees would be driven down. They weren’t. In an analysis of 37 different transaction accounts from 22 different banks, building societies and credit unions, Mozo found 15 accounts where an average customer now pays more transaction costs than a year ago, 17 accounts where there’s been no change, and only 5 accounts where the average customer is paying less. So much for increased competition! As Mozo MD Rohan Gamble said in a recent interview, “The net effect of the ATM reforms has been more bank fees. And its not as though we need more of them, particularly as the sting of the latest RBA rate rises hit home.” Whatever way you shake it, bank fees aren’t cool. Compare bank accounts now and free yourself from fees.

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Free Flights, Free Coffee, Free Beer?

Free Flights, Free Coffee, Free Beer?

Free Flights, Free Coffee, Free Beer?\ \ Are you getting your free lunch?\ It seems a lot of people are either unaware of the difference between online transaction accounts and online savings accounts, or are just not in the habit of moving money from one account to another. Because of this, they’re missing out on lots of interest.\ So we let the Mozo Minions loose to find an explanation…\ Generally, a transaction account is your everyday bank account. You withdraw money from it, you pay bills from it, all the normal stuff. These accounts generally pay very, very paltry interest (typically 0.01% p.a). Savings accounts however pay a lot more interest (over 5% in many cases) but have a fewer access options.\ So what does a better interest rate mean?\ We took a hypothetical $2,000 initial investment and deposited $200 each month for a year and got the following free stuff with our interest savings:\ Bank Account Bonus Rate Rate Period Standard Rate Interest* Possible Free Stuff\ RaboPlus Premium Saver 5.75% p.a. Ongoing 4.00% p.a. $182 6.5 interstate flights\ UBank USaver 5.72% p.a. Ongoing 5.62% p.a. $181 57 Beers\ Citibank Online Saver 5.71% p.a. 6 months 4.25% p.a. $153 51 coffees\ ING Direct Savings Maximiser 5.85% p.a. 4 months 4.50% p.a. $153 91 iTunes songs\ AMP eASYSaver 5.75% p.a. 6 months 3.80% p.a. $145 14 JB Hi-Fi bargain bin DVDs\ St George Direct Saver 5.75% p.a. 4 months 4.20% p.a. $145 290 soft-serve cones\ Average Bank Avg. Transaction 0.01% p.a. Ongoing 0.01% p.a. $0.31 1 Flake, soft-serve cone not included\ Rates effective as at 10/3/2010 \ *Calculated assuming interest paid and compounded monthly. Rates used in calculation reflect rate structure of each account over 12 months given $200 monthly deposit.\ Not a bad return for a 10 minute online application!

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Mozo's Number Crunchers

Mozo's Number Crunchers

The word ‘calculator’ may give you flashbacks to high school maths classes, or the fun you’ve had doing your tax returns over the years. But it needn’t be such a scary word. Over the past months, the technical geniuses at Mozo have been flat-out building some truly exciting number-crunchers. We’ve done away with all the confusing stuff, the drab colours and the results which only make sense to NASA employees. So give them a go, we promise it’ll be the best fun you’ve ever had with a calculator (apart from an upside down 5318008). Rate change calculator: find out how interest rate changes (like the one last week) will affect your home loan. Home loan repayments calculator: plug in your loan specs to calculate your repayments (or try the Personal Loan version). Credit card debt payments calculatore: calculate when you’ll be debt-free and how much interest you’ll pay on your card. Savings calculator: find out how much your piggy bank will be worth (without using a hammer). Didn’t find the calculator for you? Find plenty more here!

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