banking

Term Deposit Rates On The Rise

Post by Sharat on August 28, 2018 · Under banking · Comments Off on Term Deposit Rates On The Rise 

In July term deposits on tenures ranging from 1 to 3 years reached their highest level since 2017 continuing the trend of rate hikes. In June, research shows that there were ten times the number of rate hikes as there were rate cuts.  AMP, ANZ and many smaller lenders and cooperatives hiked their rates by anywhere between 5 and as many as 20 basis points. The rate hikes are in response to higher funding costs on international wholesale markets so the banks are trying to encourage more local deposits. Continue reading

Mobile Apps Are The Future Of Banking

Post by Sharat on March 14, 2018 · Under banking · Comments Off on Mobile Apps Are The Future Of Banking 

Across the world people are taking to mobile banking in droves and Australia is no different. A rising number of Aussies are using mobile banking apps to manage their money and if you happen to be one of them, then it appears that you are much more likely to recommend your bank to friends and family. According to a recent survey undertaken by Roy Morgan, more than two-thirds of people polled said they would probably recommend a bank after using its mobile app. This is way more than people who visit branches or bank by phone. Continue reading

Australia Leads The Way When It Comes To Digital Banking

Post by Sharat on January 21, 2018 · Under banking · Comments Off on Australia Leads The Way When It Comes To Digital Banking 

When it comes to cashless banking in Australia, Sydney and Canberra lead the way according to a report by card company Visa. The report recognises both cities as being digital leaders in large part as a result of Australia’s advanced digital banking payments system. Aussies are already very accustomed to online banking and there are a large number that make use of the system. Continue reading

Westpac Banking And Insurance Customers Entitled To Refunds

Post by Sharat on November 7, 2017 · Under banking · Comments Off on Westpac Banking And Insurance Customers Entitled To Refunds 

Westpac has announced that as many as 200,000 of its insurance and banking customers may be entitled to receive a part of a $65 million package of refunds after it was revealed that the lender failed to properly apply discounts to specific package deals. Westpac admitted it made an error which is likely to affect customers who hold Premier Advantage Packages. St George and the Bank of Melbourne customers who have held Advantage Packages since 2010 will also be entitled to receive refunds. Continue reading

Goldman Sachs Could Set Up Online Retail Bank In Australia

Post by Sharat on September 28, 2017 · Under banking · Comments Off on Goldman Sachs Could Set Up Online Retail Bank In Australia 

Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Continue reading