The top execs of Neobanks are shocked at the huge demand they are receiving from potential customers. To put the demand into perspective, one Neobank – Xinja – has amassed an impressive $100 million in deposits in a time frame of just 19 days. The challenger banks, which are 100% digital, are collectively signing hundreds of […]
Treasurer Wayne Swan has warned against expectations of a budget surplus despite the global recession economic recovery as tax receipts continue to be depressed.
The Federal Government has removed the bank large deposit and wholesale funding guarantee established to stabilise banks due to the Global Financial Crisis.
Mutuals (combined credit unions and building societies) are considered the least secure segment for retail deposits in Australia, despite the Federal Government guaranteeing deposits up to $1 million held by an Australian Deposit-taking Institution (ADI).
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