Published on March 1, 2016 5:42 am, by Pete Lalor
Savings Opportunities in Optimise My Banking is a brand new feature in MoneyBrilliant designed to help find ways for you to spend less or earn more on banking products. MoneyBrilliant uses your own account and transaction information to estimate the interest you earned, the interest you paid and some of the most common fees paid by bank customers and then compares this to estimates of what you would have paid, or earned, if you used other bank products rather than the ones you have. That way we can show you bank products where you might have been able to earn more interest or pay less interest and fees. Its like a giant calculator that is easy to use.
One of the key benefits of MoneyBrilliant Optimise My Banking is that it isn’t just a one off analysis like you get from a comparison web site. MoneyBrilliant is always in the background, regularly checking your products against the others in the market and doing the cost comparison for you. Whenever we find a cheaper product or a product that might earn you more we’ll let you know.
What types of bank accounts does it work with?
Currently Optimise My Banking Saving Opportunities works with transaction accounts, savings accounts and credit cards. We may add other bank products later.
We won’t provide cost estimates and calculations for accounts you flag as being “offset” accounts. So please make sure you indicate if your account is an offset account.
How do you setup Optimise My Banking to get Saving Opportunities?
First, you must connect your bank accounts MoneyBrilliant in order to use Optimise My Banking and get Saving Opportunities.
Second, you must tell us what types of things you use each account for (choose from things like paying bills, transactions, emergency funds and savings). Remember if you say the account is an offset account we wont provide cost estimates and Saving Opportunities for that account.
Third, you must tell us exactly what product the account is. But don’t worry you can choose this from a list we provide, so it’s quick and easy.
Then you can sit back and relax, confident that MoneyBrilliant will do the hard work for you by comparing your interest and fees on your product to the interest and fees on hundreds of other products available in the market. We will do this every month and share the highlights with you with up to 5 products that might be cheaper or earn you more interest.
Other things to know
MoneyBrilliant Savings Opportunities are based on estimates of interest and fees you would have paid and/or interest you would have earned. We don’t take into account your personal circumstances or objectives in these calculations or in making Saving Opportunity suggestions. There may be other product features or costs that you need to consider in making a decision about whether you open or close a particular financial product. You should read the Product Disclosure Documents and Terms and Conditions for each product.
To avoid overloading you with suggestions we will only let you know when we find an alternate financial product that will save you, or make you, at least $50.
The calculations are also based on information we gather from the web sites of financial product providers and may contain inaccuracies and may also be out of date. You should check with the relevant product provider that you are entitled to acquire a product if you choose to do so and that the estimates of interest and fees and charges are correct.
Possible shortcomings of our estimates
We try to estimate the main costs of using each bank product, but we don’t calculate all costs associated with banking products and you should consider these costs yourself if they are relevant. These include some types overseas transactions.
In some cases we may have insufficient information to ensure our cost estimates are completely accurate. These include the costs of cash advances on credit cards. We try our best to provide an accurate estimate of the cost of cash advance fees but there may be some inaccuracies in these estimates.
Our estimates of interest earned on transaction accounts and savings accounts is based on the account balance at the time the estimate is calculated. If the account balances changes significantly then our estimate of interest earned may be inaccurate.
We don’t take into account balance transfers, interest free periods and any other special offer that might be available on a particular banking product. Assessing Balance transfer credit cards can be complex and we suggest you refer to the ASIC Moneysmart web site for information on balance transfer offers. Interest free periods may have a small effect on interest paid on a credit card.
Does MoneyBrilliant receive product commissions or referral fees for this service?
No, we don’t receive and product commissions or referral fees from any product provider for this service. We do receive “click through fees’ for some products. For these products you will see a “Go to site” button displayed in the suggestion. These arrangements have absolutely no influence on the suggestions we make.
If you have any questions about MoneyBrilliants Optimise My Banking features please contact us at firstname.lastname@example.org
This information has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711, ACL 493068). This information is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice you should seek advice from a licensed financial adviser.
Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.