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 same high interest rate that my previous high interest savigns account did whilst giving me reliable access to my money via phone or internet banking at any time.
So I sent in my application forms and opened a High Interest Online Savings account with Members Equity and linked it to my existing Members Equity InterestME transaction account so 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 🙂
Members Equity High Interest Rate Online Savings Account
Do you want your savings to earn a High Interest Rate without being locked into a term deposit or cash management account?
What if there was an account which offered NO Bank Fees as well as NO Minimum Deposit, NO Fixed Term, Funds “at call”, and Access 24/7 via internet and phone banking?
Wouldn’t it be even better if it was offered by a bank backed by some of Australia’s largest industry super funds?
The high interest Online Savings Account account from Members Equity is the answer with the following benefits!
- High interest online savings account without any conditions (unlike HSBC’s Serious Saver account where interest is paid only if you didn’t make a withdrawal that month) or short term promotional gimmicks (higher interest rate for the first few months account is open, but lower after that)
- Backed by Members Equity, which is an Authorised Deposit-Taking Institution regulated by APRA
- High Rate of Interest per annum, calculated daily, compounded monthly
- At call funds
- Access 24/7 via Members Equity Internet Banking
- No fixed term
- 24hr Automated phone banking
- The ability to call Members Equity’s customer service team 8am to 8pm weekday and 9am and 5pm on Saturdays (Melbourne time).
- No minimum deposit
- No bank fees
To give you an idea of the benefit you can gain from keeping your savings in a high interest online savings account compared to an everyday transaction account see the graph at right (Comparison shows bank balance over 10 year period where CollectingWealth bank offers 0.1% interest and Generous Bank offers 6.7% interest). After 10 years the CollectingWealth account balance is a paltry $10010 and the Generous Bank account balance is $19506
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.
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.