Banks cut deposit rates harder than mortgages

Financial institutions cut their savings rates harder than their borrowing rates in the month following the Reserve Bank’s 50 basis point reduction in the official cash rate.

According to data supplied by Infochoice, standard variable rates fell by an average of 32 basis points in May, while high-yield savings account rates fell by an average of 43 basis points.

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The future for banking is cloudy

There is a fundamental change taking place within the banking industry. Cloud computing is the next revolution in internet technology and the banking industry is at the frontline of change.

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Newest mutual bank stakes claim for new customers

On its first day as the newly rebadged Teachers Mutual Bank (TMB), the former Teachers Credit Union has claimed that it is already seeing a shift of customers away from the big banks, towards the mutual sector.

The trend has been acknowledged in mutual banking circles since the big four banks broke ranks with the RBA interest rate cycle late last year.

As has been reported widely, refinancing remains the growth area for home loans this year, and James said TMB has been taking refinancing business away from the four majors.

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End near for high-interest savings accounts?

The days of high-interest online saver accounts could be numbered, with new global banking standards expected to make the popular deposit products too expensive for Australia’s banks, a senior Reserve Bank official says.

Taking on the big four banks

So the mutuals are in a fight for their members, who the banks see as customers, and it is a fight not just for relevance in an increasingly competitive market but also for survival as the rules of the game are about to change in a way that reinforces the dominance of the majors.

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Credit Card Sales slow down in Australia

The report says that,  the number of credit card accounts has increased by just 1.9% for the year to April 2011. The average credit card had an outstanding balance of $3,326 while the number of transactions has increased by 4.4% over the year.  Surprisingly enough  in comparison to this, the number of debit card accounts has increased by 7.8% over the year and purchase only transactions are also up by 22.2%.

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Credit card and debit card statistics for Australia and the world

This page contains credit card statistics for Australia and other nations around the world — including statistics on credit card debt, credit card delinquencies, credit scores, credit card interest rates, bankruptcies and more — compiled by the Australia.CreditCards.com staff. Statistics on this page will be updated regularly as we receive new or updated credit card data.

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