Latest news with #SallyTindall
Yahoo
15 hours ago
- Business
- Yahoo
Big four bank announces fresh blow to savers
NAB has become the latest bank to move on interest rates, cutting the rate of one of its more popular savings accounts. NAB has announced its Reward Savers account has fallen by 0.05 per cent for a new maximum rate of 4.35 per cent, in the second cut in less than a month. It follows a 25 basis points rate reduction on May 23 in line with the Reserve Bank of Australia's official interest rate reductions. Account holders with NAB's Reward Savers will now get a 30 basis point reduction on their money held in the account. Canstar data insights director Sally Tindall described it as a small blow for savers who are already watching their returns slip away. 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' she said. According to Canstar, NAB is not the only bank moving on rates, with Australians now having just six banks offering at least one ongoing savings rate above 5 per cent including some young adult accounts and excluding those for children. 'While the average savings rate on our database is an uninspiring 3.07 per cent, there are six banks still offering an ongoing savings rate of 5 per cent or more,' Ms Tindall said. While each of the savings accounts comes with terms and conditions, including deposits and transactions, BOQ Future Super, BCU Bank Boss, P & N Bank Savvy Savers, MOVE Bank Growth Saver and ING Savings Maximiser all still offer rates above 5 per cent. Westpac Life Spend and Save also offers younger Aussies a 5 per cent savings rate, but comes with the major caveat of being for those aged 18 to 29. Ms Tindall warned if the Reserve Bank cuts the cash rate again in July, which the bond market says has an 83 per cent chance of happening, the days of a 5 per cent savings rate could be behind us. 'If the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' she said. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'
News.com.au
16 hours ago
- Business
- News.com.au
NAB announces second rate cut for savers in a month
NAB has become the latest bank to move on interest rates, cutting the rate of one of its more popular savings accounts. NAB has announced its Reward Savers account has fallen by 0.05 per cent for a new maximum rate of 4.35 per cent, in the second cut in less than a month. It follows a 25 basis points rate reduction on May 23 in line with the Reserve Bank of Australia's official interest rate reductions. Account holders with NAB's Reward Savers will now get a 30 basis point reduction on their money held in the account. Canstar data insights director Sally Tindall described it as a small blow for savers who are already watching their returns slip away. 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' she said. According to Canstar, NAB is not the only bank moving on rates, with Australians now having just six banks offering at least one ongoing savings rate above 5 per cent including some young adult accounts and excluding those for children. 'While the average savings rate on our database is an uninspiring 3.07 per cent, there are six banks still offering an ongoing savings rate of 5 per cent or more,' Ms Tindall said. While each of the savings accounts comes with terms and conditions, including deposits and transactions, BOQ Future Super, BCU Bank Boss, P & N Bank Savvy Savers, MOVE Bank Growth Saver and ING Savings Maximiser all still offer rates above 5 per cent. Westpac Life Spend and Save also offers younger Aussies a 5 per cent savings rate, but comes with the major caveat of being for those aged 18 to 29. Ms Tindall warned if the Reserve Bank cuts the cash rate again in July, which the bond market says has an 83 per cent chance of happening, the days of a 5 per cent savings rate could be behind us. 'If the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' she said. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'
Yahoo
17 hours ago
- Business
- Yahoo
Major bank deals double blow for Aussie savers with interest rate cut: 'Disappointing'
NAB has cut the interest rate on one of its popular savings accounts today. It's a double blow for customers, after the major bank already cut rates following the Reserve Bank of Australia's (RBA) cash rate cut last month. NAB has cut its Reward Saver account by 0.05 per cent, bringing the new maximum rate down to 4.35 per cent. It follows a 0.25 per cent cut on May 23, bringing the total cut to 0.30 per cent. While the bank's move is a small one, it's a sign of a bigger trend when it comes to falling savings rates. Canstar research found other banks were cutting rates above and beyond the RBA cuts, including ING and Rabobank. RELATED RBA urged to cut interest rates in weeks as unemployment 'blow out' fears escalate Centrelink age pension changes coming into effect from July 1 Centrelink rule change gives more Aussies access to $5,000 cash boost 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' Canstar data insights director Sally Tindall said. The average savings rate on its database is currently 3.07 per cent. There are just six banks still offering an ongoing savings rate of 5 per cent or more. 'That said, if the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' Tindall said. NAB expects the RBA will cut interest rates again in July, August and November, to bring the cash rate down to 3.10 per cent. CBA, Westpac and ANZ think the next cut won't be until August, with Westpac recently doubling its forecast to expect cuts in August, November, February and May. CBA and ANZ expect there will only be two more cuts in this cycle. BOQ Future Saver for 14 to 35 year olds offers the highest ongoing savings account rate at 5.10 per cent, according to Canstar. That's despite the bank cutting the maximum rate yesterday from 5.25 to 5.10 per cent. Customers have to deposit $1,000 and make at least five transactions in a linked bank account to get this maximum rate. Other accounts currently offering 5 per cent savings rates are BCU Bank Boss Saver, P&N Bank Savvy Saver, Westpac Life Spend&Save, Move Bank Growth Saver and ING Savings Maximiser. Term deposit rates have also been falling, with more than 50 banks cutting at least one rate in the last month, including all of the Big Four banks. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term,' Tindall said. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'Error in retrieving data Sign in to access your portfolio Error in retrieving data
Daily Mail
4 days ago
- Health
- Daily Mail
The fresh cost of living blow every Australian paying for private health insurance needs to know about
Australians forking out for the highest level of private health insurance cover are facing double-digit hikes to their premiums. Health Minister Mark Butler this year approved a 3.73 per cent average increase in private health care premiums, that came into effect on April 1. But Australians seeking gold cover have been dealt a major cost of living blow with average, annual hospital insurance soaring by 13.8 per cent, or more than three times the government-approved average increase, a Canstar analysis showed. This equates to $442 extra a year for individuals, who are now paying $3,653 a year for the top-tier cover, which typically includes in-hospital procedures listed on the Medicare Benefits Schedule and ambulance cover. Canstar data insights director Sally Tindall said private health insurers were legally allowed to hike their premiums by double-digit figures. 'The government-approved 3.73 per cent premium price rise was always just an average, not a cap,' she said. 'What we can now see is that some policies have risen by up to 13.8 per cent – particularly for those with the top level of cover. 'The reality is, Australians who have the top level of cover have been hit with the highest price hikes.' Canstar calculations showed an individual with gold cover could save $1,296 a year, and slash their annual bill by a third to $2,357 by switching from an average to the lowest-priced product. A family with gold cover could save $2,493 a year, also slashing their annual bill by a third, by switching from an average to a lower-priced product. This would see their annual bill fall from $7,207 to $4,714. 'If you haven't done a health check on your policy since the April price rise, now is the time to do one,' Ms Tindall said. 'Find out exactly how your premium sits against the lower-cost insurers and if there's a cheaper option for the same level of cover, consider making a switch.' Switching to the same cover could also eliminate the long waiting periods to get coverage for elective surgery. 'What a lot of people don't realise is that if you are switching to the exact same level of hospital cover, you will not have to re-serve any additional waiting periods, which minimises the risk,' she said. Private health insurance costs increased by 4.7 per cent for silver cover. This worked out at an extra $83 a year, or $1,838 overall, for a premium product without birth-related services. But the increases were much more moderate for lower levels of cover. Bronze saw a small 1.5 per cent increase, with the $20 annual change taking premium costs to $1,336 for a product offering hospital cover but not benefits for those with children. Basic cover in fact fell by 0.6 per cent or $7 to $1,070, with this product catering to younger, healthier people offering coverage for accidents. While headline inflation has moderated to 2.4 per cent, overall health care costs rose by 4.1 per cent in the year to March. More than half of Australia's 27.3million people are covered by private health insurance, either individually or as part of a family package.
9 News
7 days ago
- Business
- 9 News
'Suckerpunch' electricity price increase locked in for eastern states
Your web browser is no longer supported. To improve your experience update it here BREAKING Australian killed, another injured in Bali villa shooting incident Prices will increase by more than 13 per cent in parts of the country, but one state may be shielded from the worst of it. "This will be a suckerpunch for a lot of customers," Canstar spokesperson Sally Tindall said. The cost of electricity is about to jump higher than predicted across Australia's east coast. (Nine) AGL and Origin Energy locked in new prices for millions of customers today. Starting on July 1, AGL's prices will jump 13.5 per cent in New South Wales. They will also rise 8 per cent in South Australia, 7.5 per cent in Queensland and 6.8 per cent in Victoria - adding $110 to an average Victorian household's bill. Today, the federal opposition slammed the government's action on energy prices. "They imposed price caps that haven't worked, they've completely failed, and we continue to see price hikes," Shadow Treasurer Angus Taylor said. Origin Energy hasn't locked in its electricity charges for Victoria just yet. Gas will cost the average Victorian household an additional $85 per year, which is the largest increase for any state in the country. "There are plenty of options and payment plans available," Origin's Chief Marketing Officer Catherine Anderson said. "We would really encourage our customers to reach out to us, we're here to help." The cost of electricity is about to jump higher than predicted across Australia's east coast. (Nine) For those struggling to pay, some help is on the way. Every household will automatically get a $150 electricity discount thanks to the federal government, and another $100 is being offered to concession card holders in Victoria. For everyone else, the advice is to shop around. "Don't get mad - get even," Tindall said. "By shopping around you, could potentially save hundreds of dollars off your electricity bill." Other retailers will lock in their prices in the coming days. national Victoria power Electricity CONTACT US
