Australian borrowers may have more bargaining power than they've had in months.

New figures from NAB show home loan applications fell 15% in the June quarter, while broker data points to an even sharper slowdown.

As competition for new customers intensifies, experts say borrowers may be in a stronger position to negotiate a lower rate or secure a refinancing deal.

In its ASX announcement yesterday, NAB revealed it had received 15% fewer applications for its home loans in the three months to June than in the previous quarter.

The announcement came after mortgage company Loan Market reported applications to around 6000 brokers - some its own, and others whose data it collects as an aggregator - had declined 26% between February and June.

The results make sense to Newcastle-based Loan Market broker Liam Hardy, who says he's seeing a "downturn in commitment".

"People are taking a lot longer to decide whether or not their idea to purchase a property or even refinance is worth it," he says.

Despite recent Reserve Bank efforts to tighten money supply and fight inflation, Hardy says the slowing demand for mortgages is motivating some lenders "hungry for business" to more actively court borrowers.

"We've had some offers just this week come through from lenders who are offering special or limited time offers [with] rates for variable home loans in the 5.9 to 6 % range... a lot of the main players in the market, they're not playing under 6%," he says.

Hardy's observation is backed up by data from mortgage comparison site Canstar, which shows 28 different lenders cutting rates on their new customer variable loans in the last two months, including Macquarie - Australia's fifth-largest lender.

Why is mortgage demand falling?

Loan Market credit expert Shay Waraker says a series of high-profile events has caused demand for home loans to cool between February and June.

"Over that period, there were three cash rate increases, so that significantly impacted people's borrowing power. We also had the federal budget in May which changed the tax environment for investors, so we saw the investors taking a bit of a step back."

NAB has also pointed the finger at changes to negative gearing and capital gains tax for its slimming mortgage book and told the Australian Financial Review that war between Iran and the United States had also created uncertainty for customers.

How you can save

Money experts say these recent shifts in the credit market could create some opportunities for mortgage holders to get a lower interest rate.

"If you haven't actually checked and compared your interest rate since the start of the year, then it's definitely a good time to do so," says Waraker.

"Lenders would likely have increased their interest rates in line with those Reserve Bank cash rate increases, so it's definitely worthwhile checking to see if that rate is still competitive or if there's a better deal out there."

In another sign of a mortgage market potentially shifting in favour of borrowers, several Aussie Reddit users have reported receiving cold calls from banks offering them money if they switched their home loan.

Refinancing costs to be aware of

Money coach Marion Mays agrees now is a good time to shop around, but recommends considering any costs that might come with refinancing before you switch to a new lender.

"When you look at the discharge cost, any break costs and a new application fee, they're all costs that you need to consider in the equation when you work out: Is this actually saving me money in the long-term?"

She also says to be sceptical of any cold calls from a lender offering you a better deal.

"Get just the basic details and where they claim they're calling from. Then jump off the phone and go onto that provider's website and call them direct if you're interested in pursuing [an] offer."

Australian home loan customers may be paying more interest than they should be after ASIC uncovered widespread offset account failures at major banks, with lenders already paying $55 million in compensation.

Released July 29, the Australian Securities and Investments Commission's (ASIC) review covered eight major lenders with a combined share of more than 70% of the mortgage market.

The list includes AMP, ANZ, Commonwealth Bank, Credit Union Australia (now Great Southern Bank), HSBC, ING, Macquarie and Westpac.

The review period spanned between September 2023 and August 2025, though the regulator also analysed around 204,000 home loans settled between March and August 2025.

ASIC found a number of failures by banks, including:

• Offset accounts requested by customers that weren't established at all
• Established offset accounts that weren't linked to the relevant loan
• Significant delays in linking offset accounts to loans

To date, banks have already paid out $55 million in compensation to affected customers.

But the regulator notes that the true extent of the failures is unlikely to be evident quite yet - in part, because customers have been uncovering the issues themselves.

"Some banks are not getting the basics right. Customers should not have to discover their offset account has not been working as promised," says ASIC chair, Sarah Court.

"In some cases, offset failures went undetected until ASIC started asking questions. That should concern every bank offering offset accounts."

What is an offset account and how does it work?

In essence, an offset account is a transaction account linked to a mortgage which helps reduce the loan balance on which interest is calculated.

That can then help reduce the interest a borrower will pay over time and help them pay off the loan faster.

"Australians love a good financial hack and for borrowers, offset accounts are right there at the top of the list," says Sally Tindall, data insights director at Canstar.

"For many customers, it's one of the most powerful tools borrowers have to reduce the amount of interest they pay on their mortgage, but only if it's working as intended."

Given their usefulness, it's not surprising that they've become a popular tool. According to data cited by Canstar from the Reserve Bank, 55% of mortgages have an offset account attached.

They've also jumped in popularity in recent years.

In total, ASIC notes that nearly $350 billion was being held in offset accounts as of March this year - 28% more than at the same time in 2024.

Offset account failures cost borrowers thousands in interest

In one case highlighted by ASIC in its report, a banking error led to a customer's offset account being unlinked from their loan.

The error wasn't discovered until the borrower realised that they were being charged more interest than they had been anticipating.

A complaint was then lodged with the bank, but not before the customer had forked out more than $3500 in extra interest.

In another case shared on Reddit, a user claimed that they lost out on more than $6000 after their offset account was de-linked from their mortgage during a loan restructure.

Because of the nature of offset accounts, Court says that errors can be difficult for borrowers to pick up on straight away.

"When offset accounts don't operate correctly, the harm can be hidden. Loan repayments stay the same, while customers unknowingly pay more interest and take longer to repay their loan.

"Customers are doubly hit - not only losing promised interest savings but also the opportunity to use that money elsewhere."

How to check if your offset account is linked correctly

Because banks haven't identified issues themselves in many cases, ASIC is encouraging borrowers to be proactive in ensuring that their offset accounts are working as intended.

ASIC says borrowers should check their mortgage offset account as soon as possible, as some customers have unknowingly paid thousands of dollars in additional interest.

To start, the regulator recommends that customers log in to their banks' mobile app or online platform to ensure that the offset account has been set up and linked to the right home loan.

If that information isn't available, then it's worth contacting the bank.

Beyond that, ASIC suggests running the numbers to see if the offset account is delivering the savings that it should be.

For anyone who isn't confident in crunching those figures themselves, Tindall suggests reaching out to a trusted third party for help.

"One option is to get a trusted advisor such as your mortgage broker or accountant to check for you.

"If the maths doesn't stack up, reach out to your bank and present them with your figures. If you formally raise a complaint, your bank must reply within 30 days."

ASIC notes that it will continue to monitor offset-related issues and the banks' response to them going forward, and that it expects lenders to support affected customers where needed.

"We expect all banks to identify and address offset account failures and ensure affected customers are appropriately compensated," says Court.

New bank takes on the majors with 5.05% savings rate

Global giant Revolut launches in Australia with high-interest savings accounts and a $0 annual fee credit card.

The Aussie banking market just became more competitive with the launch of Revolut Bank Australia.

Revolut is far from a bit-player.

It has 75 million customers globally, and plans to invest nearly $400 million into the Australian market over the next five years.

The bank is rolling out new options for Aussie consumers including:

• Instant access savings accounts with rates of up to 5.05% and no minimum deposit hurdles. 
• A $0 annual fee credit card, which allows customers to earn RevPoints transferable 1:1 across 44 major airlines. Customers can also redeem points for Uber, Woolworths, and Big W gift cards.

Matt Baxby, CEO at Revolut Bank Australia, says, "Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses."

Origin Energy confirms data hack

The energy giant has over 4.8 million customers Australia-wide.

Origin Energy announced on Wednesday that it was "investigating a potential security incident which may involve unauthorised access to some customers' data".

By late Friday, the company confirmed a "customer data security incident".

It involved unauthorised access and disclosure of some customers' data including name, address, date of birth, contact phone number and the last four digits of a credit card, or the last three digits of a bank account.

Incomplete credit card or bank account information cannot be used to make purchases or access accounts.

Origin CEO Frank Calabria says, "I'm sorry this has happened. Customers trust Origin with their information, and I apologise for the impact this may cause.

Origin says it will contact affected customers. However, given the nature of the incident, customers are urged to watch for suspicious links and attempts to solicit personal information by email, phone, text, or post.

Origin Energy is one of Australia's largest energy retailers with around 4.8 million customers.

BYD triples compensation in model-year scandal

The car maker has upped its payout to $3500 for buyers who purchased 2025 cars labelled as 2026 models.

Chinese car manufacturer BYD is making big inroads into the Aussie market.

For the year to date it's sold 52,335 vehicles, second only to Toyota (95,141), and well ahead of third placegetter Ford (42,296).

But the road to market expansion hasn't been smooth.

More than 1200 motorists who purchased vehicles they believed to be 2026 models, were recently contacted and told their car was in fact built in 2025.

BYD initially offered compensation of $1100 to the affected buyers.

However, that cash offer has now been lifted to $3500.

Buyers who decide against the payout can get a replacement vehicle on a like-for-like 2026 model, or a full payout of the vehicle purchase and return the vehicle inclusive of all fees incurred.

To date, the majority of impacted drivers have reportedly chosen to take the compensation.

NSW Fair Trading takes Bondi United to court

Business accused of exploiting Bondi tragedy faces court

NSW Fair Trading will face off in court against clothing and accessories website Bondi United Pty Ltd (Bondi United) and its director Mr Marvaldeep Singh.

It follows a public warning earlier this year from Fair Trading NSW that Bondi United made various claims about the founders having a connection with the Bondi Beach terrorist attack, or that proceeds of sales had been given to the victims or their families.

NSW Fair Trading says these claims were false.

In response to NSW Fair Trading's investigations, Bondi United has taken down its websites and social media pages.

The matter is now heading to court to determine if Australian Consumer Law was broken.

Executive Director Consumer Affairs Andrew Floro says the court action shows NSW Fair Trading's "commitment to protecting consumers and taking action where traders are alleged to exploit community goodwill and public sympathy."

Anyone who has dealt with Bondi United and is not satisfied with their experience can make a complaint with NSW Fair Trading via the NSW Fair Trading website, at any Service NSW centre or by calling 13 32 20.

The wine check-up that doesn't require opening the bottle

Pop-up clinic lets wine lovers taste treasured bottles without opening them.

It's an age-old dilemma for wine buffs - is a bottle you've been squirrelling away yet to peak or past its prime?

The problem can be solved this August when Sydney hosts the world's first Coravin Aged Wine Clinic.

It allows wine enthusiasts to taste their most prized vintages and have them professionally assessed by a Master of Wine, without ever removing the cork or interrupting the aging process.

The clinic, to be held at Grappa, The Rocks, on August 27, 2026, is an opportunity to 'health-check' a bottle you've always wanted to open.

One of Australia's top wine authorities - Andrea Pritzker, will use a specifically engineered Coravin needle to pass through old and fragile corks without damaging them, to extract two small tasting serves.

Once the needle is removed the cork naturally reseals itself, allowing the remaining wine to continue its ageing journey undisturbed.

Following the tasting, Pritzker will provide custom tasting notes. The bottle will be stamped with a Coravin seal, the tasting date, and an expert recommendation on when to revisit the wine.

Coravin Founder and Inventor Greg Lambrecht, explains, "An aged bottle of wine is a time capsule, but historically, the only way to know if it was at its peak was to open it, which is a rather final commitment.

"I invented Coravin because I wanted the ability to check in on that journey."

Tickets to the pop-up clinic are priced at $199 (plus booking fee) via Eventbrite.

A simple typo when entering a BSB or account number can send your money to a complete stranger, and the clock starts ticking the moment it happens.

The good news is that mistaken bank transfers can often be reversed or recovered. But your chances of getting the money back generally fall the longer you wait to report the error.

Whether you've sent $50 or $5000 to the wrong account, acting quickly is crucial. Banks have specific processes for dealing with mistaken payments, and there are strict timeframes that can affect the outcome.

What happens if you transfer money to the wrong bank account?

If you do accidentally make a transfer to a valid account, you should contact your bank as soon as possible. The chance of recovering the money decreases the more time goes by.

The Australian Financial Complaints Authority (AFCA) outlines the timeline associated with recovering mistaken internet payments based on the ePayments Code:

• Within 10 business days: The funds will be returned to you if the unintended recipient hasn't withdrawn the funds.
• Between 10 business days and seven months: The recipient's bank will freeze the funds. The recipient will then have 10 business days to show they are entitled to the funds. If they do not, the funds will be returned to you.
• After seven months: The funds will only be returned if the other person agrees to return them. Even if you prove the funds are yours.

What if someone spends money sent to the wrong account?

If you've transferred money to the wrong account and the receiver has already spent some or all of the funds, things can get trickier.

In short, if both banks agree that a mistaken payment has occurred but there aren't enough funds in the recipients' account, the recipients' bank can decide whether to try and recover the full amount, part of the amount or not pursue it at all.

That decision needs to be based on the interests of both the sender and the recipient. For example, the bank may consider any financial impact on the unintended recipient if they pursue some or all of the funds, or whether recovering the money would overdraw the account.

Where can you turn if your bank isn't helping?

If your bank or credit union isn't playing ball and helping you resolve a mistaken payment, you can make a complaint to the financial ombudsman, AFCA.

It's always worth trying to resolve the issue with your financial institution first before lodging a complaint with AFCA though.

What about BPAY mistakes?

Putting in the wrong biller code or customer reference number when paying a bill using BPAY is just as easy as typing in the wrong BSB or account number.

Unlike transfers from one bank account to another, BPAY payments aren't covered under the mistaken internet payments section of the ePayments Code. The advice is still the same though.

Customers should get in contact with their bank or financial institution straight away. The difference is banks may have their own processes and timeframes when dealing with mistaken BPAY payments.

What if the payment was part of a scam?

The ePayments Code makes it clear that a mistaken internet payment is one in which someone has typed in an incorrect BSB or account number, or selected the wrong identifier from a list.

That means that - like BPAY payments - the obligations and timeframes laid out for mistaken internet payments don't apply to scams.

So, what should people who have been tricked into transferring money to a scammer do?

The first course of action, according to Moneysmart, is to contact your bank immediately and to have any transactions frozen. Your bank may then be able to provide you with additional advice.

How is new banking technology preventing payment errors?

The good news is that new technology and banking features are making it easier for people to get the details right for their intended account transfers.

PayID

Since the launch of the New Payments Platform (NPP) and PayID in 2018, Australians have been able to transfer money using a recipient's mobile number or email address which is linked to their bank account.

Beyond reducing mistakes that can crop up when typing in a BSB and account number, users are also shown the name linked to the PayID before they approve a transfer.

Confirmation of Payee

Australian banks and financial institutions have also been rolling out a new security feature called Confirmation of Payee since July last year which is designed to reduce scams and mistaken payments.

When making a transfer, customers can input an account name, BSB and account number as usual. But with Confirmation of Payee, the bank will check these details and alert the customer if they match, if the account name is similar (but doesn't quite match) or if there's no match.

How to avoid sending money to the wrong account

As always, prevention is the best cure when it comes to mistaken payments. Before making a transfer, consider the following:

• Take it slow and double-check the recipient's details (account name, account number and BSB), plus the transfer amount, before hitting confirm
• If you're planning on sending a larger sum of money, it may be worth conducing a test by transferring a very small amount first
• Make use of features like PayID and Confirmation of Payee (if available) which offer stronger safeguards

Interested in learning more about the new technology Australian banks are rolling out to keep customers safe? Check out our article on the best banks for customer service and scam protection.

Is it safe to share those details?

In most cases, yes. Someone can use your BSB and account number to send money into your account, but not directly withdraw money from it.

However, banks warn that these details should still only be shared with people you trust because they can potentially be misused to set up unauthorised direct debits.

Here's what Australia's major banks say, the risks to know about, and safer ways to get paid online.

Is the Facebook Marketplace payment request a scam?

While many of us would be happy to share our BSB and account number with close friends and family, requests from strangers are raising understandable red flags.

Money has heard from dozens of Australians questioning whether it's safe to share these details.

Many have been asked for their BSB and account numbers while trying to sell something online, with interested buyers promising quick payment for the item once these details are received.

Selling stuff online to people you don't know can be risky - Australians have already reported losing more than $9 million to buying and selling scams so far this year, according to ACCC Scamwatch.

Many of the online sellers we've heard from turned away the interested buyers without sharing BSB or account numbers, suspicious that promises to pay extra and organise shipping to distant locations without inspecting the item were too good to be true.

Is it actually safe to share your BSB and account number?

Banks say customers who err on the side of caution are doing the right thing.

While a BSB and account number alone can't give someone access to your funds, you should be careful about who you share them with, as they can be misused to affect your balance.

Case in point, major lenders CommBank, NAB, ANZ and Westpac all make sending someone these details relatively easy to do, but warn you should only share them with people you trust.

Each of the big four say you definitely should not be sharing more sensitive details, such as PINs or passcodes.

What are the risks?

Banks warn that, in theory, someone could use your BSB and account number to set up a direct debit on your account without you knowing.

The good news, according to the federal government's Moneysmart website, is that you're likely to get your money back if this happens.

But only if you let your bank know soon and haven't also shared other sensitive details, including your PIN or passwords associated with your account.

If you've done the right thing, but are having trouble dealing with your bank, contact the Australian Financial Complaints Authority (AFCA).

What to do if you've shared your BSB and account number

• Don't provide any more details, especially PINs, passwords or passcodes
• Watch your account for any suspicious direct debits or transactions
• Alert your bank as soon as possible if any of these occur

What about credit cards?

Credit cards require stricter protection:

• Only use them on secure, trusted websites
• Never email your card details
• Only provide card information over the phone to a verified merchant

Safer ways to receive money

You can avoid some of the risks and complexities of sending and receiving money via BSB and account number by using PayID instead.

Launched in 2018 and now offered as a feature on most bank accounts, PayID links your account to your mobile number, email address or some other unique identifier.

Once you've set it up, anyone wanting to send you money can elect to do so via PayID and then enter the identifier you've chosen.

Funds then arrive straight into your account, just as they would if that person had entered your BSB and account credentials.

PayID not only allows the sender to avoid having to carefully enter these long numbers, they'll also be able to confirm your name is associated with the account, providing peace of mind the money is going to the right person.

This originally provided users extra protection over traditional transfers done via BSB and account number, where names weren't checked.

Although it's worth noting many banks have recently introduced Confirmation of Payee (CoP), which performs a similar function on traditional bank transfers.

It's also worth getting familiar with PayID before you use it - scammers have been known to try and sow confusion over the feature in attempts to fleece consumers: PayID is free to use, so anyone telling you to send them money to make it work should be avoided.

Checklist: How to keep your money safe when sharing bank details

Before sharing your BSB and account number:

• Confirm the identity and legitimacy of the person or business offering to send you money
• Avoid common scam scenarios, especially those involving offers too good to be true from buyers based in remote locations or requests to pay for couriers out of your own pocket
• Google the buyer's email, name or phone number to check for scam reports
• Avoid rushed decisions and pressure tactics
• If selling on an established classifieds platform, follow its recommended payment methods

When sharing details:

• Only give your BSB and account number
• Never share login credentials, passwords, PINs, one-time codes or ID copies
• Get familiar with PayID and use it where possible
• Reject requests from marketplace buyers to pay courier fees or refunds

After sharing details:

• Monitor your account daily
• Know your bank's policy on reversing fraudulent debits
• Report suspicious activity to your bank immediately

It was recognised for helping retirees enjoy their golden years with the confidence of a guaranteed income for life.

See the full list of winners in the Money Consumer Finance Awards 2026.

AMP at a glance

• Winner: Retirement Income Provider of the Year
• Why they won: The ability to let retirees enjoy their golden years with the confidence of a guaranteed income for life
• Top product: AMP MyNorth Lifetime Pension

A resurgence in lifetime income products

Lifetime annuities, which turn a lump sum of savings into a guaranteed income for life, are not a new product, however they are enjoying a resurgence.

Estelle Liu, head of retirement solutions at AMP, says this uptick in interest is being driven by "a combination of genuine consumer concern about outliving their savings, and a new generation of product innovations that address the historical barriers that held lifetime annuities back."

Changing retirement needs

By way of background, the Retirement Income Covenant of mid-2022 created a structural shift, making longevity management a core consideration for super funds - not just an optional add-on.

Liu says, "This has accelerated both product development and adviser awareness."

In addition, as we enjoy greater lifespans, longevity risk is rising.

Liu says there is roughly a one-in-two chance that a retiree will live past age 92.

Yet most Australians are not planning for this, instead many are underspending their savings in retirement because of the fear of running out of money.

Helping retirees maximise income

Research by AMP Super found 80% of its members say maximising income is their top priority in retirement.

AMP's MyNorth Lifetime Pension delivers on this score, with several innovations to help Australians enjoy a guaranteed income through retirement.

"MyNorth Lifetime allows advisers to choose from 1500-plus investment options on the platform," says Lui.

"This gives advisers the sophistication to build tailored strategies."

Innovations in retirement income

In addition, the MyNorth Lifetime Super Account allows members to begin accruing lower assessable assets during accumulation, supporting potential future age pension assets-test concessions - with no extra fee, no lock-in and no restrictions on investment choice compared to ordinary super.

Lui notes, "This enables advisers to start meaningful retirement conversations earlier."

Delivering higher retirement income

She adds, "Members using MyNorth Lifetime have experienced an average 60% higher retirement income.

Over nine-in-10 AMP Super members expect to be better off, thanks to a combination of lifetime income and flexible income from account-based pensions."

Products for advised and direct investors

MyNorth Lifetime is only available through financial advisers.

However, AMP Super Lifetime is available directly to consumers and has a simpler design optimised for members who may or may not have financial advice.

Top product: AMP MyNorth Lifetime Pension

AMP MyNorth Lifetime Pension - a lifetime annuity with a modern twist.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its rapid response times on investor home loan applications.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Investment Property Lender of the Year
• Why they won: Rapid response times on investor home loan applications
• Top product: Macquarie Bank's Offset Home Loan

Investor activity surges

Property investors have been highly active over the past 12 months.

Australian Bureau of Statistics data shows that lending to investors rose by 24% in the year to December 2025, far eclipsing the 7.4% growth in loans to owner-occupiers.

Put differently, more than 60,000 new investment loans were approved in the December quarter 2025 - 23.6% more than the December quarter 2024.

Why investors are attracted to property

It's easy to see the appeal of bricks and mortar for investors.

In cities such as Brisbane, PropTrack says property price growth hit 17.5% over the year to April 2026.

As Australia faces a prolonged housing shortage, SQM Research reports that rents have risen 11.0% nationally over the year to May 2026.

The national vacancy rate has plunged to around 1.0%.

Amid all these upsides for investors, an investment home loan is a critical tool that can help investors maximise the gains from the property, while also enjoying a seamless borrowing experience.

Speed, flexibility and certainty

Ben Perham, head of personal banking at Macquarie Bank notes, "Investors value speed, flexibility and certainty, and that is what we focus on delivering.

"When an opportunity comes up, being able to move quickly and get a clear answer from your bank matters.

We have designed the application and approval process to reduce delays, so that property investors can move confidently when they see an investment opportunity."

Features that support investors

Perham adds that this speed is supported by Macquarie Bank's competitive pricing and flexible features, which help investors manage their cashflow more effectively.

He explains, "Offset accounts, for example, allow investors to structure their money in a way that reduces interest while still keeping access to funds when they need them.

It gives them more control over how their money is working for them."

Macquarie Bank is definitely delivering on this score, with up to 10 offset accounts for each variable interest rate loan account.

Flexible lending options

Macquarie Bank also offers interest-only payments for up to five years.

This can benefit the cashflow of investors who plan a rapid buy-and-sell strategy.

In addition, Macquarie Bank offers loan pre-approval, which can give investors greater confidence - and enable them to act quickly when the right property comes along.

Top product: Macquarie Bank's Offset Home Loan

Macquarie Bank's Offset Home Loan reduces interest while giving investors access to funds when they are needed.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its innovative features and a seamless loan experience backed by plenty of support.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Home Lender of the Year
• Why they won: Innovative features and a seamless loan experience backed by plenty of support
• Top product: Macquarie Bank's Offset Home Loan

Making home lending simpler

One in three Australians (32%) has a home loan, making a mortgage one of our most commonly held financial products.

Despite this, taking out a home loan can still be a daunting experience.

Our Home Loan Lender of the Year - Macquarie Bank, is making the journey as stress-free as possible.

Ben Perham, head of personal banking at Macquarie Bank, says, "We have focused on making the home lending experience simpler, faster and easier to navigate from start to finish.

"Buying a property is a big decision, and knowing that you have partners like a mortgage broker and bank at your side really matters. That's why, when our customers find a property or are just refinancing, we want them to know they can count on us to help."

Removing pain points

Perham adds, "When we were designing our home lending experience, we looked at the pain points many customers typically faced when attempting to borrow money from other banks.

A major point of frustration for customers was being left waiting in the dark for days to find out whether their application had been approved or not.

We are constantly investing in our teams and streamlining how applications are assessed, so decisions are made more quickly and consistently.

That allows our customers to move forward with certainty."

Support beyond settlement

Macquarie Bank is determined to ensure the positive experience doesn't end after borrowers have secured their loan and purchased a home.

"Our customers have full visibility over their loan and can manage it directly through our mobile app or online," says Perham.

"We have made everything easy and intuitive, which our home loan customers love.

Importantly, if they ever do have a question or need extra support, they know they will get the help they need from our entirely Australia-based customer support team."

Flexible home loan options

Macquarie Bank has two home loan products: a basic home loan and an offset home loan.

The offset loan offers up to 10 offsets, so you can save for multiple goals while saving on home-loan interest.

Or take advantage of fixed and variable interest rates by splitting your loan to enjoy the certainty of a fixed rate and flexibility of a variable rate.

Top product: Macquarie Bank's Offset Home Loan

Macquarie Bank's Offset Home Loan offers up to 10 offsets to make every dollar count.

The loan provides flexibility for borrowers who want to save for multiple goals while reducing the interest paid on their home loan.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering a transaction account and a savings account that pay high rates of interest without complex conditions.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Money Minder of the Year
• Why they won: A transaction account and a savings account that pay high rates of interest without complex conditions
• Top product: Macquarie Bank's Transaction Account

Making every dollar count

High inflation, rising interest rates and fuel prices that leave motorists doing a double-take at the bowser mean now is the time to make every dollar count.

And Macquarie Bank - our 2026 Money Minder of the Year - is helping Australians do exactly that.

Three years on top

It's not hard to see why Macquarie Bank has taken out this award for three consecutive years.

It all starts with Macquarie Bank's Transaction Account, which bucks the industry trend by paying a variable rate of 2.50%pa, at time of writing.

No minimum withdrawals. No maximum deposits each month. Just a healthy return on your everyday money from day one.

And it's backed by $0 Macquarie fees, even on ATM withdrawals.

Designed for everyday banking

Macquarie Bank's Transaction Account comes with a digital debit card so you can put the account to work straightaway without having to wait for your card to arrive by snail mail.

Helping savings grow

Keen to earn more? Of course, you are.

Macquarie Bank's Savings Account pays bonus interest for the first four months - a total return of 5.10%, which then reverts to an ongoing variable rate, currently 4.75%.

A focus on trust and transparency

Reflecting on Macquarie Bank's three-year domination of this award, Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "Trust is so important in banking. For more Australians to be choosing us to help protect and grow their savings is a huge honour and a responsibility that we don't take lightly.

"That's why we are constantly investing in our technology and security to help protect our customers' savings, while also delivering deposit products that are transparent and deliver genuine value."

No fees, no games

McArdle adds, "The reality is that many Australians have become accustomed to their bank playing games with their savings. Every month, there's a trick or a trap they need to navigate to avoid a fee or get paid the interest rate they signed up for.

"We've consciously moved in the opposite direction, designing products that are transparent and fair for customers.

"No fees, no monthly conditions, no games - just savings and the best possible digital experience.

That's quite a different proposition in the market and it is resonating strongly with savers."

Top product: Macquarie Bank's Transaction Account

Macquarie Bank's Transaction Account - what's not to love about a generous return on everyday money?

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its sheer breadth of choice, with a credit card to suit just about every type of consumer.

See the full list of winners in the Money Consumer Finance Awards 2026.

American Express at a glance

• Winner: Credit Card Issuer of the Year
• Why they won: Sheer breadth of choice, with a credit card to suit just about every type of consumer
• Top product: The American Express Platinum Card

A card for every type of spender

It's hard to think of a brand more synonymous with credit cards than American Express. And there's a reason for that.

Head to the American Express website and you'll find an exceptional line-up of credit cards for Australian consumers to choose from.

Choice is always a plus, and Will Thorne, vice president of product at American Express Australia and New Zealand, says there is a way for Australians to decide which American Express card is best suited to their needs.

Choosing the right card

"A good place to start is by thinking about how you spend and what you value most - whether that's earning rewards on everyday purchases, getting more out of travel or unlocking exclusive experiences," notes Thorne.

"Some people may prefer the structure of a charge card, where the balance is paid in full each month, while others might value the flexibility of a credit card if they occasionally want to pay back purchases over time."

It's also worth considering whether you're looking for a personal card or one tailored to business expenses.

Thorne adds, "The best card is the one that fits your lifestyle and spending habits, rather than simply the one with the most features."

A broad range of options

American Express not only offers a broad range of credit cards, it also provides credit cards that are co-branded with partners such as Qantas and Velocity.

"This means people can choose a product that aligns closely with how they spend and the types of benefits they value most," Thorne explains.

For example, some Australians may prefer premium rewards cards such as the American Express Platinum Card, which offers a wider range of lifestyle benefits, including access to events and dining experiences.

Frequent travellers, on the other hand, may benefit from a co-branded airline card to maximise travel rewards.

Rewarding everyday spending

Many American Express cards also offer access to Membership Rewards, which allow eligible cardholders to earn points on their spending, with points that never expire and a wide range of redemption options to choose from.

Thorne says, "Ultimately, comparing features, benefits and fees against your own needs is key. Consumers can explore the full range of options on the American Express website to find the card that's right for them."

Top product: The American Express Platinum Card

The American Express Platinum Card is a premium charge card best suited to frequent travellers and those looking for a high level of service and access.

It offers a wide range of lifestyle benefits, including travel-related perks, dining experiences and access to exclusive events.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for delivering practical, consistent support at a time when businesses are facing sustained cost pressures.

See the full list of winners in the Money Consumer Finance Awards 2026.

Commonwealth Bank at a glance

• Winner: Business Bank of the Year
• Why they won: Delivering practical, consistent support at a time when businesses are facing sustained cost pressures
• Top product: Business Transaction Account with $0 monthly account fee option for businesses that bank mostly online

Supporting businesses through challenging times

Rebecca Warren, executive general manager of small business banking at Commonwealth Bank, acknowledges that it's a tough job running a small and medium enterprise (SME), and the current economic climate isn't making it easier.

"Australian businesses are navigating rising costs, higher borrowing rates, disrupted supply chains and more cautious demand, all while managing day-to-day operations," says Warren.

Looking beyond traditional banking

She believes this is seeing the bank's business customers look for support beyond traditional banking products.

"They are looking for the insights and tools that help them to manage their day-to-day operations while positioning their business for the future.

"We know banking is more than transactions; it is about relationships built on trust. For many of our customers, we are a long-term partner, supporting them through economic cycles, market shifts and key moments of decision making," Warren explains.

Making access to funding simpler

Commonwealth Bank continues to invest in improving lending processes and reducing friction for customers while offering a range of funding options to meet different needs.

"Our key priority is ensuring businesses can access capital when it matters most," says Warren.

"Whether it's managing cashflow, investing in new capability or responding to growth opportunities, our focus is on making funding simpler, faster and more predictable."

Digital tools for business owners

Digital capability is another central pillar of Commonwealth Bank's business banking proposition.

"Time and visibility are critical for business owners," notes Warren.

"Our digital tools are designed to make it easier to manage finances, improve cashflow oversight and reduce the administrative burden."

Practical support beyond banking

Beyond banking, Commonwealth Bank provides practical support to help businesses build capability and manage rising costs.

Warren explains, "Businesses are constantly adapting, so we focus on offering practical programs, partnerships and benefits that customers can apply straightaway, whether that is building skills, improving efficiency or reducing operating costs.

"For example, our Business Masterclass series offers education targeted specifically at small businesses in areas like cashflow management, artificial intelligence, digital safety, HR and others."

Meeting customers where they are

Warren says meeting customers where they are is central to Commonwealth Bank's approach.

"We aim to deliver a strong, consistent experience across the channels customers choose, including digital, phone and in person, supported by specialist teams and Australia's largest branch network."

Top product: Business Transaction Account

Business Transaction Account with $0 monthly account fee option for businesses that bank mostly online.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its ability to assess loan applications on an individual basis rather than sticking to rigid lending models.

See the full list of winners in the Money Consumer Finance Awards 2026.

La Trobe Financial at a glance

• Winner: Non-bank Lender of the Year
• Why they won: The ability to assess loan applications on an individual basis rather than sticking to rigid lending models
• Top products: Development finance as well as bridging, and SMSF loans

A consistent presence in the market

It's a competitive market for Australian lenders, but Cory Bannister, chief lending officer at La Trobe Financial says success comes down to consistency.

He explains, "While many lenders move in and out of the market, we've maintained a steady presence for more than 70 years. That track record gives borrowers confidence, especially in uncertain times."

Designed around borrower needs

When it comes to product features that tick plenty of boxes, Bannister notes, "Borrowers today are looking for flexibility, transparency and certainty, and our products are designed with those priorities in mind.

"We offer clear, straightforward lending options, and take a practical approach to credit approval."

Looking beyond rigid lending models

Many of La Trobe Financial's borrowers have strong underlying financial positions but they don't always fit traditional credit criteria.

Bannister explains, "Our ability to look beyond rigid models and assess applications on a commonsense basis means more borrowers can access funding, with confidence that their individual circumstances are properly understood."

Serving an under-served market

When it comes to pinpointing La Trobe Financial's most popular loans, Bannister says, "The strength of our offering reflects a growing segment of the market currently under-served by traditional lenders: borrowers with perfectly viable propositions, who nonetheless are overlooked.

"As credit policies tighten across the banking sector, this segment continues to grow, and our ability to serve it has driven sustained demand."

Popular lending solutions

That said, Bannister points to La Trobe Financial's development finance, bridging and self-managed super fund (SMSF) loans as being particularly popular, along with residential "build-to-sell" loans.

"These stand out because we take a practical approach. And considering Australia's national housing shortage, these products are well-placed to assist," adds Bannister.

A focus on people, not just processes

"Awards like this are ultimately a reflection of sustained performance rather than short-term momentum," Bannister observes.

"At La Trobe Financial this comes from a clear focus on helping borrowers solve complex financial challenges in a friendly, human way."

In a market that has seen volatility and increasing automation, La Trobe Financial has remained focused on what matters most - providing certainty, stability, clear lending parameters, and a commitment to having a human touch.

"For borrowers that means greater confidence that their loan will be handled with care and followed through by a person who has taken the time to understand their circumstances," notes Bannister.

Top products

La Trobe Financial's development finance, bridging and SMSF loans are among its most popular lending solutions.

The lender has also seen strong demand for residential build-to-sell loans, reflecting its practical approach to assessing borrowers and funding opportunities.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its straightforward product range offering customer-focused features.

See the full list of winners in the Money Consumer Finance Awards 2026.

Bank Australia at a glance

• Winner: Customer-Owned Bank of the Year
• Why they won: A straightforward product range offering customer-focused features
• Top product: Clean Energy Home Loan

Putting customers at the centre

More than five million Australians choose a customer-owned financial institution, and Bank Australia's managing director, Damien Walsh, says the customer-owned banking model is important in today's market because "it puts customers at the centre of the decisions we make".

Walsh adds, "As a customer-owned bank, we exist to serve our customers rather than external investors, which means we're able to focus on meeting their needs and creating positive impact on their behalf. We don't prioritise profit for its own sake."

Supporting people and the planet

A key aspect of the customer-owned model is that our customers have a direct say in the issues they want the bank to act upon.

"This guides the projects we support through our impact fund," says Walsh.

"The fund supports initiatives that create positive outcomes for people and the planet, and we commit up to 4% of our annual after-tax profits to it."

Bank Australia offers what Walsh describes as "a simple range of products with competitive pricing, and excellent service through a range of channels. We embed impact into what we offer so customers can use their money in ways that help create a world where people and the planet thrive".

Features designed for real-life needs

Walsh explains, "One of the ways we support our customers is through features that respond to real-life needs.

"Our Parental Pause allows new parents to pause home loan repayments for up to three months, while our Eco Pause gives customers the option to redirect funds towards environmental home upgrades as part of their home loan.

Top product: Clean Energy Home Loan

"Our Clean Energy Home Loan offers incentives for customers who buy or build green homes, with a reduced variable rate for five years or a reduced fixed rate for three years.

"This helps customers decarbonise their homes.

"Our customers also have free access to the BOOM! Power Electrify Your Home tool for customers in Victoria, NSW, Queensland, Tasmania, the ACT and Greater Adelaide, enabling them to create a customised electrification plan and connect with BOOM! Power's network of trusted installers."

Helping Australians get ahead

Bank Australia offers reduced rates on loans for electric vehicles, and is on the panel of lenders for the Federal government's Help to Buy Scheme, aiming to make homeownership more achievable for more Australians.

Read more: View all winners in the Money Consumer Finance Awards 2026.

It was recognised for its focus on giving back to customers and communities while providing accessible, personalised support across multiple banking channels.

See the full list of winners in the Money Consumer Finance Awards 2026.

Newcastle Permanent at a glance

• Winner: Bank of the Year - Customer Service
• Why they won: A focus on giving back to the bank's customers and communities in a variety of ways
• Top product: A new platform that helps prevent financial crime

Built around customers and communities

Newcastle Permanent is a customer-owned bank, and Paul Juergens, chief distribution officer at Newcastle Greater Mutual Group (NGM Group), says this means that "we exist for the very purpose of serving our customers and communities".

To do this well, a bank needs to know and understand its customers and communities.

Juergens explains, "At Newcastle Permanent, we know that our customers value support that is accessible, quick and simple. That's why it's important to us that our customers can seek support face-to-face, on the phone or online through our web and mobile banking platforms."

Local support with local knowledge

Having also taken out this award in 2025, Juergens adds, "We are really proud of our contact centre, which is based in the heart of our footprint in the Hunter region of NSW.

This means that when customers call, they aren't just hearing a voice on the end of the phone, they are hearing someone who has a genuine understanding of the customer's needs because the team member also lives in a regional community."

Giving back to regional communities

Another aspect that sets Newcastle Permanent apart is the way the bank invests back into its communities.

"We're not just here to support customers with their day-to-day banking needs," notes Juergens. "We're here to support their local football or netball club, Nippers program, or charity organisation.

"In FY25, NGM Group invested more than $6 million into regional communities, with $2.5 million given to charitable partners."

Investing in better banking experiences

Newcastle Permanent and NGM Group have implemented several new initiatives with a focus on making banking safe and easy.

"Our team handles a broad range of enquiries from everyday transactions to complex issues, so we've invested in technology to streamline workflows and improve experiences for both employees and customers," says Juergens.

"Our branch refurbishment program is designed with excellent customer experiences in mind. It's about more than freshening up a branch, we want to create a more welcoming, accessible, modern and functional environment for everyone.

Supporting customers of all generations

"We also know that different generations have different comfort levels and expectations around banking, which we accommodate.

For example, for less tech-savvy customers, we run free digital banking masterclasses to provide in-person support, teaching skills like paying bills online and password protection. These sessions are always very popular."

Top product

A new platform that helps prevent financial crime is among the initiatives introduced to help make banking safer and easier for customers.

It reflects Newcastle Permanent's ongoing focus on improving customer experiences while providing the security and support customers expect from their bank.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering competitive interest rates without the complex conditions that often apply to savings accounts, helping Australians make the most of their cash savings.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Savings Account of the Year
• Why they won: Competitive interest rates without restrictive conditions or monthly hurdles
• Top product: Macquarie Savings Account

Helping Australians make every dollar count

Australians may be feeling the pinch from rising living costs, but that hasn't stopped many households building substantial savings balances.

Australian Prudential Regulation Authority (APRA) data shows Australians are holding $1.729 trillion in savings, up from $1.682 trillion in December 2025.

That's a significant pool of cash and, in a challenging cost-of-living environment, making every dollar work harder has become increasingly important.

A focus on what customers want

Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "Our team spends all of its time thinking about what our customers really want and how we can best deliver that."

"We know our customers value no fees and high interest rates without the usual strings attached."

"That's why we've invested a lot of time simplifying our offering, while reinvesting the benefits of our technology investment into the rates and experiences our customers enjoy. That's a deliberate choice and one we're really on."

Saving without the hoops

Macquarie's Savings Account, which links seamlessly with the Macquarie Transaction Account, has become the bank's most popular savings product.

"What sets it apart is that customers can earn a fantastic interest rate, without doing anything. No hoops and no catches," says McArdle.

"A lot of banks have introduced complex savings accounts, requiring customers to meet certain conditions each month to unlock their elusive 'bonus' interest rate."

"Those conditions have become complex and restrictive, with many customers now forced to deposit a certain amount, make a number of transactions, or not make any withdrawals each month to earn a good return."

"Miss one small condition and the interest rate can often drop to near zero."

Competitive returns from day one

By contrast, McArdle says, "customers earn a competitive interest rate on every dollar from day one."

"There are no deposit requirements, no minimum transactions and no restrictions on withdrawing funds."

This straightforward approach removes the need for customers to track monthly conditions while still earning a competitive return on their savings.

Top product: Macquarie Savings Account

The Macquarie Savings Account offers customers a competitive interest rate without requiring regular deposits, minimum transactions or limits on withdrawals.

It is also designed to work seamlessly with the Macquarie Transaction Account, giving customers flexibility while helping their savings grow.

As McArdle notes, "Our Macquarie Transaction Account stands out as one of very few in the market that actually pays interest."

"That makes a huge difference, as our customers know they'll still earn interest on the money they use for their everyday spending."

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering a suite of accounts that allows retirees to earn competitive interest on their money without the hassle of monthly deposit requirements and restrictive conditions.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Bank of the Year - Retirees
• Why they won: A suite of accounts that lets retirees earn interest without the hassle of deposit requirements
• Top product: Macquarie Transaction Account

Helping retirees make the most of their money

About 4.5 million Australians aged 45 years and older are retired. While retirement is often associated with older Australians, figures from the Australian Bureau of Statistics show the average retirement age is 57.

Regardless of when retirement begins, the common challenge is making savings work harder, particularly during periods of elevated living costs and inflation.

That's where a bank can play a valuable role. With the backing of the government deposit guarantee, savings accounts offer security, but Macquarie Bank also delivers competitive returns across both its Savings Account and everyday Transaction Account.

Removing barriers for retirees

Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "A lot of banks still charge hefty account-keeping fees on their transaction accounts if you don't deposit a certain amount, typically around $2000, each month."

"If you're a retiree and no longer have an income stream, meeting those requirements can be difficult."

That's where Macquarie stands out.

"We don't charge any monthly account-keeping fees and we also refund ATM fees," says McArdle.

"That is very attractive to retirees, who may be on a limited income and are closely managing their finances."

Competitive savings without complicated conditions

According to McArdle, Macquarie's Savings Account has become particularly popular with retirees.

"Most savings accounts have monthly conditions to earn their highest rate. A lot of retirees can't meet these, as they typically involve a minimum deposit each month and restrictions on withdrawals.

"We think everyone should be able to access their own money when needed while earning a fair return on their savings, without having to jump through complex hoops and catches.

"We've found that proposition is really resonating with older Australians in the retirement phase."

Certainty through term deposits

Macquarie Bank is also seeing strong demand for its term deposit products among retirees seeking predictable returns.

McArdle says, "We are also seeing very strong interest in our term deposit products, particularly among older Australians."

"We make it very easy for customers to set aside a portion of their savings while locking in a fixed return. That certainty matters, particularly in retirement."

Top product: Macquarie Transaction Account

Macquarie's Transaction Account stands out by paying a rate of interest that is higher than many savings accounts offered by other institutions.

Combined with no monthly account-keeping fees and ATM fee refunds, it provides retirees with a practical everyday banking solution while helping idle cash continue to earn a return.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its ongoing commitment to creating meaningful digital experiences for customers.

See the full list of winners in the Money Consumer Finance Awards 2026.

Bank Australia at a glance

• Winner: Bank of the Year - Digital
• Why they won: Ongoing commitment to create meaningful digital experiences for customers.
• Top product: Everyday Access account

Digital banking becomes the norm

Digital banking in Australia has reached almost universal adoption, with a report from the Australian Banking Association confirming 99.3% of customer-bank interactions now occur through digital channels.

Mobile wallet payments have surged to $160 billion annually, a 23-fold increase since 2019, while physical branch visits have dropped 51% in the same period.

Long story short, more and more Australians are jumping online to do their banking, and digital options are reshaping how people interact with their bank and manage their finances.

The good news is that digital banking is fast, safe and it fits into our busy lives. But it's also challenging financial institutions to meet customer demand for digital services head-on.

It's a challenge that our winner - Bank Australia has risen to.

Supporting customers digitally

Damien Walsh, Bank Australia's managing director, says, "As a customer-owned bank, we're committed to supporting our customers in the way they choose to bank with us. Increasingly, that means digital.

He adds, "The majority of our customers use our digital channels as the primary way to manage their banking, supported by our mobile app, internet banking and digital customer service options."

Investing in the digital experience

Walsh notes that as a future-focused bank, Bank Australia is "actively focused on improving and upgrading the digital experience for our customers".

He says, "This includes ongoing improvements to our mobile app and online banking experience, enhanced security features and digital tools.

"We've focused on improving our lending onboarding journey and digitised the process end-to-end, helping more customers get access to a home loan."

A consistent experience across platforms

According to Walsh, Bank Australia is committed to "ensuring our customers have a consistent brand experience across platforms, ensuring that digital touchpoints feel cohesive, from our website to our app.

"As we look to the future, Bank Australia is committed to creating impactful, accessible and meaningful digital experiences for current and future customers."

Balancing digital and personal service

Walsh points out that Bank Australia's products and services "are designed to meet the banking needs of our customers across all life stages and life events".

So, despite its embrace of digital banking, Bank Australia continues to support those who still prefer a human touch, with face-to-face banking support in many Victorian locations and in some capital cities around Australia.

Top product: Everyday Access account

Everyday Access account - offers a digital wallet, Osko, PayID plus a round-up feature to grow savings through Visa Debit card purchases.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering a suite of complementary banking products to help young savers make their money work harder.

See the full list of winners in the Money Consumer Finance Awards 2026.

NAB at a glance

• Winner: Bank of the Year - Young People
• Why they won: A suite of complementary banking products to help young savers make their money work harder
• Top product: NAB iSaver

Making saving simpler for young Australians

As Sweta Mehra, NAB executive - personal everyday banking, points out, "Young Australians are juggling higher living costs, rent and study or early career wages, so saving needs to be simple, flexible and motivating - not complicated or restrictive."

Mehra adds, "At NAB, we focus on helping young people build strong savings habits by pairing competitive savings rates with practical digital tools that make saving easier day to day."

Digital tools to build good habits

Through the NAB app, young Australians can set up savings goals, automate regular transfers into their savings accounts, track balances and progress in real time, and separate spending from saving across different accounts.

"We also place a strong emphasis on visibility and control," says Mehra.

"Real-time account updates, spending insights and easy money movement help younger customers understand where their money is going and make conscious choices about setting some aside - even if it's in small amounts.

Flexible saving for real life

"Our approach recognises that saving isn't always linear for young people. Our products and digital features are designed to reward good habits without locking customers in, or penalising them when circumstances change, giving them the flexibility to save consistently and confidently over time."

Products that work together

Mehra cites three key NAB products that can work together to help young adults get more from their money:

NAB iSaver - suitable for young savers who want a competitive interest rate with no ongoing fees or minimum balance requirements.

NAB Reward Saver - for those who like clear incentives to save consistently.

NAB Reward Saver encourages regular saving habits by offering bonus interest when monthly deposit and balance conditions are met.

"It's well suited to younger Australians who want structure and motivation as they build longer term savings, without needing to constantly watch the account," says Mehra.

NAB Classic Banking - an everyday account that forms the foundation of good money habits.

"NAB Classic Banking has no monthly account fees, is easy to manage via the NAB app, and works seamlessly alongside savings accounts - making it easier to separate spending from saving and stay on track," notes Mehra.

Top product: NAB iSaver

NAB iSaver - a strong option for young savers who want a competitive rate with no ongoing fees or minimum balance requirements.

Supporting every stage of the savings journey

Together, these products give young Australians flexibility - whether they're just starting their savings journey, setting up regular habits or working towards bigger goals over time.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

After taking out seven categories in this year's awards, Macquarie Bank earned the top honour for its focus on simplifying banking, delivering competitive products and creating a seamless digital experience for customers. It was recognised for removing friction from the banking experience and raising the standard for what Australians should expect from their bank.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Bank of the Year
• Why they won: Removing friction from the banking experience and raising the standard for what Australians should expect from their bank
• Top product: Macquarie Transaction Account

A standout year

Well, that's got to be a record. Macquarie Bank has won seven out of 18 of Money's 2026 Consumer Finance Awards.

Ben Perham, head of personal Banking at Macquarie, explains this success, saying, "We've long been focused on building a banking experience that genuinely helps customers manage their money.

"For a number of years our strategy has prioritised removing complexity and making banking simpler for Australians. That's grounded in our customer obsession, which shapes our product design, how we improve our experiences over time and how we respond to what customers actually want and need."

Putting customers first

Perham adds, "We want our customers to feel in control and supported when they bank with us.

"We consistently get feedback that customers value our straightforward products, competitive rates and digital experiences that feel intuitive and easy to navigate.

"We're really focused on getting those fundamentals right, and customers are responding to that."

Leading banking innovation

Macquarie Bank has led several banking innovations.

Perham explains, "I am particularly proud of just how easy we have made it to become a Macquarie customer.

"Our customers can open an account online with Macquarie in minutes, and start spending and earning interest straightaway. No visiting a branch, no paper forms.

"That makes a huge difference, and it is helping more Australians access a better banking experience.

"Alongside this, we've built industry-leading security directly into the customer experience.

"Our Macquarie Authenticator app is a great example of this, giving customers real-time, tap-to-approve control over their account activity so they can authorise or decline transactions instantly from their phone, wherever they are," Perham adds.

"This really stands out for me, as it puts our customers in control and they can review and approve actions on their account with confidence."

A seamless digital experience

He continues, "We are also particularly proud of how we have brought our banking products together into a single, seamless digital experience.

"Customers can effortlessly move between transaction accounts, savings and home loans with clear visibility and control over their money.

"We have invested heavily in tools that do the work in the background, including spending insights that categorise transactions automatically, budgeting tools and the ability to track savings goals."

Top product: Macquarie Transaction Account

Macquarie Transaction Account - can be opened in as little as three minutes. This gateway account gives Macquarie customers access to a world of benefits.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its innovative products and features that help make money management quicker and simpler.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Bank of the Year - Product
• Why they won: Innovative products and features that help make money management quicker and simpler
• Top products: Great rates on deposits, flexible home loans and an everyday account that pays a healthy return

A one-stop shop for banking

Life is busy, we're all pressed for time, and taking care of money matters shouldn't have to be a time-thief.

That's why it can make sense to partner with a bank that offers a product suite broad enough to let us manage our money efficiently, without the need to jump between providers for different functions.

Macquarie Bank has nailed this, with a range of feature-packed products that make the bank a one-stop shop.

Having taken out seven of our awards, it's clear that Macquarie Bank offers something for everyone - from savers to home buyers, property investors and retirees.

Driven by customer feedback

But Macquarie Bank is not resting on its laurels. There are fresh initiatives on the horizon, and many are driven by customer suggestions.

Ben Perham, head of personal banking at Macquarie Bank says, "A lot of our innovations come directly from customer feedback, which our teams take very seriously."

Perham explains, "Customer expectations are continually evolving, particularly around speed, simplicity and personalisation. We're focused on removing friction from the banking experience and raising the standard for what Australians should expect from their bank. We're really excited about the potential opportunities to reimagine the way our customers access support."

Innovation in action

As a guide, earlier this year Macquarie Bank launched Q - a new AI-powered agent.

"Previously customers would need to reach out to us during business hours, either online or by phone, to get an answer to what are often simple questions," notes Perham.

"Q has changed all of that, offering our customers personalised support 24/7 directly in our app and online banking. Whether it's a question about their payment limits or how long a bank transfer will take, they get an instant answer. The opportunity to build out that offering further is very exciting."

Investing in the customer experience

According to Perham, Macquarie Bank is continuing to invest heavily in technology, data and digital capabilities to ensure that every interaction is as intuitive as possible.

"Whether a customer is opening a new banking account, making a simple transfer or managing a home loan, we want to ensure the support and information they need is seamlessly available," he says.

Top products

Macquarie Bank's product suite stands out for offering great rates on deposits, flexible home loans and an everyday account that pays a healthy return.

Together, these products help customers manage their banking needs through a single provider, while benefiting from innovative features and ongoing improvements driven by customer feedback.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

In a landmark Federal Court ruling, Justice Bennett found the bank's breaches of the ePayments Code were "widespread and systemic", with ASIC saying the judgement sends a clear warning to banks about their responsibility to protect customers from scams.

Of the $23 million lost, almost $16 million disappeared in just six months between October 2023 and March 2024.

Many victims were deceived by scammers impersonating HSBC staff and gaining access to their accounts.

The bank took 144 days on average to investigate the issues.

The regulator launched legal proceedings in late 2024, alleging the bank failed to have suitable controls in place to prevent and detect unauthorised payments and did not investigate suspicious transactions. These took place between January 2020 and August 2024.

Justice Bennett found HSBC's breaches to be serious, noting that while some scam controls were implemented, critical safeguards were not applied to the bank's internal payment system, where the majority of customer losses occurred.

ASIC chair Sarah Court says, "Banks have been well on notice about the risks of scams for some time. They have now been given a clear message to have adequate controls and ensure their interactions with scam victims help - not hinder."

HSBC admitted it failed its obligations under the ePayments Code and did not apply rules in the code for determining when customers or the bank should bear the losses from scams. It also admitted it did not have adequate systems in place to help customers get back into their banking after they had been scammed.

Upon ASIC's investigation, HSBC established a remediation program that has paid some $21.5 million in compensation to date.

More remediation is expected before the end of July. The bank has since recovered and returned $6.5 million to customers.

"We apologise to our customers who were impacted by these events. We are pleased to have reached an agreement to resolve the proceedings with ASIC, which recognises our customer redress program and the significant enhancements made to our fraud and scam prevention, detection and response," an HSBC spokesperson said.

This article first appeared on Financial Standard

That's the situation that's played out so far this year, thanks to three hikes from the RBA which has pushed the cash rate up 75 basis points to 4.35%.

Richard Whitten, senior money editor at Finder, says that these increases - which banks have largely passed on - have left savers in one of their strongest positions in years.

"The cash rate is now back to where it was two years ago, and that's as high as it's been since 2011.

"We haven't cracked the 6.00% p.a. interest rate mark for savings accounts just yet - but we're getting pretty close."

Where can you get the best savings rates in 2026?

For savers looking for the best return on their cash, accounts with short-term introductory rates are the most competitive at present.

"These accounts tend to offer your classic four-month introductory rate which reverts to a lower rate after that," Whitten explains.

"The top right now is the High Interest Savings Account from Rabobank which will give savers 5.90% p.a. for four months. Then Ubank and ING are both offering 5.85% p.a. for four months as well."

Not far behind these are savings accounts with high, ongoing bonus rates.

Unlike intro rates, savers will earn the bonus rate each month if they meet any conditions attached to the account.

That could be depositing a certain amount, making a minimum number of transactions with a linked card or refraining from withdrawing money.

"Ongoing rates are a touch lower than introductory rates at the moment, with Move Bank offering the highest rate of 5.65% p.a. on its Growth Saver account," says Whitten.

Are the big four banks falling behind on savings rates?

While the top end of savings account rate leaderboard is congested with banks jostling for position and customers, are ANZ, Commonwealth Bank, NAB and Westpac are notable absentees.

"The big four are a fair bit lower, which is interesting," Whitten says.

"ANZ is the best among them, offering 5.10% p.a. with its Plus Flex Saver and Plus Growth Saver accounts."

Westpac's Life account is an outlier, offering a rate of 5.75% on balances up to $150,000. However, it's only for people aged between 18 and 40.

Bonus rate trap: are you earning less than you should?

Even if their money is parked in a savings account with a competitive interest rate, the reality is that many savers will only be earning a fraction of the interest they could be.

How is that possible? They're not activating their bonus rate. More than two in three savings accounts with a bonus rate didn't receive it each month according to a 2023 ACCC report.

Whitten says that the situation has been made trickier for savers in recent years by the number of conditions banks have attached to bonus rates.

"A good example is ING's Savings Maximizer which is a popular account with one of the best ongoing rates on the market at 5.50% p.a.

"But to get that top rate, you have to deposit $1000 each month, make five transactions with a linked debit card and grow your balance. If you don't meet those, the base rate is only 0.01%."

One strategy that may help savers meet their deposit requirement is automating the process. But in some situations, Whitten says that people may be better suited to account with no strings attached.

"Try setting up an automatic transfer each month between the account your pay goes into and your savings account. That way the money will be in your savings before you have a chance to spend it.

"But if you're consistently not meeting the requirements for the bonus rate and only getting a rate closer to zero, moving to an account with a base rate of 3% or 4% could be worthwhile."

"Grossly negligent": Westpac fined $26 million for hardship failures

Westpac has been slapped with a $26 million penalty for failing to adequately respond to over 200 customers experiencing financial hardship between 2017 and 2023.

The Federal Court described the failures as "grossly negligent".

The requests for help were made by customers of Westpac and its subsidiaries - St George Bank, Bank SA and Bank of Melbourne, who reached out to the bank after struggling to meet repayments on home loans, credit cards, personal loans and car loans.

Some customers waited for weeks longer than the 21-day legal deadline for a response. Others got no response at all.

Westpac has since paid more than $1.7 million to the affected customers, including refunds of fees and interest, and compensation for non-financial loss.

However, Sarah Court, deputy chair of the Australian Securities and Investments Commission (ASIC), says the penalty sent a clear message to Westpac and other lenders to step up and do better when customers ask for help.

"Westpac failed the very customers who needed help when they needed it most," notes Court.

"These were customers who were asking for some breathing room for a range of reasons including domestic abuse, natural disasters, serious illness or the loss of their job.

"Instead of providing a safety net for these customers, Westpac's systemic failures let them slip through the cracks."

Time is running out for tax deductible super contributions

As we head into June, it's time to get cracking with before-tax (concessional) super contributions.

You may be able to claim a tax deduction for personal contributions to your super though limits apply. In the current financial year, tax-deductible contributions are capped at $30,000.

This includes your employer's compulsory 12% super payments plus any salary sacrifice contributions of your own.

However, you may be able to take advantage of carry forward contributions. These are the balances leftover from unclaimed contributions over the past five years.

Either way, it pays to get cracking with personal contributions especially if you plan to claim them on tax.

It takes time for super funds to process contributions, and some of the larger funds like Aware Super, are advising members that the cut-off date to add to your super this financial year is Friday June 26.

That leaves a little over three weeks to tip money into your fund if you want to claim a contribution on tax.

Electricity bills could plunge 10.7%

After years of being slugged with rising electricity bills, households in several states are set to enjoy a welcome break.

The Australian Energy Regulator (AER) has cut the default market offer (DMO) for many households across New South Wales, South East Queensland and South Australia.

Prices are expected to fall by up to 7.7% in New South Wales, 10.7% in south-east Queensland and 1.1% in South Australia for households using smart meters on a time of use standing offers.

For those on a flat rate standing offer, prices will fall between 3.4% and 5.0% in New South Wales and 7.2% in south-east Queensland, while households in South Australian households will see prices increase by 1.4%.

It's all thanks to skyrocketing levels of renewable energy and more reliable coal-fired generators.

Clare Savage, AER chair, says it's still important for consumers to explore the market and shop around for the best deal.

As a reminder, she points out that retailers are required to tell their customers at least once every 100 days if they could offer them a better plan.

"Once new prices take effect in July, it will be worth exploring which retailers offer further discounts."

Can home security cameras reduce your premiums?

It's estimated more than one in three Aussies use home security cameras.

A Canstar survey shows homeowners are spending, on average, $458 on home security products, with over one in ten (12%) installing cameras in a bid to lower home insurance premiums.

But cameras can dish up unsettling findings that don't always reduce premiums. One-quarter of Canstar's respondents with security cameras saw people trespassing on their property.

One in ten found someone attempting to break into their home, and 7% saw an attempted vehicle theft.

Apart from unearthing dodgy habits among the locals, will home security cameras mean a discount on home insurance premiums? Not necessarily.

Insurer Youi, says home security cameras may make no difference to premiums, though alarm systems - like monitored back-to-base alarms - can be considered when calculating premiums.

That makes it worth talking to your insurer before investing in home security measures.

NSW residents can save over $500 on new air con

Monday marks the start of winter. But it pays to be prepared for the summer ahead.

This week saw London swelter in temps topping 35 degrees. For comparison, Dubai, in the United Arab Emirates, saw the mercury climb to 34 degrees.

Does that make London the Dubai of Europe? Probably not.

But it is a reminder that the winter months can be a good time for Aussies to get on top of home cooling ahead of the summer heat.

The good news is that New South Wales residents may be able to save by taking advantage of the state's air conditioner upgrade incentive.

This scheme allows NSW residents to access a discount from the NSW Government's Energy Savings Scheme to lower the cost of installing a new energy-efficient air conditioner or replacing an old one with a more efficient model.

If you're eligible, discounts can be worth up to:

• $550 if you install a new 6kW air conditioner system
• $560 if you replace an old air conditioner with a 6kW split system.

Your ability to access the scheme can depend on whether your location is serviced by installers who offer the incentive.

To know for sure, speak to local installers or head to NSW Climate and Energy Action for more details.

The increase comes just one month after the central bank raised rates to 3.85% in February, and follows a sharp escalation in global tensions that has rattled energy markets and revived concerns about rising prices.

For households, the decision is likely to mean higher mortgage repayments and renewed pressure on already stretched budgets. The upside for savers is that term deposit and savings account rates may also rise.

How did we get here?

A lot has changed since the RBA's February decision.

When it lifted the cash rate to 3.85%, the bank pointed to three main reasons: the economy was growing a little faster than expected, the labour market was expected to remain healthy, and inflation was still forecast to peak at 4.2% in June before only gradually returning to target by June 2027.

At first, the data did little to challenge that view.

On February 19, Australian Bureau of Statistics figures showed unemployment held steady at 4.1%, while employment rose by 18,000 people. Then, on February 25, inflation for the 12 months to January came in at 3.8%, unchanged from December and broadly in line with expectations.

At that point, markets were calm. As recently as March 2, traders were effectively pricing in no chance of a March rate rise.

That changed abruptly in the early hours of March 3, when the US and Israel entered war with Iran, triggering a major supply shock in global oil markets.

Iran's move to block the Strait of Hormuz - a critical shipping route for roughly 20 million barrels of oil a day - sent crude prices surging.

Oil prices then swung wildly, climbing to almost US$120 a barrel, dropping back to US$80, then rising again above US$90.

Petrol prices jumped in Australia, prompting the ACCC to warn service stations against price gouging.

The shift in sentiment was swift. Within two weeks, market pricing implied a 71% chance of a March rate rise.

Economists at Commonwealth Bank, NAB, ANZ and Westpac began forecasting not one but two quarter-point hikes in March and May, which would take the cash rate to 4.35%.

RBA deputy governor Andrew Hauser also signalled growing concern before the meeting. Speaking on the Politics with Michelle Grattan podcast, he said the bank's February inflation forecast of 4.2% for June was now likely to be exceeded.

"It's still in flux [...] I don't want to give a number that might give a false sense of accuracy. But certainly directionally it's higher than the projection we published in February," Hauser said.

"It's worth us continuously reminding ourselves just how toxic inflation is. We've only just had an experience of that and we don't want to go through that period again."

Cash rate hike: the case for and against

Not all economists believed the RBA needed to move immediately.

Anthony Malouf, market analyst at Ebury, said Australia's position as a net energy exporter could offer some protection, even if higher fuel costs still create short-term pain for households.

"The Australian dollar remains underpinned by Australia's status as a net energy exporter," Malouf said. "Prolonged global energy shocks historically lift export prices, providing a significant boost to our terms of trade."

Malouf's broader point was that the RBA may have been better off waiting for more data, particularly with signs that consumers and businesses were already losing momentum.

CBA spending data showed household spending fell 0.5% month-on-month in February, while consumer sentiment remained weak and NAB's business survey showed confidence slipping back into negative territory.

Others saw a stronger case for immediate action.

MLC senior economist Bob Cunneen said the spike in petrol prices could quickly spread through the economy and push inflation materially higher in coming months.

"The sharp surge in petrol prices in the aftermath of the Middle East war is the immediate catalyst for an interest rate rise," Cunneen said.

He estimated the jump in fuel prices alone could add about one percentage point to inflation, with higher transport, fertiliser and food costs likely to add to the pressure over time.

Tougher times for homeowners

Ultimately, the RBA raised the cash rate, matching hawkish economists' expectations.

Lenders had already priced in the move: 12-month term deposit rates pushed above 5% p.a, with Bank Australia, Qudos Bank and Community First Bank at or above that level and more likely to follow.

Conversely, for mortgage holders, the latest move adds to repayment pressure as households cut back.

If the RBA hikes again in May as expected, the 75 basis points of increases since the start of the year would add about $239 a month to repayments on a $500,000 home loan, or $478 a month on a $1 million loan.

Three steps for homeowners to reduce mortgage stress

Peter White, outgoing managing director of the Finance Brokers Association of Australia (FBAA), says homeowners should take three simple steps to make sure they are not paying more than they need to.

1. Benchmark your rate

Speak to a mortgage broker to compare your current loan with what is available across the market.

"There's no charge for this, and a broker has access to lender options not available to the public direct, including non-bank lenders," White says.

2. Ask your lender to match it

If there is a better rate available elsewhere, call your lender and ask for a reduction on your existing loan.

"Be warned: they won't call you; you have to make the approach."

3. Refinance if they won't move

If your lender will not budge, consider switching to a lender offering a lower rate that still suits your needs.

"Unlike banks, who act in the best interests of their shareholders, mortgage brokers are legally obligated to act in the customer's best interests," White says.

Following last week's interest rate rise, many homeowners throughout Australia are wondering the same thing: How much will this add to my mortgage repayments, and can I get a better deal at another bank?

As the cost of living continues to soar, comparing rates and lenders can be a great way to ease the financial pressure that many homeowners are under. It's a sensible step, but far too many Australians are skipping something that takes minutes, costs nothing, and could potentially save you thousands of dollars each year: checking your credit report.

Lenders across Australia decide how 'risky' an applicant is based on their credit history and credit report. That means if you have poor credit health, you might end up paying more, while good credit health unlocks better rates and more competitive products.

However, to ensure you're in the best position possible, you have to be familiar with your credit report and what it means for your finances. So before you refinance, renegotiate, or apply for a new home loan, here's why you should first check your credit report.

Your credit report is part of the price you pay

A mortgage rate is not just about the headline numbers on comparison sites. Lenders look at your overall application, including your income, expenses, existing debts, and your credit report, before deciding what rate and loan product is right for you.

Put simply, your credit report is a record of your credit history. It can include information like what credit accounts you have, how your repayments have been managed over time, and a history of credit applications.

From a lender's perspective, this is part of how they assess how risky you are as a customer. From your perspective, it can be the difference between qualifying for a lower rate or being offered something higher, even in the same market.

A small difference adds up quickly. On a $600,000 loan over 30 years, a 0.25 percentage point higher rate can mean roughly $100 more per month. Over time, that becomes tens of thousands of dollars that could have stayed in your pocket.

Why now is the moment to check your credit report

In addition to the RBA's interest rate rise, many homeowners throughout the country are approaching the end of their fixed-rate loan periods, and repayments are shifting as a result. If you are about to shop around, you will likely be asked for permission to run a credit check on your credit report as part of every new application.

To improve your bargaining position, it's important that you know what potential lenders are seeing on your credit report. This will help you in two key ways:

First, it will help you make more informed decisions about what rates are realistic and achievable based on your credit health.

Second, it will help you avoid making too many  applications to different lenders in quick succession, which can make you look riskier than you are. When you know your bargaining power based on your credit report, you can strategically apply for the rates and products that are best for you.

It's easy, fast, and free to check your credit report

Australians are entitled to a free copy of their consumer credit report from a credit reporting body every three months, and sometimes more often in specific situations. If you only do one thing this week, make it this.

Once you have your report, focus on three checks:

1. Make sure the basics are correct

Start with your personal details. Errors can happen, and mismatched information can complicate an application. If anything is wrong, take steps to correct it through the relevant credit reporting body.

2. Look for issues that could be costing you

Scan for defaults you do not recognise, accounts you never opened, or repayment history that does not match reality. If you see something that looks incorrect, dispute it. Fixing errors before you apply for a new loan can make a real difference to how smoothly your mortgage process runs.

3. Review your credit enquiries

If you've been shopping for credit products, you might see multiple enquiries listed. This is one reason it helps to plan your refinancing approach before you lodge applications with several lenders. A scattergun approach can do more harm than good, so it's often better to narrow your shortlist and focus on products more suited to your credit health.

If, after completing these three steps and trying to get a better rate, your loan repayments still feel unmanageable or overwhelming, make sure you contact your lender to discuss your options. When you're experiencing financial hardship, you may be able to access temporary adjustments to your loan, such as deferred or reduced payments.

It's important to remember that financial hardship assistance will not affect your credit score, but missing payments before you discuss your situation with your lender can. This is why it's essential to contact your bank as soon as possible.

Rate rises should not only prompt Australians to look at repayments; they should also prompt us to better understand how our credit health plays a role in the financial products and services we're able to access.

By arming yourself with your credit report, you can widen your loan options, strengthen your negotiating position, and avoid paying more than necessary for years to come.

If you're not sure how to get started, CreditSmart's free resources can walk you through how credit reporting works and how to access your information.

Roughly one in three Australians - the equivalent of 7.3 million people - are planning a trip abroad in 2026, according to a recent survey undertaken by Finder.

Travelling internationally isn't a cheap exercise though. Australians are budgeting $7310 on average for a two-week holiday overseas, research recently released by ING reveals.

Much of that travel budget will go towards essential costs like flights, accommodation and activities, but one area that travellers are unlikely to be happy about forking out money on is banking fees.

So, for people planning to take some time off for an overseas holiday in 2026, which banking fees and card costs can be avoided?

1. Foreign exchange fees on debit and credit cards

In the 12 months to August last year, ING research found that Australians lost around $600 million to international transaction fees alone.

These are common fees attached to debit cards and credit cards which crop up when users make transactions outside of Australia (even online) or in a foreign currency.

"International transaction fees and exchange rate mark-ups on debit and credit cards can add up to 4% per transaction, and that's before any annual fees or minimum spend requirements," says Caecilia Chu, co-founder and chief executive of fintech and travel card provider, YouTrip.

"The amount may seem small at first, but it adds up quickly over the trip."

As the table above shows though, international transaction fees are avoidable.

However, it's always worth comparing the full suite of fees and features attached to a card before deciding if it's a worthy companion for your next holiday abroad.

2. Cash withdrawal fees at ATMs

Whether home or abroad, most Australians won't want to have to fork out a fee to withdraw cash. The difference is, the cost of withdrawing money abroad can really add up.

Many Australian banks charge a transaction fee on withdrawals, and some will charge an additional withdrawal fee. On top of that, it's also common for third-party ATM operators to charge a fee.

As it turns out, the latter can be very expensive, depending on where you are in the world.

An analysis conducted earlier in the year by Wise found that in some of the popular destinations for Australians, travellers pay double-digit fees, on average, to withdraw cash.

For instance, Wise found that the average third-party ATM fee was 27.1% in Vietnam and 10.91% in Indonesia. On a $200 cash withdrawal in Vietnam, that would equate to a fee of $54.

Tristan Dakin, ANZ country manager at Wise, says that there are more cost-effective ways for travellers to withdraw cash overseas though.

"Tips include looking for bank-operated ATMs, that offer clearer fee disclosures, making fewer, larger withdrawals rather than many small ones, and being sure to select local currency rather than AUD when withdrawing cash, to avoid higher mark-up rates."

3. Dynamic Currency Conversion costs

Many Australian travellers will have found themselves in a situation where, upon going to pay for a bill at a restaurant or cafe, they have been presented with the option of paying in the local currency (e.g. Euros) or their home currency (Australian Dollars).

This is what's known as Dynamic Currency Conversion (DCC) - a service offered by some merchants and  payment providers.

In theory, it's a useful idea. After all, seeing a purchase in Australian dollars can give you a better appreciation of the true value of whatever you're paying for.

The problem is, as Chu explains, using Dynamic Currency Conversion typically comes with a cost attached.

"While paying in AUD may feel more familiar, it comes with a poor exchange rate and additional DCC mark-ups between 3-7%, set by the overseas merchant or payment processor.

"In such a scenario, selecting the local currency is the more cost-effective option as it allows your card provider to handle the conversion."

Beyond joining the long list of creditors, there's a faster option many shoppers overlook: requesting a credit card chargeback through your bank.

What is a chargeback?

"A chargeback occurs when a cardholder disputes a transaction that was processed via a merchant facility," says Michael Bjazevic, the head of payments risk at Tyro.

"This usually happens when a cardholder believes the transaction was processed incorrectly, was not authorised by them, or when the goods or services were not received, or as described."

So in essence, a chargeback acts like a refund. If a debit card or credit card payment is successfully disputed then the transaction will be reserved and the funds returned.

Bjazevic explains that Australian banks and businesses with a banking licence like Tyro are obligated to pursue chargeback requests made by their customers, but they try to look into them quickly as part of their customer service.

The schemes themselves are actually run by the major payment card networks though, which is why chargebacks can be sought for card payments but not for the likes of bank transfers or direct debits.

"The chargeback rules and process is governed by the schemes from Visa, Mastercard and others, not the banks," Bjazevic says.

"If a customer asks their bank for a chargeback, a decision is made on whether it's valid, based on the rules of the card scheme. Banks that are members of card schemes are legally obliged to pursue chargebacks under the law of contract."

When can you seek a chargeback?

Given that most Australians make hundreds, if not thousands, of purchases with a multitude of businesses each year, it's inevitable that things go wrong from time to time.

Alexandra Kelly, director of casework at the Financial Rights Legal Centre, says that chargebacks can be an option in a variety of situations where people have made their purchases using a card attached to a payment scheme like American Express, Mastercard or Visa.

"Examples of this include when you don't get what you've paid for, or the purchase is not as described, or counterfeit, or defective," Kelly says.

"You can also seek a chargeback if you were charged multiple times, or the wrong amount. Each scheme has their own rules, including when you must apply for one through your card provider and the grounds.

"Chargebacks can also be sought if the transaction was fraudulent, you cancelled a recurring transaction, or if a merchant became insolvent."

In the case of companies that have become insolvent, Kelly recommends that those thinking about pursuing a chargeback should do so as soon as possible.

That's because the card schemes have limits on how long a chargeback can be requested after a transaction has been processed. They differ from scheme to scheme, but that timeframe typically ranges from 45 days to 120 days.

How can you request a chargeback?

Taking a step back though, Kelly recommends that the first action to make before requesting a chargeback is reaching out to the merchant or retailer.

"Like all consumer problems, always try and solve a problem with the merchant first - this is the quickest and easiest way to get your money back.

"If you have no luck with the merchant, contact your card issuer - generally a bank. They can claim a chargeback from the merchant's bank, but there are time constraints that depend on the card scheme involved."

Most banks require their customers to message them or fill out a form if they're looking to request a chargeback, and customers may also need to include evidence that they've tried to obtain a refund themselves with the merchant in question.

The bank will then go about investigating the request, which may take some time as the merchant and merchant's bank have the opportunity to respond. And as Bjazevic explains, it won't always end in success for the customer.

"The chargeback process does not guarantee that a transaction will be refunded. The cardholder may not have a chargeback right under the scheme rules or the merchant's bank may have a valid reason for rejecting the chargeback."

What if you're unhappy with the chargeback outcome?

While rejections can be totally valid, if you believe that your bank hasn't lived up to its obligations while looking into a chargeback request you can complain to the bank itself, or failing that, lodge a complaint with the Australian Financial Complaints Authority (AFCA).

"If your card issuer or bank will not accept the chargeback request or it is rejected, get written reasons from them and consider lodging a complaint with AFCA - but remember that AFCA can only look at whether your bank met its obligations in seeking the chargeback," Kelly says.

"It's important to know that if a chargeback is rejected by the merchant's bank, the card scheme makes the final decision - and AFCA can't review the card scheme's decision, only the actions of your card issuer or bank."

• Find out how we chose the winners
• Order your copy of the bumper awards issue
• Check out more from Best of the Best 2026

Whether it's doing chores around the house or taking on a casual job, plenty of younger Australians work hard to earn their money. It's only fair then that their savings work just as hard.

It's accounts that sport competitive rates and low (or no) fees that this award category seeks to highlight, such as the Youthsaver Account from the Commonwealth Bank.

"We're incredibly proud that our Youthsaver account has been recognised by Money magazine," says Gareth Chim, general manager of deposits, pricing and governance at Commonwealth Bank.

"This award reflects our commitment to helping young Australians build strong financial foundations from an early age."

As one of the first banking products that young Australians engage with, Chim says that children's savings accounts can be more than a place to store savings - that they can also instill financial habits that benefit kids throughout their lives.

"With Youthsaver, we offer bonus interest when young savers grow their savings balance each month, helping them make the most out of their money, while reinforcing the benefits of regular deposits.

"By offering bonus interest for growing balances, we help customers understand the value of consistency and goal setting."

Looking for a customer-owned bank instead?

One of the major money lessons many of us end up learning throughout our lives is that loyalty doesn't always pay - that shopping around can make a real difference.

It's a lesson that can be applicable to all manner of financial products - even children's savings accounts where the difference between an account offering good value and great value can be stark. Rolf Stromsoe, chief customer officer at Great Southern Bank says that taking the time to help kids compare accounts can be rewarding both in terms of the interest they're able to earn on their savings, but also as an enduring lesson.

"Just as adults are encouraged to find the best place for their savings, it's just as important to do the same for children," says Stromsoe.

"By giving young people a safe and rewarding place to watch their savings grow, we're helping them build confidence and understand the importance of saving early - a valuable lesson that lasts a lifetime." Great Southern Bank took out top spot, thanks to the sharp interest rate and lack of monthly fees attached to its Youth eSaver account.

"We're so proud to see our account recognised in this way. It's a fantastic endorsement that we're offering one of the best savings accounts for young people in the market," he says.

How we found Australia's best savings accounts for kids

Savings accounts were ranked by weighted nominal interest rates that were applicable to a range of balances, after considering any applicable monthly or annual fees. Introductory terms and rates were also factored into the quantitative process.

This week on the Friends With Money podcast, Money's Tom Watson is joined by Chris Grice, chief executive of National Seniors Australia, to discuss reverse mortgages, equity release schemes and the government-run Home Equity Access Scheme.

00:00 Introduction

00:28 The 'asset-rich, cash-poor' dilemma

01:24 Exploring reverse mortgages

07:03 Addressing concerns about reverse mortgages

9:24 Equity release schemes

10:11 Introduction to the Home Equity Access Scheme

13:54 Comparing equity release options

16:02 Conclusion

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

Where can I listen to the podcast?

You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

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The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

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Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.

Subscribe to the Friends With Money podcast today and start learning when it suits you.

While board members noted the central projection was for the economy to remain broadly in balance, and consistent with the board's objectives, there were "significant uncertainties" on both sides of its baseline projection.

"Given that, members determined that they could afford to be patient while assessing what the incoming data reveal about their judgements on the extent of spare capacity, the outlook for the labour market and the degree of restrictiveness of monetary policy," the minutes said.

The RBA said members discussed developments that could materially influence their decisions at future meetings, noting that those decisions would be driven by how incoming data may alter the outlook for the economy.

Board members said if incoming data signalled the emerging recovery in demand was stronger than expected, further supporting employment growth, they would be more willing to keep the cash rate on hold.

"Members noted that such a scenario could emerge in several ways, including if global growth continued to be more resilient than forecast or if the strengthening in household income and wealth, combined with easier monetary policy than a year earlier, resulted in a larger-than-expected recovery in household spending.

"Another factor was if the incoming data caused the board to lower its judgement about the supply capacity of the economy.

"Members observed that this could happen if inflation remained high over coming months or if productivity growth proved to be weaker than expected."

Members also said if the board changed its assessment that monetary policy was still slightly restrictive, it would also be more inclined to leave the official cash rate where it currently stands at 3.6%.

"Members noted that any of these scenarios could limit the scope for further monetary easing, particularly with inflation having been above its target for much of the preceding few years," it said.

However, should the labour market weaken materially, it would be inclined to cut interest rates.

"Members observed that many indicators of the labour market had softened over the prior year. They noted the risk that employment growth in the market sector remains soft, which could occur if the uncertain economic outlook reduces firms' willingness to hire or if an emerging focus on cost-cutting results in layoffs.

"Alternatively, members noted that the recovery in GDP growth could prove to be weaker than expected if households are more cautious about spending than had been assumed.

"In both scenarios, excess capacity was likely to emerge and dampen inflationary pressures. If so, it would likely be appropriate to ease monetary policy to keep inflation at target and the labour market around full employment."

Board members agreed it was "not yet possible to be confident" about which scenario was more likely, which is why interest rates were left on hold in November.

The board said it remains "cautious and data dependent" as the end of the year approaches.

"Members committed to continue paying close attention to developments in the global economy and financial markets, trends in domestic demand, and the outlook for inflation and the labour market.

"The board will remain focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome."

This article first appeared on Financial Standard

On a day known for upsets, the outcome of the Reserve Bank Monetary Policy Board's November meeting this afternoon will not rank among them.

In a surprise to no-one, the Board held the official cash rate steady at 3.60%.

In many ways, the decision was all but confirmed last week when September quarter inflation data revealed a larger-than-anticipated uptick in the price of consumer goods and services.

The annual headline inflation rate of 3.2% was the highest recorded since June 2024 thanks, in part, to a jump in electricity costs.

Meanwhile, trimmed-mean inflation - which is the RBA's preferred indicator - rose to 3.0% in the 12 months to September, which is the right at the top of the central banks' inflation target band.

In its post-meeting statement, the RBA Board acknowledged the uptick in inflation, but suggested that at least some of the increase was down to temporary factors.

"The recent data on inflation suggest that some inflationary pressure may remain in the economy.

"With private demand recovering and labour market conditions still appearing a little tight, the Board decided that it was appropriate to maintain the cash rate at its current level at this meeting.

"Financial conditions have eased since the beginning of the year, but it will take some time to see the full effects of earlier cash rate reductions."

What's next for interest rates?

Given that the outcome of today's meeting had been widely anticipated, much of the attention surrounding the cash rate has focused on when - or if - interest rates will be cut again.

Forecasts among economists are varied. Those at CommBank, for instance, expect that the RBA will keep the cash rate at 3.60% for a prolonged period unless there's a significant rise in unemployment coupled with a drop in inflation.

That view isn't shared by Westpac economists who anticipate that the Reserve Bank will hold off until next autumn before cutting rates in May and again in August.

"Monetary policy is still somewhat restrictive," says Luci Ellis, Westpac Group chief economist, in an economic update.

"Further cuts to the cash rate next year are therefore warranted given that underlying inflation will remain within the band and be heading down in coming quarters."

In a survey of 35 economists and experts conducted by Finder before today's RBA meeting, 8% of respondents said that they were expecting a rate cut in December while 34% were anticipating a reduction in February.

"Unless something unprecedented happens, we're now looking at 2026 for the next rate adjustment," says Graham Cooke, Finder's head of consumer research.

"If inflation eases, we could see a cut early next year. Until then, homeowners will need to look to other lenders for a better deal."

The RBA Monetary Policy Board will convene again on December 8 before delivering its final cash rate decision of the year on December 9.

CHOICE continues to support low income Australians who've been hit by high bank fees.

Earlier this year, Money reported on a petition launched by CHOICE calling on the Commonwealth Bank to refund excessive fees charged to low income customers (those who rely on Centrelink payments).

It follows two reports from money watchdog ASIC, which found millions of low income earners were being stung by high bank fees.

That's despite banks being required to help these customers access basic, no or low-fee accounts.

Following ASIC's first report, which focused on Indigenous Australians, CommBank handed over around $25 million in "goodwill payments" to approximately 87,000 accounts.

The practice of excessive fees was widespread

A second ASIC review found the practice of hitting low income earners with high fees was not only widespread across a number of banks, it also extended well beyond Indigenous customers.

As a result of the expose, ASIC reported in July 2025 that the banks involved have agreed to refund more than $93 million.

But not the Commonwealth Bank.

The goliath of Australian banking, which reported a record $10.1 billion profit in 2024-25, is refusing to repay the $270 million it pocketed in high fees from low income earners between 2019 and 2024.

The bank's refusal to budge is getting under the skin of plenty of Australians.

A national poll by CHOICE found 9 in 10 (88%) people think the Commonwealth Bank should refund the fees it charged to low-income customers, who were eligible for low or no fee accounts.

CommBank's view - customers knew about the fees

It's not as though CommBank doesn't have the cash to refund the fees.

The bank's latest annual report shows it is sitting on an eye-watering $49.6 billion in notes and coins.

A CBA spokesperson explains the bank's position, saying, "The concession customer group is a diverse cohort, including customers with varying levels of income, savings and home ownership.

"The fees ASIC references were disclosed to customers, incurred based on their individual use of their accounts, and charged in accordance with their terms and conditions."

CommBank adds that it contacts eligible concession customers annually to let them know about the availability of the bank's Streamline Basic account, which charges zero monthly, overdraft or access fees to concession card holders.

From there it's up to each customer to decide if they would like to switch products.

But CHOICE isn't buying it.

What CHOICE says - it doesn't pass the pub test

Morgan Campbell, Head of Policy at CHOICE, says, "Australians know bad bank behaviour when they see it.

"CommBank wasn't the only big bank keeping people in accounts they shouldn't have been in, but they're the only ones who have point blank refused to put it right."

Cambell adds, "These were unfair fees, they should never have been charged. CommBank needs to do the decent thing and refund them. By continuing to dig in, they're thumbing their nose at ASIC, their customers, and public opinion."

Bettina Cooper, Senior Financial Counselling and Strategy Lead at Mob Strong Debt Help, says, "Penny pinching on account fees received from low income people doing it tough in a cost-of-living crisis while making super profits is not great optics. Particularly when your rivals are stepping up and doing the right thing and returning fees, some with interest."

What Australians think - and a lesson to be learned

To date, over 21,000 people have signed the CHOICE petition calling on CommBank CEO Matt Comyn to refund the excessive fees.

If you're interested, you can add your name by heading to the CHOICE website.

CommBank hasn't been entirely inflexible. It has "temporarily paused certain fees" including overdrawn and monthly account keeping fees for eligible concession customers.

The bank's spokesperson adds, "Where we consider customers have incurred unusually high fees, we will consider goodwill adjustments where appropriate."

While CHOICE will continue to champion fair banking for all, there is a clear lesson to be learned from the whole sorry saga.

Always read the fine print of any financial product.

Even something as simple as an everyday bank account can be surprisingly expensive if you aren't 100% clear on what you're signing up for.

These are experiences that Sarah Megginson, a personal finance expert at comparison website Finder, has taken herself over the past decade, thanks to a variety of rewards credit cards.

"Personally, I love rewards cards. I've used them for over 10 years and I've had huge perks and benefits.

"I haven't paid for travel insurance for 10 years. I've flown first class to New York and business class to Los Angeles, and I've had lots of trips to Fiji and New Zealand - all covered on points.

"So I've had heaps of value from them, but at the same time, I've worked hard to make sure I'm taking advantage of bonus points offers. I shift credit cards every 18 months and I pay off my balance in full each month. It doesn't come for free and it doesn't come without work."

Who pays for rewards points?

As Megginson implies, there are trade-offs. Rewards card perks such as frequent flyer points and insurances aren't a product of the generosity of credit card companies.

Rewards credit cards generally come with an annual cost. Cards featuring decent bonus point offers and ongoing points earning rates, plus some additional perks, are likely to have an annual fee of at least $150, but more commonly it's going to be in the $250 to $400 range or even higher.

Then there are other potential costs such as surcharges, international transaction fees and interest payments that card users can end up paying along the way.

When it comes down to it, there's a lot to weigh up when assessing the potential value of a card. This has arguably been made harder in recent years as a result of tweaks to the points and perks being offered by rewards credit card providers, as well as changes to adjacent frequent flyer schemes.

How are rewards points earned?

Whether it's through a supermarket loyalty scheme or a frequent flyer program, it's fair to say that many Australians love accumulating reward points.

According to research conducted by Finder in 2022, earning rewards points was the second major motivator for Australians to take out a credit card behind having one for emergencies.

There are two main ways that rewards cardholders can earn points.

The first is by making day-to-day purchases on which they receive a set points-earning rate.

The second is through one-off bonus points offers that are activated once a spending target has been hit in a set timeframe. These can be as high as 100,000 or more Qantas Points, Velocity Points or bank-specific reward scheme points.

Why are points getting harder to accumulate?

Earning rates and bonus point offers haven't changed dramatically in size in recent years but, according to Megginson, in many cases, bonus point offers have become harder to get.

"In the past 12 to 18 months, we've seen a shift with the way the points are offered. In the past, you might have been able to get 100,000 bonus points, if you spent $3000 in the first 60 days.

"Now that offer will have shifted to be 70,000 bonus points up front, then another 30,000 points in 12 months once you have clicked over into your second year and paid your second annual fee."

Megginson believes that the move is a matter of banks trying to retain their customers for longer, but she also has a hunch that they're also targeting so-called churners.

"Credit card providers have recognised that there is a subset of people who churn through cards and aren't going to be loyal for five, six or seven years.

"Some people will just hold a card for 12 or 18 months to get the bonus points before moving on. Some will even get the points after three months then cancel it, which can be a bit riskier for your credit profile."

Going forward, Megginson says there's every chance that card providers will move to stagger bonus point offers even further by reducing the upfront bonus and spreading further bonus points out over multiple years.

What other credit card perks are disappearing?

Points are clearly a major drawcard for cardholders, but there's another side to rewards and premium credit cards: additional benefits.

These, of course, differ from card to card. But it's not uncommon for cards to come with various types of insurance (travel, purchase protection, extended warranty and so on) as well as cashback offers, travel 
or flight credits and airport lounge passes.

Unfortunately for cardholders, a number of banks have started paring back these additional perks and benefits.

"We're starting to see some cards remove benefits," says Megginson.

"And this isn't just one or two providers making small changes - we're seeing a number of providers tweaking their offerings."

"One of the recent examples is NAB. They're actually removing international and domestic travel insurance and rental car excess insurance from six of their credit cards in May next year.  NAB is not alone. BOQ, Citi and Suncorp Bank are among the other card providers phasing out travel insurance and rental car excess insurance on certain rewards cards from May 2026.

And beyond insurance perks, American Express recently removed the two annual passes to its Centurion Lounges at Sydney and Melbourne airports for holders of its Velocity Platinum Card, while also increasing the annual fee from $375 to $440.

"I think what these changes demonstrate is that now, if you want to take out a rewards card, you've really got to look at the fine print, because they all have different policies," says Megginson.

How are frequent flyer programs changing?

Credit card providers aren't the only ones who have been tweaking their offers. Both Virgin and Qantas have rolled out extensive changes to their frequent flyer programs in recent months - changes that are relevant to many rewards cardholders who earn Qantas Points and Velocity Points.

"Virgin made two broad changes back in January," says Steve Hui, chief executive of loyalty program concierge service iFLYflat.

"The first was the number of points needed to be redeemed in order to fly and the second related to how people can earn status credits.

"Points wise, Virgin increased the number of points needed to fly internationally and domestically on some routes. It [the increase] was around the 10%-15% mark, so it wasn't too drastic and they hadn't made any changes for quite a long time."

As Hui explains, Qantas has also increased the number of Qantas Points needed for many rewards seat flights.

"At the beginning of August, Qantas also made changes to their points program. I tend to focus on business class for our clients, so the change there was a 5% to 20% increase in the points redemption required for a business class seat - mostly 20%."

For example, the number of Qantas Points required for a Classic Reward economy seat from Melbourne to Brisbane has increased from 12,000 to 13,800, while a Classic Reward business seat from Sydney to Los Angeles has jumped from 108,400 to 130,100.

Could a surcharge ban change the rewards game?

In July, the Reserve Bank of Australia (RBA) released a consultation paper recommending that it would be in the public interest to ban surcharging on EFTPOS, Mastercard and Visa card payments.

At face value, removing surcharges would be a clear win for consumers given that the RBA estimates Australian debit and credit cardholders pay about $1.2 billion in surcharges each year, although there's an argument that these costs will just be passed on elsewhere.

In the same paper, the RBA also recommended that the existing cap on interchange fees - which are fees that the merchant's bank pays to the customer's bank on each card transaction - should be lowered. The RBA estimates that this would save businesses about $1.2 billion a year, though come as a $900 revenue hit to banks.

It's for this reason that some experts have argued that banks may look to offset any revenue they lose on interchange fees by reducing the value of their reward programs and additional credit card benefits or by increasing credit card fees.

How can you still earn rewards points?

Ultimately, any changes that devalue rewards points, make points harder to earn or remove additional card benefits are going to disadvantage rewards cardholders.

However, both Hui and Megginson believe that it's still possible for Australians to use rewards credit cards to their benefit. That said, it may pay to be savvy - especially when it comes to earning and redeeming points.

1. Avoid incurring unnecessary fees 

"Don't get a rewards credit card if you're not able to pay off the interest every month," says Megginson.

"That really goes for all credit cards, but if you can't afford to pay off the full balance each month to avoid paying interest, then you're going to offset the benefits you get."

2. Set a goal upfront 

"There are a few important things that most people don't look at before they start earning points. Number one is how many points they need," says Hui.

"If people know that it costs 159,000 points to fly one way to Europe in business class, then they have a target they can aim for and they can consider how to best earn those points."

3. Pay attention to earn rates

"Look really closely at the earn rate, which is how many points you get for every dollar you spend," Megginson says.

"I got my husband a card last year and I didn't pay attention to the earn rate which was 0.5 points per dollar. So, we didn't earn anywhere near as much as we could have if we were with a card that was 1 point per dollar."

4. Be mindful of where you spend   

"Make sure you get a card that aligns with your spending," says Megginson.

"For instance, if you run a business and you're making payments to the ATO, with most cards you'll earn a reduced rate or won't earn any points.

"But there are certain cards that do give you points for those kind of payments to government agencies, which can be really profitable."

5. Redeem your points strategically 

"Using points to fly business class is where you get the best sweet spot in terms of financial value and, in my view, satisfaction," says Hui.

"There's two ways to do this. In my view, booking a business class seat through Classic Rewards with Qantas or a Reward Seat with Virgin are good value.

"You can also use points to upgrade. This can also be good, but you don't determine upgrades - the airline does. It's out of your hands. So that's a big distinction."

For Australians with a mortgage or money in savings, the decision means that their interest rates are likely to remain relatively stable until at least November, when the Board meets next.

Today's decision to hold rates had been widely anticipated by experts after the release of the August Consumer Price Index (CPI) last week which came in higher than many were expecting.

In its post-meeting statement, the Board made reference to this uptick, noting that inflation in the September quarter may be higher than initially anticipated.

"With signs that private demand is recovering, indications that inflation may be persistent in some areas and labour market conditions overall remaining stable, the Board decided that it was appropriate to maintain the cash rate at its current level at this meeting."

Is the cutting cycle nearing an end?

Looking ahead, the major question in the air is whether or not the central bank has any more cuts to make during this rate cycle.

Two in three experts and economists surveyed by comparison website Finder before today's meeting said that they were expecting one more cut from the RBA at its November meeting.

That sentiment is shared by major bank economists at ANZ, CommBank and Westpac. Interestingly, NAB recently changed its position and now expects the RBA to hold rates in November.

Belinda Allen, the head of Australian economics at CommBank, noted in a research update published last Friday that a November rate cut is by no means a sure-thing though.

"At this stage we do expect a 25bp rate cut in November but the outcome of the meeting is not a done deal.

"Instead, it will be highly dependent on the Q3 CPI outcome, with an acceleration in the trimmed mean CPI from 2.7% per year in annual terms making a rate cut a tough ask. The labour market data will also be important to watch."

Conveniently, that quarterly CPI update will be released by the Australian Bureau of Statistics on October 29, just days before the next RBA monetary policy meeting on November 3 and 4.

The misconduct relates to five separate matters spanning the retail and institutional businesses.

The lion's share of the civil penalty relates to ANZ admitting it acted unconscionably and misled the government, as well as failing to meet its AFSL obligations when it managed the 10-year treasury bond deal and produced inaccurate reporting.

For this portion of the fine, ANZ will pay $125 million, split between its role as duration manager in executing the deal ($85 million) and for submitting inaccurate monthly secondary bond turnover data ($40 million).

On April 19, 2023, ANZ was mandated to help the government's sovereign debt management agency, the Australian Office of Financial Management (AOFM), deliver a $14 billion bond issuance.

Proceeds raised were to fund services such as health, social welfare, education, infrastructure and defence.

"Instead of trading gradually throughout the day to limit market impact, ANZ sold a significant volume of 10-year Australian bond futures around the time of pricing, which placed undue downward price pressure on the bond price," ASIC said.

"ANZ knew its trading could expose its client to significant risk of harm, but did not disclose to its client that ANZ still had significant volumes to sell before pricin,g nor provide its client an opportunity to consult with ANZ about delaying pricing."

Consequently, this denied the government an opportunity to protect itself and the public interest and that it was "relying on ANZ's expertise and professionalism".

When the government began asking questions, it saw that reports ANZ produced were misleading or deceptive.

ASIC also alleges ANZ misled the government about its trading turnover, which helps the government select dealers for bond issuances, for nearly two years.

"ANZ's inflated figures made it appear more active than it was and occurred despite internal concerns about the accuracy of the data and awareness that the figures could influence future appointments on bond issuances," ASIC said.

In response, ANZ said that ASIC has not alleged the bank engaged in market manipulation or over-hedging.

"All trading undertaken by ANZ as a duration manager was to hedge the risk borne by it in connection with the role on this transaction," the bank said.

"It is in ANZ's view that no loss was caused to the Commonwealth from its trading as a duration manager. However, given ANZ could have executed its role as a duration manager with better communication, ANZ has offered to pay the AOFM the revenue it earned as a goodwill gesture."

Several ANZ employees have either been suspended to terminated when the scandal came to light.

APRA has also jumped on ANZ, worried about its non-financial risk management practices and forcing it to increase its capital add-on to $750 million.

ASIC chair Joe Longo slammed the bank for "fundamental issues" in its risk and compliance culture that "require the board's and executives' urgent attention".

"In the bond trading case, ANZ was in a trusted position and its conduct had the potential to reduce the amount of funding available to the government. This funding is used to support critical services including Australia's health and education systems, affecting all Australians," he said.

"The total penalties across these matters are the largest announced by ASIC against one entity and reflect the seriousness and number of breaches of law, the vulnerable position that ANZ put its customers in and the repeated failures to rectify crucial issues."

Retail matters

ANZ will pay $40 million for dismissing 488 financial hardship concerns from customers, who communicated serious issues such as domestic violence and medical conditions, between May 2022 and September 2024.

In some cases, ANZ took more than two years to respond to customers and for others attempted to recover debts even when it did not respond to the hardship notices.

This includes issuing default and demand notices and sending out external debt collection agencies on customers.

ANZ ignored ASIC's concerns over its financial hardship processes in June 2023. Steps taken by ANZ to fix the issues did not work consistently, ASIC said, resulting in more that occurred up to September 2024.

ANZ has completed a remediation program for affected customers, which has included customer payments totalling $92,687 and corrections to customer.

Another $40 million in civil penalties relate to failing to pay bonus interest between July 2013 and January 2024.

ANZ promised to pay introductory bonus interest to customers who opened certain new accounts.

However, due to process deficiencies in ANZ's systems, ASIC alleges the bonus interest was not always applied. The bank has since remediated 194,487 accounts affected.

Separately, between August 2024 and March 2025, ANZ promoted on its website base variable and bonus fixed introductory interest rates for certain accounts which ASIC alleges were inaccurate.

The impacted 56,703 customers, resulting in ANZ failing to pay the correct amount of interest promised to 26,917 customers, with around $480,000 in interest not paid out. ANZ said it intends to remediate these customers.

Finally, ANZ will pay $35 million for failing to refund fees charged to thousands of deceased customers between July 2019 and June 2023.

"This is because its systems and processes could not identify which fees should be waived and/or refunded and whether any fees charged after a customer's death had been waived or refunded," ASIC said.

"ANZ did not respond to representatives of deceased estates in the required timeframe after notification of the customer's death."

ANZ still has not been unable to identify the total number of affected customers and the full extent of the impact is still unknown.

ASIC went on to say that ANZ's failures are "likely to have compounded the difficulties faced by loved ones dealing with the death of a family member or relative, as well as frustrating the probate process."

ANZ first identified the systems, controls and processes issue in 2022, and took over a year to resolve it.

In July 2024, ANZ was sanctioned for breaches of the Banking Code of Practice by the Banking Code Compliance Committee.

Some 18,900 customer accounts have been remediated $3.8 million for fees ANZ did not intend to charge and additional costs arising from delays.

On the retail business failures, newly appointed ANZ chief executive Nuno Matos said: "Unfortunately, some of our failings occurred when our customers were at their most vulnerable. For this we are deeply sorry, and we are making changes to better support when they need us most."

Matos will axe 3500 jobs across the bank, affecting 14% of the work force from its retail and technology divisions.

"This comes off the back of ANZ's credibility already being in question after a humiliating email botch-up under Nuno Matos' leadership revealed job cuts to staff once again before they had even been briefed," the Finance Sector Union said.

This article first appeared on Financial Standard

Some lenders are offering borrowers up to $4000 to refinance their mortgage to a lower rate. But is there a catch?

Australian homeowners with outstanding mortgages appear to be making the most of increased competition in the home loan market to score themselves a better deal.

Rather than being content with any rate reductions passed on by their lenders following multiple RBA rate cuts, more borrowers have been switching loans.

98,681 loans were refinanced by owner occupiers and investors in the June quarter, ABS lending data shows - up 18% on the same period in 2024.

"I think word is slowly filtering out that loyalty with lenders these days doesn't count," says Stephen Zeller, general manager of money at Compare the Market.

"Unless you're proactive and approach your lender for a discounted rate, you're unlikely to get any more than the RBA cut. And that's providing your lender passes on the full cut, which they don't always do.

"So, it's always good to review your rate every 12 months and, if your lender isn't going to come to the party, there's other options out there."

The prospect of a lower rate isn't the only sweetener being used by lenders to attract more business though. Some are even providing thousands of dollars in cashback.

What is mortgage cashback?

"The mechanics are pretty straightforward. Lenders offer a lump sum (usually a few thousand dollars) at settlement as an incentive to refinance," says mortgage broker and chief executive at Flint, Christian Stevens.

As Stevens notes, cashback deals tend to be offered to people who are willing to refinance their loans, though a handful of lenders are also currently providing offers on new loans too.

Whether it's a refinance or a brand-new loan, borrowers may need to jump through a few additional hoops to secure a cashback deal, on top of whatever's required to qualify for the loan itself.

"Beyond the normal refinancing criteria, lenders often set minimum loan sizes (commonly $250,000 to $500,000 or more), limits on maximum loan-to-value ratios (often capped at 80%), and sometimes even restrict the cashback to certain products," Stevens says.

"So, while the base requirements are the same as refinancing in general, there are typically additional eligibility rules to actually qualify for the cashback."

Which lenders are offering cashback?

The reality is that cashback deals aren't quite as plentiful as they were a few years ago. However, that's not to say that they aren't any offers on the market.

"Back in 2023, we had about 30 lenders offering cashback, but that's now filtered down to about 12 or 13 currently in market," Zeller says.

"It's the non-major lenders offering the bulk of the cashbacks right now. ANZ is the only major that has kept their offer, whereas the Commonwealth Bank, NAB and Westpac have withdrawn their ones.

"The highest in market at the moment is up to $4000 cashback with IMB Bank. That's up to 80% LVR, it's for refinance only and the loan amount will need to be $750,000 at a minimum."

Going forward, Zeller says that he wouldn't be surprised to see more cashback deals and other incentives appear as lenders look to offer a point of difference to attract new customers.

"Spring is usually the time when banks start to bring out additional offers to market.

"In the past, we've seen them waive lenders mortgage insurance, regardless of the LVR, and we've seen plenty of cashback offers before. We might even see some waive fees or reduce them substantially.

"And I've got no doubt that we'll continue to see more special rates come in as we move along. With the RBA expected to reduce one more time this year, I think we'll see continued competition."

Is there a catch to cashback?

As tempting as the prospect of pocketing a few thousand dollars for switching loans may be, refinancers may benefit from doing a bit of due diligence before jumping in.

Stevens recommends that borrowers take a look at features beyond the cashback amount - like the interest rate and fees - which may prove more impactful from a cost perspective over the long run.

"The catch is that the 'best' deal for someone long term is often with a lender that isn't offering cashback," he says.

"In other words, you might get the upfront cash but end up paying more over time through a higher rate or less competitive product."

At the end of the day, Stevens says that cashback shouldn't be the deciding factor in opting for one loan over another.

"It can be a nice bonus if the right loan for your needs happens to come with it, but the focus should always be on finding the lender and structure that best fits your objectives."

It may not seem like it, but Australia is home to a diverse banking landscape. There's the Big Four, of course, but there are also international banks, customer-owned banks, regionally focused banks, digital banks and banks that cater to Australians in specific industries.

There are currently 83 authorised deposit-taking institutions (ADIs) operating in the country, according to the Australian Prudential Regulation Authority. That doesn't include subsidiaries; for instance, Bankwest is a subsidiary of the Commonwealth Bank.

There's no shortage of choice either, depending on what you want from your bank.

For many, choosing a bank will be a matter of cost. Specifically, how competitive the interest rates and fees are on products such as bank accounts, savings accounts and home loans.

What we want from our banks

When global public opinion and data company YouGov asked Australians, in 2021, what the most important factors were when choosing a financial company, having low or no fees was top of the list.

However, there's more to banking than the cost involved. The same survey revealed that people ranked safety and security as being almost as important as fees.

That's hardly surprising when you consider factors such as the adoption of digital banking and the ongoing prevalence of financial scams.

This desire for security is something that banks are well aware of. Michael Lawrence, chief executive of the Customer Owned Banking Association, says that the industry has been working collaboratively on initiatives like the Scam-Safe Accord and others to strengthen protections for customers.

"Australian banks are also currently rolling out the latest scam-fighting technology, Confirmation of Payee (CoP), a new name-matching service designed to protect customers from being tricked into sending money directly to scammers. The service is an added protection for consumers from redirection scams," he says.

Beyond fees and security, YouGov found that good customer service came in as the third highest consideration. What counts as 'good' service is going to differ, of course. After all, Australians interact with their banks in very different ways.

Some want to be able to walk into a branch and seek help in-person. Others will be more comfortable talking over the phone or accessing support through an online chat 
in their banking app.

"Many customers increasingly prefer digital platforms for day-to-day banking like transactions, but the human element remains important for more complex enquiries like mortgages or sensitive issues like financial abuse or scams," says Lawrence.

While there are broad similarities in the way in which banks are approaching issues such as scams, there are also plenty of differences. So how do Australian banks compare on other fundamentals beyond their fees and rates?

For anyone in the market for a new bank, it's likely to be a key question.

To showcase what's out there we have profiled 10 banks across three areas: customer service, innovation and security, and scam protection.

Given the depth of the market, we narrowed our focus to some of the largest retail banks - and one of the largest customer-owned banks - in the country based on the value of household deposits (bank accounts, savings accounts, etc.) they are holding.

But given the way banking is changing, we also included some up-and-coming digital players in the space.

Australia and New Zealand Banking Group

Founded: 1951  
Headquarters: Melbourne    
Classification: Major bank

Customer service 

Widely considered the fourth largest bank in the country, it will come as no surprise to learn that ANZ has an extensive customer service operation.

Customers who prefer to conduct their banking in-person can do so at one of nearly 390 ANZ branch locations across the country.

Those who are happy to talk over the phone can access support seven days a week for everyday banking needs, plus there are specialised support teams for First Nations customers.

People experiencing domestic violence or financial abuse also have a dedicated support team. Meanwhile, there's also 24/7 in-app support available via live chat through the ANZ and ANZ Plus apps.

Innovation

Launched in 2022, ANZ Plus is the bank's foray into digital banking.

Designed to appeal to Australians who prefer app-based banking, the platform offers both bank and savings accounts and has drawn in more than a million customers as of March.

ANZ Plus has many of the features you'd expect of a digital banking platform, including automatic spending categorisation, spending breakdowns and savings roundups, plus it can integrate with services like Cashrewards and Qantas Frequent Flyer.

It's also possible to book an appointment or chat in-app with an ANZ Plus Coach who can help users set up the platform to better understand their spending and saving habits.

Security and scam protection

ANZ customers can add an extra layer of protection when making payments by using tools like Voice ID (an authenticator that uses your voice) and ANZ Shield (a separate authentication app that generates one-time passcodes).

Those using the ANZ Plus app also have access to biometric login features (such as their fingerprint or face), as do those using the ANZ Plus web platform: ANZ recently become the first bank to adopt password-less, web-based banking.

More broadly, ANZ also has fraud detection and prevention technology called Falcon that is designed to analyse and identify suspicious transactions in customer accounts.

Commonwealth Bank of Australia 

Founded: 1911  
Headquarters: Sydney 
Classification: Major bank

Customer service 

Whether it's the number of customers the bank has or the value of household deposits on its books, the Commonwealth Bank is the country's largest bank on a number of metrics.

That includes bank branches. Commonwealth Bank has 659 branches and 1842 ATMs for customers who prefer to do their banking or access support in-person.

It also operates its call centres locally, which customers can ring up to receive support on everything from general enquiries to transaction disputes.

Customers can also chat with a bank representative online in NetBank or the CommBank app or, alternatively, seek answers to simple questions from chatbot CEBA.

Innovation

Commonwealth Bank has been at the forefront of banking innovation in recent years, developing one of the most feature-rich apps on the market.

One of the more novel features built into its app and NetBank is the Benefits finder, which is designed to help customers uncover any payments, rebates or concessions they may be eligible for, such as unclaimed money or energy rebates.

Another innovative step the bank has taken is building up a financial literacy offering through its Brighter hub. Included in that is the bank's Financial Fitness Program, which is available to anyone interested in learning the basics of money management, saving and investing.

Security and scam protection

Commonwealth Bank customers looking to beef up their security while banking online or via the app can use two-factor authentication and biometric logins.

The bank has also put a number of fraud prevention measures in place, such as NameCheck, which alerts customers if the payment details they've entered don't match their intended recipient.

And CallerCheck, which allows customers to verify whether a call they are receiving from Commonwealth Bank is legitimate.

More recently, it announced a new AI measure aimed at disrupting scammers, which involves deploying thousands of AI-powered bots programmed to engage scammers, take up their time and report intelligence back to the bank.

Heritage Bank 

Founded: 1981  
Headquarters: Toowoomba, Qld
Classification: Customer-owned bank

Customer service 

Already one of the largest customer-owned banks in Australia, Heritage Bank is becoming part of an even larger entity as a result of its merger with People's Choice Credit Union and its transition into People First Bank.

Like most players in the customer-owned space, community and customer service are key priorities for Heritage Bank.

To start with, customers can access in-person support and banking services at more than 40 branches in Queensland and NSW. Heritage Bank also operates a 24/7 contact centre in Queensland that customers can call with general enquiries, internet banking queries and scam reports.

There's also a live chat option on the Heritage Bank website, although there's no chat function within its mobile app.

Innovation

While the transition into People First Bank has come with a promise of enhanced digital capabilities and products, only time will tell what will come from the merger for Heritage customers.

The bank has embraced many of the digital innovations that have come up in the banking space in recent years.

Customers can set up a PayID with their mobile number or email and use it to make near-instant payments to other people or to set up a PayTo to make payments to businesses. Heritage bank has also given users the option of paying with their smartphones or smartwatches via Apple, Garmin, Google or Samsung Pay.

Security and scam protection 

Like a growing number of banks, Heritage Bank has a bank-wide approach to combating fraud and scams, including real-time detection and a dedicated fraud detection team tasked with flagging suspicious transactions and contacting affected customers.

Anyone who suspects that they've fallen victim to a scam or fraud can also contact the bank 24/7 for support.

In terms of security, Heritage mobile app users have the ability to set up device authentication, make use of biometric login options (face or fingerprint) and block or cancel their cards if they are lost, stolen or damaged.

Bendigo and Adelaide Bank

Founded: 2007 
Headquarters: Bendigo, Vic    
Classification: Large bank

Customer service 

Perhaps more so than any other bank, Bendigo Bank - officially Bendigo and Adelaide Bank - has a strong reputation for customer service. In fact, it was recently named Australia's Most Trusted Bank for the twelfth consecutive time in a nationwide poll conducted by Roy Morgan.

Practically speaking, customers can access banking services and support across a few mediums. Bendigo Bank has one of the most extensive branch networks, with 423 in operation - many of which are located in regional areas.

However, 10 branches are set to close in the coming months. Customers can also receive support over the phone seven days a week from a local operator (Bendigo's call centres are all based in Australia), although the bank doesn't have an in-app or online chat function.

Innovation

While customer support - particularly in-person support - is clearly a major priority, Bendigo has also been modernising its online platform and banking app, giving users access to features like real-time payments through the New Payments Platform and mobile payments via Apple, Google and Samsung Pay.

As we'll get into later, the real digital innovation powerhouse of the Bendigo family is subsidiary Up bank. Beyond digital innovations, Bendigo has been among the forerunners in sustainable lending. It's one of a small, but growing group of banks offering green loans for customers looking to finance electric and hybrid vehicles or energy-efficient home improvements.

Security and scam protection

Like many banks, Bendigo Bank app users are able to take control of the security of their accounts by enabling biometric logins (with a fingerprint or face scan), setting up transaction limits and locking their cards in-app if they are lost or stolen.

Multi-factor authentication can also be enabled (and is mandatory in some cases) when doing tasks like authenticating payments through web-based banking. Bendigo also has a dedicated fraud team tasked with monitoring customer accounts in real time, and should suspicious activity be detected, reaching out directly to customers.

Macquarie Bank

Founded: 1985 
Headquarters: Sydney   
Classification: Large bank

Customer service 

Macquarie Bank is widely regarded as the largest bank in Australia behind the Big Four. Although, there's a key difference between Macquarie and ANZ, CBA, NAB and Westpac: it's a digital-first bank.

That means that Macquarie is focused on its banking app and online banking platform which, unsurprisingly, is where it directs customers in need of assistance 
by encouraging them to make use of the online chat service (which is available on weekdays during business hours).

Those looking for additional support can also contact Macquarie via phone, but the bank no longer offers traditional in-person branch support or banking services such as cash and cheque deposits.

Innovation

One of the standout features of Macquarie's app and banking platform is the in-depth insights it can provide customers on their spending habits and financial position. That includes overviews of net wealth and cashflow, plus spending breakdowns based on broader categories and individual merchants.

There's even an in-built budgeting tool for those looking to gain more control over their finances.

Macquarie has also indicated that it's looking to use AI to deliver more insights and services in the future; for instance, giving customers the ability to fully automate the process of paying their bills.

Security and scam protection 

As you would expect from a digital-first bank, Macquarie's app and online banking platform are equipped with common online security and anti-scam measures, but the bank has taken things to another level with a few extra tools.

The first of these is the Macquarie Authenticator. A separate, multi-factor authentication app designed to allow users to accept or decline any transactions or account changes that may crop up.

The second is the Macquarie Password Monitor, which, as the name suggests, keeps an eye out online for any potential breach of a user's Macquarie ID or password and, if it detects a compromise, locks access to online banking.

ING Australia

Founded: 1999  
Headquarters: Sydney   
Classification: Large bank

Customer service 

A subsidiary of global financial giant ING Group, ING Australia has made considerable inroads into the local banking sector over the past two decades - especially with Australians who are happy to conduct their banking online.

That's because ING doesn't have any branches for customers wanting to deposit money or speak to someone face to face. Instead, ING offers phone support from its contact centre in Wyong, NSW, which is available on weekdays (8am-8pm) and weekends (9am-5pm) for general enquiries.

Customers can also get in touch with the bank via secure messaging through the ING app or internet banking portal.

Innovation

ING was one of the first banks to launch an automatic savings roundup tool that automatically sweeps money into a savings account every time a transaction is made with a card.

For example, if roundup is set to the nearest $1 and a purchase is made for $4.50 that transaction will be rounded up to $5 and 50 cents will be transferred into savings.

Since its initial release, ING has given users the option of funnelling roundups towards their home loans and more recently it launched an option whereby customers can nominate a charity that they want their roundups directed towards.

Security and scam protection 

ING app users have a few options when it comes to securing their cards and accounts.

For instance, if they suspect that their card details have been comprised or the card itself is lost or stolen, a temporary hold can be placed on the card in the app.

Customers can also choose between setting up a code, a fingerprint scan or a face scan to access the app. And if someone suspects that they've fallen victim to a scam or fraud, ING has a dedicated 24/7 scam hotline to contact.

National Australia Bank 

Founded: 1981    
Headquarters: Melbourne
Classification: Major bank

Customer service

As the country's third largest bank, it's natural that NAB delivers banking services and support in person, over the phone and online. It currently has 436 branches in operation for customers looking to do their banking in person, 210 of which are located in regional and rural areas.

In fact, NAB has pledged to keep all of its rural and regional branches open until July 2027, at the very least. NAB users can also conduct phone banking and seek over-the-phone support by calling through to one of its locally based call centres, or chat with a representative online via its app or internet banking platform.

Innovation

Related to customer service, one of NAB's more interesting innovations in recent years has been the roll out of its 'Customer Brain'.

Launched in 2023, Customer Brain is an AI-powered engine that draws on thousands of data points to facilitate simple, personalised interactions with customers in order to drive engagement and retention, and create better experiences.

For example, the Brain can nudge a customer whose term deposit is about to expire so that they roll it over or move funds elsewhere, or it can send a congratulatory message to a mortgage customer who has just paid off 50% of their loan.

Security and scam protection 

The NAB app supports biometric authentication via Face ID or fingerprint, plus both app and internet banking users have the option of registering for NAB's SMS Security feature, which can add another layer of protection when making transfers, updating personal details or adding new payees.

Speaking of which, NAB has recently launched a Confirmation of Payee feature aimed at helping prevent scams and fraud. It works by allowing customers to verify the name associated with a new payee's account before making a payment, ensuring that it matches.

Up

Founded: 2018    
Headquarters: Melbourne
Classification: Digital bank

Customer service 

In the seven years since its launch, Up has cemented itself as one of the leading digital banks in Australia, surpassing the one million customer mark in late 2024.

As an app-only bank, the range of support available to its customers isn't anything like that offered by more traditional banks.

Unlike the extensive network operated by its sister bank Bendigo, Up doesn't have any branches. Instead, the main way for Up customers to ask questions and get support is through the live chat function in the Up app (open 6am to 12am), though some over-the-phone support 
is also available.

Innovation 

One of Up's major appeals is its regular rollout of new app features. In fact, Up has a public roadmap (the Tree of Up) showcasing its products and tools in development.

There's no shortage of innovations to highlight, but one of the more interesting is Up's take on joint accounts called 2Up.

Unlike a more traditional approach to joint finances where everything is merged, Up allows users to maintain their existing personal accounts - which remain private - while also creating new joint transaction accounts (for shared expenses) or joint savings accounts (for savings goals).

Up is also able to clearly track and showcase who spends what.

Security and scam protection 

Among the various forms of protection on offer, Up has a few features designed to increase customer awareness and decrease the likelihood of falling victim to scams or fraud. For instance, Up applies dynamic payment limits each time a new payment is created.

These are based on previous transaction amounts and volumes, which means a large payment to a new payee will be treated differently to a smaller payment to a regular payee.

Customers will also receive real-time push notifications on their phones for all transactions (which include the price, vendor and available balance) to help users quickly spot suspicious activity.

U Bank 

Founded: 2008 
Headquarters: Sydney
Classification: Digital bank

Customer service

Ubank is a subsidiary of NAB and a self-described digital bank that provides accounts and services through its banking app and online banking platform. Given that, it won't come as a surprise to learn that Ubank is branchless.

While it has a self-service option called Ubank Chat in its app, Ubank doesn't offer person-to-person support through its app or online platform. Instead, customers looking for human support will need to contact Ubank over the phone.

Based in Sydney, the Ubank call centre is open between 8am and 7:30pm on weekdays and 8am and 5:30pm on weekends.

Innovation

Ubank has developed a stream of handy financial-management tools for its app users, including its Pay Cycle feature that can display income and expenses based on someone's pay cycle and its Bill Planner feature that can help track upcoming bills.

One particularly useful - although relatively rare - feature provided by Ubank is Connected Accounts.

In short, it allows users to link their accounts from more than 140 banks, super funds and investment platforms and have them displayed within the Ubank app to paint a better overall picture of their financial position.

Security and scam protection

Ubank provides its users with various options to safeguard their accounts including passkeys, which were introduced for app users last year.

In essence, passkeys can provide greater protection against phishing and scams compared with passwords because they are stored on the device and, by design, necessitate multi-factor authentication because they require users to enter a PIN, fingerprint or face scan as well.

Interestingly, the bank has made a pledge (which it calls the Ubank defence) to reimburse 100% of a customer's money if it is fraudulently taken from their account. However, customers can't have contributed to the loss, and they will need to have reported it to Ubank promptly.

Westpac 

Founded: 1982    
Headquarters: Sydney  
Classification: Major bank

Customer service 

Generally considered to be Australia's second-largest bank, Westpac is not lacking when it comes to support and access to banking services.

Westpac has a 24/7 online chat function in its app and online banking platform that customers can use to talk to Westpac representatives.

The bank also offers phone support for customers with general and product enquiries, plus it has a dedicated scam and fraud team and a remote Indigenous call centre that offers translation services in some languages.

Customers looking for assistance or to use services in person can make use of the 611 Westpac branches operating around the country.

Innovation

Westpac has put a lot of focus into building up its app with innovative features designed to help customers manage their money.

For example, the Tax organiser tool, which allows people to organise their tax-related transactions and find more deductions.

App users can select relevant expense areas (for example, investment-related expenses or charitable donations) and then the tool will analyse and collate any relevant transactions for users to review.

Another is the Savings Finder, which can automatically pull together a list of subscriptions and bills for users to look over and - potentially - identify services that can be cut back.

Security and scam protection 

As scams have become more prevalent in recent years, Westpac has brought in a number of features aimed at protecting customer payments.

For example, when someone goes to make a payment to an account deemed suspicious, Westpac SaferPay will raise a red flag and require them to run through a number of questions before they are able to proceed.

In a similar vein, Westpac Verify will alert customers if the account name of a new payee doesn't match up with the account details provided.

Finally, customers have the option of setting up Westpac Protect, which prevents certain transactions going through without the input of a one-off security code.

At the same time as banks have been rushing out to announce home loan rate reductions, a smaller number have started notifying savers that their savings rates are about to be slashed.

"We've seen 13 or so banks confirm that they're cutting savings rates so far. Some of the larger banks are Westpac, Macquarie Bank, Bank of Queensland and NAB," says Alison Banney, money expert at Finder.

"It's only been a week since the RBA rate cut and banks are often not as quick to confirm their savings cuts as they are for home loans, which is obviously better news to share. So we do expect to see more cuts come through in the next couple of weeks."

The latest round of rate cuts will add to those already imposed on savings accounts so far this year after cash rate reductions in February and May.

"At the beginning of the year in January the average savings rate was around 3.00%, but now it's closer to 2.50%," Banney says.

"Some accounts have been cut more than others, and some haven't had any cuts because they were lower to begin with, but we have seen a slow decline in savings rates."

Can savers benefit from switching accounts?

While savings rates have dropped across the board in recent months, not all savings accounts are made equal. According to Banney, there are a handful of banks offering up rates well above the average.

"There's such a difference now between the top of the market and the average. The best rates in the market are still closer to 5% - so much higher than the 2.50% average."

MOVE Bank, ING and RACQ Bank are among those with the highest ongoing bonus rates at present.

As Banney points out though, with the market still in flux after the rate cut, savers may want to wait for the dust to settle before rushing to switch.

"Look at the market and see what the other banks are doing in a couple of weeks' time, because you don't want to swap to an account just to have the bank cut its rate the day after you swap."

For those who are able to move their savings to an account with a more generous rate, the difference in interest can be substantial though.

"Finder data shows that the average savings balance is around $35,000," Banney says.

"So, assuming that's your balance, by switching to an account with 5.00% interest versus 2.50% you could make an extra $1,000 interest over the year.

"That's free money, so it definitely is worth it if you can meet the conditions."

Finding the right savings fit  

Earning a competitive rate is clearly important for those looking to maximise the return on their savings, but Banney says that being able to meet any account conditions is arguably even more important.

"For a lot of the accounts with the highest rates in the market, the base interest rate - which is what you get if you don't meet the conditions - is often zero. You will literally earn no interest."

"So, if you can't meet the conditions consistently every month, you're probably better off going for an account with a slightly lower rate. You'll still want it to be competitive, but where the conditions are easily met."

Given the hoops that some customers need to jump through to earn bonus rates, Banney says that an alternative could be opting for an account with a high base rate and no strings attached.

"There are a few really good options out there for people who don't want to meet any conditions. You might sacrifice a bit of interest compared to the top bonus offers, but they can make life easier.

"I mentioned Macquarie Bank before who have cut the ongoing rate on their savings account already, so it's now 4.25%.

"That's a little bit lower than the very top bonus rate offers, but the great thing about it is there's no conditions to meet - you just get that rate every month.

"There's a couple of accounts like that as well. Bank of Queensland have one which is 4.05% ongoing and AMP has just released a similar one as well."

Did you know your job could save you tens of thousands on a home loan?

Many banks now waive lenders mortgage insurance - often called LMI - for a wide range of professions.

LMI is a fee that usually applies when you have less than a 20% deposit, and it can add thousands of dollars to your upfront costs.

So, is your job on the list?

If you're a doctor, nurse, teacher, police officer, paramedic, engineer, lawyer, accountant, pharmacist, banker or magistrate, you might be in luck.

These roles are seen as low risk, with stable income and strong long-term prospects.

Some lenders also offer higher borrowing limits or better interest rates, though the deals vary.

If you're in one of these professions, it's worth checking - because your job might not just help you save for a deposit, it could make buying a home much more affordable.

The Commonwealth Bank (CBA) is facing growing public backlash over its refusal to repay $270 million in fees it charged to low-income customers between 2019 and 2024.

The fees included account-keeping, dishonour and overdraw charges - often applied to people receiving Centrelink payments or other government assistance.

An investigation by the corporate regulator ASIC found CBA had charged these fees to around 2.2 million low-income customers not covered by an earlier refund program.

Unlike other banks the regulator investigated, CBA says it does not intend to repay these customers.

What are the CBA fees and why are customers upset?

The fees in question were charged on high-fee transaction accounts, even though many of the affected customers were eligible for low- or no-fee alternatives.

Under the Banking Code of Practice, banks are required to identify low-income customers and promote basic, low-to-no fee accounts.

Consumer watchdog Choice has launched a petition calling on Australia's largest bank to refund the money.

"We're absolutely appalled by CBA's decision not to refund customers living on low incomes, while other major banks have committed to provide refunds to some customers," says Andy Kelly, Choice's deputy director of campaigns.

"These are some of the most vulnerable people and the least able to afford to line the bank's pockets. People are rightly outraged by yet another bank scandal that CBA is refusing to make right."

What was ASIC's banking fees investigation about?

2024: Initial refunds after Indigenous banking report

The controversy began in July 2024, when ASIC released Report 785: Better Banking for Indigenous Consumers.

It focused on four banks:

• Bendigo and Adelaide Bank
• ANZ
• Westpac (including its subsidiaries St George, BankSA and Bank of Melbourne)
• CBA (including Bankwest)

The report found First Nations customers on low incomes were being charged excessive fees on everyday accounts, even though they were eligible for cheaper options.

In response, the banks promised $28 million and move over 200,000 customers to low-fee accounts.

2025: Wider banking review reveals bigger problem

ASIC then expanded the review, publishing a second report in July 2025 called Better and Beyond. This time it looked at 21 banks and found a widespread pattern of low-income customers being left in the wrong accounts.

"Our latest work has seen the total amount of bank refunds increase to $93 million, and over one million customers moved into low-fee accounts, saving them an expected $50 million in future yearly fees," says ASIC Commissioner Alan Kirkland.

The new report revealed that four banks had repaid $33 million from the first investigation. This included $25 million from CBA to 90,000 First Nations concession account holders for fees incurred from July 2019.

However, the bank called it "goodwill payments" rather than an act of remediation for any wrongdoing.

After the 2025 Better and Beyond report, most banks agreed to collectively repay a further $60 million to over 770,000 customers and move 820,000 customers to low-fee accounts.

The report said the refunds have provided "tangible benefits" to people who were reliant on government concession payments.

For example, Charlotte an ANZ customer on a JobSeeker payment from the Mandurah region of Western Australia, will be refunded over $5200 by ANZ (equivalent to 13 weeks of JobSeeker payments), including over $4160 in accrued dishonour fees.

But CBA refused to participate in this broader round of remediation.

According to ASIC, CBA disclosed that between July 2019 and October 2024, it charged $270 million in fees to around 2.2 million low-income customers not covered in the 2024 report.

Why hasn't CBA refunded the fees this time?

CBA told ASIC it does not intend to repay the $270 million it charged to 2.2 million low-income customers outside the original Indigenous cohort.

The bank argues that it serves more remote and regional customers than any other financial institution, and that these customers were provided value through the accounts.

"CBA considers that low-income customers benefit from informal overdraw facilities attached to its high-fee accounts, on the basis that these facilities provide customers with financial autonomy and flexibility," it told the regulator.

What do consumer advocates say about CBA's stance?

Consumer groups say CBA is out of step with the rest of the banking industry.

The Australian Banking Association recently reported that transaction account service fees have dropped significantly - from 8% of bank income in 2004 to just 2% in 2024. Banks also saved customers over $500 million last year by proactively moving vulnerable customers to low- or no-fee accounts.

But the Financial Rights Legal Centre points out that CBA remains an "outlier".

"CBA has only committed to migrating people to nominal-fee accounts, but have delayed even this inferior move, waiting to see if the ACCC will force their hand to move low-income customers to a low-fee or no-fee account," the community legal centre said in a statement.

"During this extended wait, CBA have continued to profit from the most vulnerable, collecting account-keeping, dishonour and overdraw fees from vulnerable customers - another move that will bolster their bottom line."

Bettina Cooper, senior financial counselling and strategy lead at Mob Strong Debt Help, a free nationwide counselling service for First Nations people, says the move is appalling.

"CBA is still avoiding transitioning people to an equitable low-fee or no-fee account without fee harm to low-income people including First Nations people, of which a high number historically bank with them," says Cooper.

"Shame CBA, shame!"

Even ASIC's commissioner joined the criticism.

"The CBA's approach stands in stark contrast to those of the other banks, including ANZ, which has offered refunds of around $48 million," Commissioner Kirkland said at a press conference.

"It is very clear what is the right thing for CBA to do by its customers, and they've now got an opportunity to reflect on how they stand relative to other banks and do the right thing."

CBA flags $52 million remediation costs

In a statement to the ASX on August 5, CBA told shareholders it had set aside $52 million for "domestic customer remediation" during the six months to June 30, 2025.

The bank also disclosed:

• $45 million in restructuring costs related to Bankwest becoming a digital-only bank
• $33 million for customer remediation at its New Zealand arm, ASB Bank

It is understood that these remediation costs don't relate to any specific remediation program.

However, CBA did not explain what the $52 million covers.

CBA said these costs would be excluded from its underlying expense numbers to give shareholders a "transparent view" of operational performance.

The bank will release its financial-year results on August 13 and is currently under a media blackout. Because of this, CBA did not provide comment to Money's questions.

How to check if you're owed a refund - and sign the petition

While CBA remains silent, consumer anger is growing - though it is not the first time the bank drew the ire of its customers over fees.

More than 14,000 people have signed Choice's petition calling on CBA CEO Matt Comyn to refund the money.

"We've heard from a number of people who believe they've been charged excessive bank fees despite being on low incomes, and we continue to have people contact us," says Choice's Andy Kelly.

"Approximately 2.2 million people were charged excessive fees by CBA, so if you're on a low income and believe you were affected, we encourage you to call the bank and request a refund."

You can sign the petition at action.choice.com.au.

They also delve into the risks associated with AI, such as data breaches, and the importance of AI literacy and talent in the banking industry.

Sironi provides insights on how Australian banks can stay competitive, especially by focusing on the small and medium-sized enterprises (SME) market, and the need to adapt risk management practices to leverage AI effectively.

00:45 The evolution of banking with AI

04:08 AI and customer security risks

07:32 The rise of agentic AI in banking

10:12 How Australian banks can stay competitive with AI

15:27 Managing risk with AI

18:45 Future innovations and opportunities

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The couple already have one credit card - a card from one of the two institutions they do their banking with. Alex, who is a self-funded retiree, is the primary cardholder while Jennette, who is still working part-time, is the secondary cardholder.

But after attending a presentation by finance expert Noel Whittaker late last year, Alex realised that it might be difficult for Jennette to continue using their existing card if anything was to happen to him.

"Unfortunately Alex has a cancer diagnosis, so we're trying to get our affairs in order. We thought if he passes away, I won't be able to use the card anymore because it's in his name," Jennette says.

"So we had been made aware that it would be easier for me to get a credit card while I am still working - that once I cease work, it'll be almost impossible. And I'm looking at retiring in the next year or so."

As Alex explains, taking out a new card isn't about accumulating points or accessing card perks, it's about ensuring that Jennette has an additional layer of financial security.

"It's just another bit of what I call insurance - to make to make sure that we've got our bridges covered. And that's also one of the reasons why we bank with two different banks."

Credit card application ordeal

Rather than approaching the major bank they have their existing credit card with, the couple decided to set up an appointment with a lending specialist from their other bank - a smaller, regional bank.

The Wilsons have had a relationship with this bank for decades. In fact, Jennette herself has more than $250,000 in terms deposits with them.

What the pair hadn't banked on was just how arduous a process applying for a new card would be.

Though after the initial hour-and-a-half meeting with their loan officer in which Jennette handed over a dossier of financial information, things were looking promising.

The Wilsons were advised that Jennette would have more success applying for a $4000 limit rather than the $5000 she had initially requested, but otherwise, her application looked strong.

A few days later the bank reached out. They needed more details - and not just about Jennette.

"We had to supply them with details of my super, of my tax return. Then they asked Alex questions about his investment property and strata fees, but it's in his name - it's nothing to do with me."

At this stage the application is still being processed, but the Wilsons aren't particularly confident. Jennette suspects that one of the stumbling blocks is around her income.

"I think it's because I divulged to them that I will probably be retiring in the next year or so. I'm 69 and I'm not going to work forever, so I had to say yes, I won't have an income from a job.

"But I've got adequate income from term deposits and we can always go into pension phase on the super which is quite substantial. We're going to have plenty of income.

A common experience

The journey the Wilsons have been on is by no means unique. Money's very own Paul Clitheroe wrote about his own challenge last year when he attempted to apply for a new card with his existing bank.

Chris Grice, chief executive of National Seniors Australia, says that the advocacy group regularly hears from members - who are still working and retired - about their credit card challenges.

"You've got people who struggle to get approval at all, then there are others who find that topping up their credit limit becomes a challenge."

As Grice explains, another issue that can crop up is secondary cardholders who lose access to their cards after the death of their partners. The exact situation the Wilsons were preparing to avoid.

"Imagine a couple in their fifties. Let's say the credit application was done by the primary earner in the relationship. So the card is in their name, but their partner is on there as a secondary card holder.

"Everything is working well, but then something happens to the primary cardholder where they're incapacitated or they pass away.

"Because the credit is not in the secondary cardholders' name - and at this point they might be older and in a retirement phase where they don't have that capacity to demonstrate income from a credit perspective - they could become ineligible."

An issue of income

As Jennette Wilson suspects with her own application, one of the main parts of the challenge for retirees and pre-retirees when it comes to credit cards is the way in which lenders view income.

Income is obviously a key component during any credit application, credit cards included. After all, it's in the best interest of lenders to ensure that their customers can pay back the money they borrow.

That's one part of it. Under responsible lending laws, lenders are obliged to make sure that the credit they offer to customers is affordable and won't end up leading them into financial hardship.

In the case of credit cards, a lender will need to ensure that an applicant can repay their entire credit limit within a three-year period.

To repay that, the applicant may need to demonstrate that they have a regular source of income which, as Grice notes, doesn't necessarily include income generated by assets or from superannuation.

"You might have somebody with superannuation and assets tucked away who might be considered to be moderately wealthy based on what they have on paper.

"But this isn't liquid and they don't have that income on a regular basis. Although some banks will view an account-based pension more favourably - they'll treat it closer to a salary."

How credit cards can be useful in retirement

Grice says that while he understands the position that banks are in to follow the rules, it's little solace for retirees who feel disadvantaged by the rigidity of the system - where even those who are relatively well-off can struggle to access credit.

And though having a credit card may be viewed as a luxury to some, he argues that, in some cases, it's a necessity of modern life.

"Take travel. A lot of businesses no longer accept cash and cheques and in some cases they won't even accept a debit card because they want to take an imprint of a credit card. For example, a hotel or car hire where they want to take a holding amount."

Credit cards can also prove an essential tool for people who stop working and run into what Grice describes as the "greater lumpiness in cash flow" in retirement.

"It's hard for people who have worked and managed their finances based on a certain income to know what the other side will look like in retirement and how they'll need to manage it differently.

"So a credit card can be that financial bridge to manage their cash flow between annuity payments or super draw downs, or to manage things like home insurance or private health insurance payments."

Is it worth applying for a credit card before retiring?

Whether it's applying for an entirely new credit card or adjusting the credit limit on an existing card, Grice says that these are actions worth considering before retirement.

"The most important things you can probably sort out are making a will, making sure you've got enduring power of attorney and an advance care directive.

"But then the fourth thing is having a plan around how you are going to pay for stuff. So thinking about whether a credit card is going to be part of that plan is a pretty important thing to do in advance of retirement."

As the Wilsons have discovered, even a bit of forward planning doesn't necessarily guarantee success or make applying for a card easy though.

Reflecting on their recent experience, both Jennette and Alex admit that they have been surprised by how tough the process has been.

"There are just so many hoops you have to jump through," Jennette says. "And even though we've got a long-term relationship and a substantial amount of money with the bank, they don't seem very willing."

"I know that banks have got obligations around knowing their customers and anti-money laundering stuff, but for a card with a $4000 limit and given our history with the bank, I was surprised," Alex says.

*Not their real names

Leading up to the meeting, the expectation from markets and many experts had been that the Board would bring interest rates down to 3.60% with a 25-basis-point cut.

This was based on the idea that the central bank would be influenced by the lower-than-anticipated inflation figures that came out of the Australian Bureau of Statistics' monthly Consumer Price Index (CPI) result for May, as well as relatively weak spending data.

That was not the case though. In a statement put out at the conclusion of today's meeting, the Board confirmed that it would continue to wait for more data.

"With the cash rate 50 basis points lower than five months ago and wider economic conditions evolving broadly as expected, the Board judged that it could wait for a little more information to confirm that inflation remains on track to reach 2.5% on a sustainable basis."

Interestingly, the decision was not unanimous. The post-meeting statement noted that the six Board members were in favour of the decision while three were against.

Cuts already fueling property market

While the RBA Board may have stayed their hand today, previous cuts in February and May appear to already be having an impact on the Australian property market.

After a period of decline over the turn of the year, home values have now risen for five consecutive months, according to research from Cotality.

The median national dwelling value increased by 0.6% in June alone thanks to price growth in most cities and regional parts of the country.

Tim Lawless, Cotality's research director, notes that the rebound has coincided with the recent decline in interest rates.

"The first rate cut in February was a clear turning point for housing value trends. An additional cut in May, and growing certainty of more cuts later in the year have further fuelled positive housing sentiment, pushing values higher."

Mathew Tiller, head of research at LJ Hooker, says that even though rates remained steady today, the previous cuts are likely to continue to have an impact on demand and prices.

"Listing volumes have remained tight, as many sellers continue to hold back, creating a supply and demand imbalance that is putting upward pressure on prices."

Is an August rate cut on the table?

The dust may have barely settled on today's decision, but attention will already be turning towards the Reserve Bank Board's next meeting on August 11 and 12.

Given that plenty of experts were anticipating cash rate cuts in both July and August in the lead up to this afternoon's Board meeting, it's safe to assume that today's rate hold will firm up the idea of an August cut even more in some minds.

Of course, a lot could happen in the intervening weeks.

For one, the Reserve Bank Board will have more economic data to digest, including the full June quarter CPI result (published on July 30) as well as fresh employment and spending figures.

• Find out how we chose the winners
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• Check out more from the 2025 Consumer Finance Awards

For retirees who want certainty of income for the rest of their lives, this year's winner, Challenger, offers a suite of annuity products, including ones that pay a continuous lifetime income stream.

Longevity or annuity products are designed to ease the risk of running out of money and relying only on the age pension in old age.

They particularly suit people who are concerned about market volatility, inflation and cost-of-living pressures. Challenger's most popular annuity is Challenger's Liquid Lifetime annuity with an indexation option that keeps up with inflation.

Yet 57% of Australians aged between 50 and 75 are unaware that there are investment options that provide a lifetime income, according to UNSW research.

"As awareness grows, so too will the adoption of these solutions, particularly as more Australians seek stability and security in retirement," says Mandy Mannix, chief executive, customer at Challenger.

Superannuation funds are increasingly offering retirement income products such as annuities. For example, TelstraSuper and NGS include Challenger's annuities.

Over time annuities have become more innovative, offering features such as indexation, death benefits and withdrawals for a fee. Higher interest rates have boosted returns for annuities so that retirees can lock in a healthy rate.

Challenger customers generally structure their retirement income by combining the guaranteed income from an annuity with the flexibility of an account-based pension from their superannuation fund, says Mannix.

"This approach ensures they have stable income while still allowing for the growth of their assets and flexibility in accessing funds if necessary. Research consistently shows that this combination offers retirees the best of both worlds: the security of guaranteed income and the potential for growth," she says.

National Seniors Australia research from 2021 highlighted that some people were worried about future health and aged care costs. "They attempt to manage this by reducing spending, but indications to date are that they are not spending what they can afford," says Mannix.

"Retirees may want quick access to their funds for reasons like travel, home renovations or helping family members. While annuities provide steady income for life, having other flexible savings or investments can help retirees manage these occasional needs without affecting their guaranteed income."

For retirees who want the option of accessing their money from the annuity for an unexpected event, Mannix says Challenger's Liquid Lifetime annuity offers a long withdrawal period based on the individual's life expectancy, allowing for a lump sum if absolutely necessary."

"It's important to remember that the annuity is designed to provide income throughout retirement, and accessing funds from flexible investments outside the annuity is generally a better way to manage unexpected expenses without affecting the guaranteed income," says Mannix.

Why they won

A developed range of income stream products including guaranteed income for life annuities to give retirees a steady income for their lifetime.

Top products

Indexed lifetime income, deferred lifetime and market-linked annuities

• Find out how we chose the winners
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Margin loans give investors easy access to funds to enable them to react quickly to opportunities.

This is especially handy with opportunities that have deadlines, think IPOs, capital raisings, share purchase plans or rights issues. If you must decide what to sell before you can take advantage of opportunities, you can miss out or make costly mistakes because of time pressure.

Margin loans can certainly help you make money but if they're not used with care, they can also amplify losses.

NAB is the winner of this year's Margin Lender of the Year award and its website reflects the importance of customers who are using a margin loan to closely monitor their facility on a regular basis and take prompt action if they are in a margin call position.

Investors can manage risks by gearing conservatively, diversifying and monitoring investments and paying interest regularly, according to the NAB website.

With NAB's new What-If calculator, customers can better understand the impact of market events, individual price fluctuations, loan balance and portfolio changes.

The NAB Margin Loan gives you access to a broad range of investment options on the ASX and international bourses including securities, exchange traded funds (ETFs), managed funds, and hybrids. Indeed, it covers more than 2500 approved investments and more than one thousand approved international equities.

It offers competitive fixed and variable rates, and you can apply to change from one to the other over part or all your loan when it suits you. Variable rates currently range from 9.25% for more than $1 million to 9.75% for less than $250,000. A full rundown is available at nab.com.au.

Your margin loan gives you access to a personal relationship manager who will look after your facility and assist you with any queries.

Margin loans can also provide some tax advantages, according to NAB. For example, you may be able to claim a tax deduction for the interest you pay on the loan and with a fixed rate loan you have the ability to pay your interest in advance for up to 12 months, allowing you to bring forward an expense if that suits your circumstances.

NAB's suite of investor loans includes the NAB Super Lever, a limited recourse margin loan for self-managed super funds (SMSF). With this facility NAB's recourse against the SMSF is limited to the acquired asset held as loan security, and maximums apply to the value of assets acquired.

Leveraged Equities, last year's winner, placed second. It has three margin lending products, Margin Loan, Investment Funds Multiplier, and the Direct Investment Loan.

CommSec was third, after coming in second last year. The CommSec Margin Lending Account enables you to invest in Australian shares, ETFs and managed funds.

Why they won

Competitively priced products enabling investors to access a wide range of investments.

Top products

NAB Margin Loan and NAB Super Lever, specifically designed for SMSFs.

• Find out how we chose the winners
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Loans to property investors continue to be the fastest growing segment of the market with a 22% surge in 2024 compared with a 6% increase in owner-occupied loans.

Macquarie Bank, winner of the Investment Property Lender of the Year for 2025, says it offers a range of products to support property investors - who account for 36% of its loan portfolio - at every stage of their journey.

"Flexibility is at the heart of Macquarie's home loan offering," says Ben Perham, head of personal banking at Macquarie. "Our products are designed to meet the unique needs of individual investors."

For those looking for a simple loan structure, a Macquarie home loan provides a straightforward solution with competitive rates, according to Perham.

The Offset Home Loan option provides greater flexibility for more experienced investors or those with a bigger property portfolio.

"This loan allows customers to add up to 10 offset accounts per variable interest rate loan account. These accounts can be used to receive rental payments or save for property-related expenses such as strata or council rates. This flexibility helps investors reduce the amount of interest they pay, making their investment more efficient," says Perham.

"A customer who owns their home and wants to use their equity to purchase an investment property can set up an owner-occupied and investment loan under one contract and lending limit.

"This structure allows them to manage their money more efficiently, with the flexibility to benefit from both fixed and variable rates."

Macquarie is always working on new digital features to give customers better insights and control over their finances, says Perham.

"Features like smart budgeting tools, automatic expense categorisation and detailed transaction tagging make it easier to manage investment-related cashflow and prepare for tax time."

And the Macquarie banking app gives customers a 24/7 view of all their accounts including offset accounts, says Perham.

An investor using an offset account to receive rental income and pay property-related expenses will see this in one place.

"Our customers can generate individual interest statements for each loan, upload receipts and tag transactions for tax purposes, create and manage up to 10 offset accounts linked to each loan account, and track their net wealth and cashflow in real time."

In second place, Commonwealth Bank, last year's winner, offers investors tailored loans with features such as repayment holidays, multiple offset accounts, redraw, split loans, top-ups and flexible repayment options such as switching to interest only payments.

CommBank My Property in NetBank and the CommBank app provides personalised property insights, allowing you to track and manage your property portfolio, explore your options and plan.

NAB placed third. It offers resources and products for property investors, including tailored home loans, investment solutions and tools for property research.

Why they won

Flexible products to suit the unique needs of individual investors.

Top product

Offset Home Loan, allowing customers 10 offset accounts on a loan account.

• Find out how we chose the winners
• Order your copy of the July awards issue
• Check out more from the 2025 Consumer Finance Awards

It's always a leap of faith for Australians to hand their savings over to a financial institution, and our Money Minder award recognises this, combining scores across savings accounts, term deposits, customer service and digital experience to come up with a holistic winner for money minding.

This year's winner - for the second year in a row - is Macquarie Bank. There are good reasons behind the repeat performance.

By way of background, Australia is a nation of savers. Four out of five (80%) adults have a savings account and a majority choose high-interest options.

But if you have felt that your savings are not pulling their weight, you could be right. Account conditions are catching out savers. More than 70% of us face at least one restrictive condition on our savings account. That's seeing two-thirds of us fail to receive the maximum bonus interest rate each month.

It's a scary statistic at a time when households are battling a cost-of-living crunch.

Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "Our goal has always been to provide a simple and seamless banking experience that maximises our customers' savings, without the strict conditions that have become common across other high interest savings accounts in the market."

She adds, "We've done away with all of that because savings shouldn't be hard work."

With Macquarie Bank there are no hoops to jump through or monthly requirements to meet, to earn a great rate. "This means our customers can sit back, watch their money grow without any hassle and get the best out of every dollar they put towards their savings goals," says McArdle.

As we move into a lower rate environment, it becomes increasingly important for savers to shop around for a competitive savings rate - and a savings account where they can realistically meet the conditions required to earn the top rate.

"At Macquarie Bank, we're committed to helping our customers make the most out of their money," says McArdle. "Both our transaction and savings accounts offer competitive variable interest rates without any restrictive conditions. So our customers can be confident they're receiving a great rate, regardless of how they choose to manage their money.

McAardle adds that for savers who often forget to check their rate or to switch accounts when high promotional interest rates roll off, "it's worth considering our no hoops or catches savings account, where they won't be penalised for moving their money around or not meeting certain criteria".

Macquarie Bank also offers customers a range of tools and options to help them grow and manage their money more effectively.

"Alongside our savings and transactions accounts, we offer term deposits with competitive fixed interest rates, which can help customers diversify their savings and lock in returns," says McArdle.

"Our award-winning mobile banking app and digital platform are designed to help Macquarie customers stay on top of their finances.

"From setting and tracking savings goals to accessing discounts through Macquarie Marketplace, our digital tools make it easier to save and spend smarter. Customers can tag transactions (for example, #tax) and generate reports to streamline organisation during tax time. Everything is designed to be intuitive, informative and tailored to support financial wellbeing."

Why they won

A suite of accounts that has done away with the restrictive terms and conditions needed to earn a decent return.

Top product

It all starts with a great rate of 2.50% on a Macquarie Bank transaction account.

• Find out how we chose the winners
• Order your copy of the July awards issue
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Funny thing about credit cards. Recent years have seen a decline in the number of cards held by Australians - from a peak of almost 17 million in 2018 to around 12 million today.

Despite the drop in numbers, research by Finder reveals that almost one in three (29%) Australians says they rely on credit cards to manage their money.

This dependence is slightly skewed towards women, with 33% of women leaning on credit cards compared with 25% of their male counterparts.

While two in five (40%) cardholders applied for their credit card to have a source of emergency funding, 29% say they are chasing reward points, and 17% want a card to make a big purchase.

Clearly, credit cards still have a key role to play. It can be as simple as using our cards to book a table at the local restaurant or scoring a few freebies through reward points.

Whatever the case, the standard rule is to look for a card that suits your style of card use and repayment.

And Commonwealth Bank, which has won this category three times in a row, makes it easy to find the card that suits your needs.

With a six-strong line-up of credit cards, the Commonwealth Bank has something for everyone - including low-rate and low-fee cards, plus an option for those who don't want to pay card interest - ever.

The CommBank Neo Card has a purchase rate of 0%. Instead of paying interest, cardholders pay a monthly card fee ranging from $15 to $25 depending on the card's credit limit. As an extra plus for travellers the card comes with zero international transaction fees.

What if rewards are your main game?

CommBank has three credit cards that deliver rewards. The monthly card fee and rewards vary depending on the card's credit limit, although the interest-free days (44) and purchase rate (20.99%) are the same across all three options.

All three reward-based cards are linked to CommBank awards, although only the bank's Smart Awards credit card and Ultimate Awards credit card are linked to Qantas Frequent Flyer rewards.

What's interesting is that CommBank's Low Rate card (10.99% to 15.99% per annum) as well as its Low Fee card ($0 to $3 monthly) both offer cashback rewards - could be ideal if savings on airfares are not your main motivator.

Earn $75 each month when you spend $500 or more per month for the first six months on a new Low Rate credit card. Or earn $40 each month when you spend $500 or more per month for the first six months on a new Low Fee credit card.

If you're confused about which card is best suited to your needs, the Commonwealth Bank website features an online card selector. Answer up to four questions and it reveals the card that may suit your needs.

Why they won

A suite of credit cards offering everything from zero interest to extensive rewards.

Top product

CommBank Neo card - what's not to love about a credit card that charges zero interest?

• Find out how we chose the winners
• Order your copy of the July awards issue
• Check out more from the 2025 Consumer Finance Awards

There's something awe-inspiring about the sheer scale of Australia's residential property market. Valued at more than $11 trillion, the collective value of our homes dwarfs the nation's superannuation savings ($4.2 trillion), and even our $2.9 trillion sharemarket.

The vast honeypot of wealth tied up in homes hasn't gone unnoticed by the nation's banks. And in a market traditionally dominated by the big four banks, Macquarie is asserting its reputation as a key partner that home buyers can bank on to buy a place of their own.

From being runner up in 2023, Macquarie Bank has now won this award for two consecutive years, but this doesn't tell the full story.

Thumb through Macquarie Group's 2025 annual report, and you'll see Macquarie Bank's home loan portfolio grew by a whopping 19% over the past 12 months to be worth $141.7 billion.

It's the sort of growth many financial institutions can only dream of. Yet Macquarie Bank is taking a counterintuitive approach, keeping things simple, rather than complex, as a way of attracting home buyers.

Here's what is happening.

First up, Macquarie gives home buyers a choice of just two home loans - basic and offset. It's a bold move in a market where plenty of lenders offer far lengthier home loan menus.

Ben Perham, head of personal banking at Macquarie Bank, explains, "Our customers tell us they value the transparency and simplicity of our offering, giving them the confidence and control to manage their money in a way that best suits them."

Macquarie Bank also ticks the box for competitive rates and fast turnaround times, without scrimping on loan features.

"Customers can take advantage of flexible features like splitting their loan between fixed and variable rates, or linking up to 10 offset accounts to help manage cashflow and reduce the amount of interest on the variable portion of a loan," says Perham.

The availability of up to 10 offset accounts is worth a closer look. Perham says this allows Macquarie's home loan customers to save for various goals by using different offset accounts as dedicated savings buckets.

"By using offset accounts, customers have the flexibility to organise their savings with purpose, while also reducing the interest they pay on the variable portion of their loan," says Perham.

When you think about it, it's a simple and smart way to manage money. Combined with the bank's app, Macquarie's home loan customers have a clear view of their finances all in one place.

Macquarie Bank also prides itself on swift loan approval. Perham says: "Fast turnaround times are crucial for home buyers, as they enable timely decisions even in a competitive property market."

And if you're thinking of fixing, Perham says, "Our offering is resonating strongly with homeowners looking for peace of mind regarding repayments."

Why they won

Rapid loan turnarounds, digital loan management and multiple offsets for different goals.

Top product

Macquarie's Offset Home Loan lets borrowers have up to 10 offset accounts to tick off different goals.