Change Your Bank to Members Equity: Lower Fees, Higher Interest, Better Service

Ask your friends what they think about their bank and you’ll probably hear complaints about the cost of everyday transaction accounts. Dissatisfaction can turn to stronger feelings when we read about soaring bank profits and the billions of dollars the banks take from us in fees.

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We may not be happy with our bank’s costs, interest rates and service levels but at times we can feel a bit helpless. Finding the best account and going through the process of switching can seem like a daunting task.

But making the change is easier than you might think. If you’re not getting the most from your account you could save hundreds of dollars by opening a new one and by changing the way you transact.

Most people will find that that there are many bank, building society and credit union accounts which offer lower fees, higher interest rates and better service than their current “Big 4 Bank” account (Commonwealth, Westpac, National & ANZ)

One of my first online savings accounts was from offered by Easy Street Financial Services (Community First Credit Union) which offers a high interest rate and no bank fees. Unfortunately during the last few months Easystreet made several mistakes with my account so I looked for an alternative.

I’d already been a customer of Members Equity for several years and I was really happy with their InterestME transaction account. By good luck they had just launched their own High Interest Online Savings Account which gave me the a high interest rate that while giving me reliable access to my money via phone or internet banking at any time.

So I opened a High Interest Online Savings account with Members Equity and linked it to my existing Members Equity InterestME transaction account I can move money back and forth between the accounts instantly depending on whether I need to withdraw some cash or save it and earn interest 🙂

Why Should You Change Banks And Move To Members Equity Bank

Members Equity Bank is more than just another bank. It was created specifically to provide everyday hard working Australians with low cost banking services and is owned 100% by a number of industry superannuation funds including Australian Super.

Unlike some of the commercial banks Member’s Equity offers simple, no nonsense banking products and services that offer customers real value for money, with no special interest rates for limited periods, no hidden fees and charges and no preferential treatment for high income customers.

Rather than incurring high overhead costs through a retail branch network, Members Equity customers can use the Phone, Internet, ATMs, EFTPOS and Bank@Post to do their banking. The savings generated by this approach are passed on to customers through competitive interest rates, minimal fees and charges, increased functionality, service and fewer charges.

Members Equity InterestME account

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Members Equity InterestME is a 2-in-1 account that pays the high interest of a savings account combined with the easy access of a transaction account and has the following features:

  • Earn a high rate on every dollar over $3000, 0.25% p.a. on every dollar up to $3000
  • No account keeping fees
  • No minimum monthly balance required
  • 15 free EFTPOS transactions every month
  • Free direct debits and credits
  • Free phone and internet banking
  • Access to funds 24 hours a day, 7 days a week via ATM and EFTPOS
  • Cheque book option

The Members Equity InterestME Savings Account was the Gold winner for the Best Investment Account in Money Magazine’s Best of the Best Awards in 2007 & 2008 & 2009.

This information is general in nature and not tailored to your situation. It is not financial advice. More information is available from Members Equity. You should read and consider the PDS before deciding whether to apply for any financial product/service.

6 thoughts on “Change Your Bank to Members Equity: Lower Fees, Higher Interest, Better Service”

  1. I thoroughly agree. I made a move away from the CBA years back and haven’t regretted it. I use the Police Credit Co-Op in Victoria. Even though its name implies only police can join, thats not the case. Anyone can join provided they are referred by an existing member.

    No fees, ever, and service that others can’t equal. IE, when you call, you speak to a human, not a machine, and you’re never on hold for more than a minute or so (at worst).

  2. I actually just heard about this new account Citibank has brought out. I think its called the Plus account. It gives you completely unlimited free transactions even including using another bank’s ATM which my current bank currently charges me $2 a pop for. They do have a high interest rate as well, 5.50%.

    EDITOR: That’s not too bad but remember it has a $5/month account keeping fee regardless of whether you make lots of transactions or very few

  3. I currently bank with national city and citibank. I”m happy with my citibank account. But National City on the other hand I am not happy with as they will charge an overdraft even if the incomeing “charge ” is just to verify the account and as for getting any fees reversed forget it, I”ve spent many hours on the phone and in person with bank manager , regional supervisor, and regional market manager to no avail., my current problem with them is an nsf fee they charged after another co took money out they weren’t supposed to and the bank refuses to reverse the charges, I’ve sent them copies of information re cancelation of the co that charged my account and thier confirmation of refunding the mnoney they took when they shouldn’t have but the bank still will not budge. and as for the check that they charged the nsf it went unpaid which means a charge from the payee, plus the payee will do a redopsit adding more fees, so the only sugestion I got from the PAYEE was to put a stop payment on the check. Well that saves me $2.00 since nsf fee is 34.00 and stop payment fee is 32.00. So at this point I will keep my citibank, pay off national city and close the account. only thing with citibank is it’s a no check, checking account meaning it only comes with a checking mastercard card.

    EDITOR: please note this person is referring to American banks.

  4. BANKWEST is working around the clock to resolve an embarrassing computer glitch which has left many of its customers without cash. The malfunction meant many of BankWest’s 868,000 business and retail customers did not receive money paid into their accounts.

    excerpt from Herald Sun story “BankWest hit by glitch”

    Some reactions from very unhappy Bankwest customers on the popular Australian website Whirlpool.net.au were:

    Bonez – “it’s a joke – for people who use online accounts such as myself currently have no access to funds. Lucky I don’t need to make any large purchases… hope the media gets in on this one. It’s a total embarrassment for a company with over three quarters of a million customers.

    Their systems have gone down a lot in the past 5 years that i’ve been a customer, and frankly I’ve had more than enough. I opened an account with another Bank today, and they will be offering me the same products as I get now for exactly the same price.”

    oscyaki – “Some people above stated that they have never seen BankWest go down before and I can tell you that BankWest goes down more times than any other bank. They usually go down at least once every 2-3 months.

    Although in the past year the current outage is the worst one that has happened as usually it is just the branches that go down and some other smaller services.

    The company that BankWest outsources their IT to is hopeless in many situations (such as this one).”

    Lachesis – “The interesting (to me anyway) thing is that Bankwest actually own 50% of UnisysWest, so it is in their own interests to get it sorted out, not just as their major customer but also as their equal owner.

    They’ll end up owing money to themselves if they’re not careful 😉 ”

    Karlotta and Margarita – “Rang Bankwest and they don’t have an ETA but there advice was go to a branch. Only problem is I’m in NSW and don’t have access to a branch, hence net banking was sold as a solution when I took the loan out several years ago. Given the recent changes in home loan conditions and now this stuffup, Bankwest is not looking that good at the moment. God I hope someone is getting their butt kicked big time right now”

    oscyaki – “Okay. There is only one branch for NSW which is in Sydney.

    Even going to a branch wouldn’t have been that helpful as there is a limit on transactions (depends on the amount).

    A lot of people have honestly been screwed in this stuffup. 2 days of the banks systems being down meant that some people were not able to be paid, people could not make large purchases, people could not open new accounts, people could not even be confirmed whether they were the primary account holder.”

    JohnWS – “It’s 2007 and a bank can go down for days?”

  5. Bankwest are THE worst, their customer service is the pits. Plus they keep sending me to a branch and I have to make a special journey to the branch. I would NEVER go to bankwest. Plus they are owned by a huge UK company which is just out to make money – they have really high profit targets so that can’t be good for their customers.

  6. Hi, I was googling Members Equity Bank and found your blog. Im thinking of re-financing my home loan with Members Equity (from St George) and Im trying to find real people with real experienes with the ME Bank. Does anyone out there have any knowledge, experience, opinions on home loans with the ME Bank?

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