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NAB Abolishes Fees On Everyday Accounts
Australian banking major National Australia Bank (NAB), has announced the abolishment of monthly account service fees for two of its everyday banking accounts effective from January next year. The lender will also scrap the $25 fee for exceeding the limit of its credit cards.
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Study Finds Australians Losing $10 Million A Day In Interest On Accounts Held With Big Four Banks
Australian depositors are losing approximately $10 million a day in interest payments, because of the mistaken belief that small regional banks are in danger of collapsing as a result of the global financial crisis.
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Australian Banks To Raise Variable Interest Rates As Early As Wednesday
In response to Tuesday’s surprise 25 basis point increase in official interest rates by the Reserve Bank of Australia, Australia’s lenders will begin lifting their variable rates of interest as early as Wednesday.
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Citibank To Challenge Big Four In Australian Credit Card And Mortgage Lending With Virgin Money Deal
US banking giant Citibank, has signalled its intention to become a major retail banking player in Australia, and wrest away market share from the incumbent Big Four banking groups. The lender on Monday announced a deal with Virgin Money that will give it a marketing platform to distribute credit cards, collect retail deposits and originate mortgages.
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BankWest Launches Innovative High Interest Online eSaver Account
BankWest has launched an innovate new online savings account that pays a bonus rate of interest every month so long as the account holder does not run any transactions. The account known as Bankwest Smart eSaver pays a base interest rate of 3.25 per cent, with BankWest committing to pay an interest either in line or above the official cash interest rate.Depositors will be able to earn the bonus or “smart rate” of 5 per cent during any month the account holder make no withdrawals (all rates correct at time of posting).
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SmartyPig An Online Savings Account For Australia’s Generation Y
Australian Banking Major ANZ has teamed up with US based company SmartyPig to launch an online savings product with a difference. According to the website, ANZ SmartyPig “is a unique savings program designed to make saving social, goal-oriented and fun. SmartyPig uses the power of social networking and retailer value boosts to help people reach their savings goals faster.”
At time of publishing the interest rate that SmartyPig accounts pay is an extremely competitive 4.5 per cent which is paid once a quarter with no fees. The idea behind the account is relatively simple. Individuals set savings goals with a specific purchase decision in mind, which can be as little as $500 for a Blue Ray DVD player, or $5000 for a holiday to Bali.
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