Savings account news and advice

Feeling stressed about news of postal delays ahead of Christmas? 

Despite the prospect of international travel in 2022, it would seem that many Australians are more focused on achieving savings goals over the next 12 months than planning getaways. 

Over the last month, savings account interest rates have taken a tumble. Mozo’s analysts recorded 26 cuts across the database which, despite one increase, brought the average ongoing savings rate down to 0.39% p.a.

Parting with something that has been in your possession for a long time can be difficult. Perhaps even harder though, is figuring out where to dispose of unwanted items in an environmentally friendly way. Luckily, having an eco-friendly clear out is possible. We’ve summed up five ways to dispose of your unwanted goods, none of which involve a landfill pit. Happy spring cleaning!

It’s undeniable that pandemic-induced social restrictions and lockdowns have changed the way Australians handle their finances. Most people have had to reconsider how they spend their money and set their savings goals, and many have experienced financial instability and hardship. 

When it comes to your finances, being a good saver is crucial. And what goes hand-in-hand with being a good saver? A high interest savings account. So if you are currently signed up with a provider that offers low interest rates (or none at all), it’s time to put your savings account on your spring clean list! 

Westpac has made a slew of interest rate cuts to its savings accounts, including to the leading Westpac Life rate for 18 to 29-year-olds. The big bank shaved a sizeable 50 basis points off the rate, taking it down from 3.00% p.a. to 2.50% p.a.*

Most savings account interest rates have fallen and plateaued at less-than-appealing levels over the last year, but Virgin Money has some positive news for savers.

While the average ongoing savings rate has held steady at 0.41% since last month, there’s been plenty of rate movement over the last few weeks. The Mozo data team recorded 19 cuts in August, as well as three savings account rate increases.

For high interest rate chasers, savings accounts probably aren’t all that appealing right now. Following multiple cash rate cuts in 2020, rates have continued to head south. However, interest rates aren’t the only perk to keeping your money in one.