Just when you thought the banks couldn’t get any stingier, they are. Savings interest rates have been reduced again. Australia’s biggest bank, Commonwealth Bank (CBA), has cut its savings rates by up to 0.07 per cent. The Reserve Bank hasn’t changed official interest rates since November last year, but the CBA (and the other big… Read more »
Afterpay Money is launching in October, but how does it stack up compared to bank offerings already in the market? While Afterpay shares have been a stellar performer in the past, they are stagnating at the moment because of increased competition from the likes of PayPal and CommBank. There’s also criticism that it is a… Read more »
Would you believe that according to figures from the Reserve Bank, Aussies paid $3.56 billion in personal bank fees last financial year? That equates to around $364 per household in bank fees a year. The good news is we’re wising up to the bank fee rorts – these amounts were 10 per cent down on… Read more »
A huge change is already underway in Australia’s banking sector. And, in January, consumers and businesses can finally experience some of its benefits first-hand, writes Steve Kemp, Head of Financial Institutions Partnerships APAC and Emerging Markets, Intuit. Since last year, regulators, Australia’s Big Four banks (NAB, Commonwealth, ANZ and Westpac) and a test working group… Read more »
