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.
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
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.