How can I get cheaper petrol?

How can I get cheaper petrol?

How can I get cheaper petrol?

Consumers can use specialist websites, apps and loyalty schemes to get cheaper petrol.

You can use the MotorMouth website or app to find the cost of petrol near your home or office.

MotorMouth has a simple colour-coding system that makes it easy to tell, at a glance, how prices in one part of your city compare to prices in another.

Residents of Sydney, Melbourne, Brisbane, Perth and Adelaide can get buying advice from the Australian Competition & Consumer Commission website.

This website explains whether now is a good time to buy petrol, based on that city’s petrol price cycle. Here is the sort of advice it provides:

  • “Prices are decreasing but they are likely to decrease further. If possible, motorists should delay buying petrol until later.”
  • “Prices are increasing. If motorists shop around they may find some retailers that have not yet increased prices.”
  • “Prices appear to be around the lowest point of the cycle. Now is a good time for motorists to buy.”

If you want to see how prices have been tracking over the past few months, and even the past few years, you can go to the Australian Automobile Association website.

The AAA offers month-on-month data, including the minimum, maximum and average price in different communities, and whether prices have been trending up or down.

Loyalty programs

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Coles and Woolworths offer discounts of four cents per litre every time you spend $30 in one of their supermarkets.

Drivers can redeem Coles petrol vouchers at almost 700 Coles Express outlets around Australia. And if they spend $20 inside the Coles Express store after filling up, their discount will jump from four cents per litre to 14 cents.

Woolworths petrol vouchers can be used at the 500-plus Caltex Woolworths outlets. The discount increases from four to eight cents if you also spend $5 in-store.

IGA has its own petrol program, although this applies only to supermarkets in New South Wales, Queensland and South Australia, as well as selected stores in Victoria.

Here’s how the program works:

  • Buy petrol at any service station
  • Keep the receipt
  • Spend $30 or more at a participating IGA supermarket
  • Present your petrol receipt at the supermarket cash register
  • Receive a discount of four cents for every litre of petrol you bought

Drivers can also get discounts of up to 22 cents per litre if they get an EasyFuel card – although some people might find it hard to find partner businesses where they can earn discounts and partner service stations where they can spend them.

Here’s how you can accrue discounts:

Business Spend Discount
Supermarket $30 3c
Hardware $70 4c
Butcher $60 5c
Service station $40 2c
Fruit & veg $30 3c
Accommodation $40 5c
Total $270 22c

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Learn more about savings accounts

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)

Can you set up direct debits from a savings account?

It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.

Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly. 

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

Can I overdraft my savings account?

A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

How do I open a savings account?

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

  • Personal details, including identification (driver’s license, passport etc.)
  • Tax file number
  • Employment details

How to open a savings account for my child?

Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.