Australian banking major ANZ is training up its staff to enable it to offer specialist retirement bankers stationed across all its 820 nationwide branches by the middle of 2010.
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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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Fund managers who manage mortgage income funds want the Federal Government to end the government guarantee on bank deposits as a measure aimed at reviving the $25 billion industry.
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The Federal Government plans to oversee more carefully, the fees that retail investors must bear when purchasing or investing in superannuation investment products.
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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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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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