Save millions with credit unions, building societies
12 October 2009
Further research out today shows that Australians can save millions by looking outside the “Big 4” banks, and making the switch to a credit union or building society.
New research by Core Data published in today’s Daily Telegraph [1] argues that consumers missed out on $3.6 billion over the past year by not moving to higher earning online savings accounts with credit unions and building societies, and smaller banks.
“This research confirms what millions around the country have known all along – credit unions and mutual building societies offer outstanding service, competitive rates, and fairer fees,” said Louise Petschler, CEO of the industry body Abacus – Australian Mutuals.
“Earlier this year, independent research group InfoChoice [2] also found that Australian mortgage holders were paying $32,000 more in home loan repayments by sticking with the big banks, instead of shopping around for a better deal.”
“And just this month, consumer group CHOICE showed that credit unions and building societies are delivering the highest levels of customer satisfaction, with a rating of 83% compared to their nearest big bank rival at 66%.”
“Outstanding service and saving thousands – we encourage more Australians to take a look at the better deal millions of members already enjoy from mutuals,” Ms Petschler said.
“It’s not hard to make the switch to a credit union or building society – there are account switching obligations on banks to make it easy - and you could save yourself a lot of money. To find a credit union or mutual building society near you, go to www.abacus.org.au or call 13 11 28.”
Credit unions, mutual building societies and banks are regulated in exactly the same way and to the same strict, legally-enforceable standards by the Australian Prudential Regulation Authority (APRA) under Commonwealth Banking Act 1959 and are fully covered by the Government’s retail deposit guarantee.
“More than 4.5 million Australians already choose us because we are member-owned, strong, safe and secure. Now there’s no better time for Australians to make the switch to the mutual banking difference”, Ms Petschler said.
For more information, please contact:
Louise Petschler, CEO
02 8299 9034, 0408 239 226
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Mark Degotardi, Head of Public Affairs
02 8299 9053. 0419 998 201
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[1] “Missing out on millions” by Nick Tabakoff, Daily Telegraph 12 October 2009
[2] To see the InfoChoice release, go to: Borrowers told to shop around (Wednesday, 17th June 2009)
download pdf version here 24.46 Kb
