News Article

Wednesday 28 January 2009

Queensland Professionals Netsaver awarded Number 2 in Online Savings Accounts

The Financial Review’s Smart Investor magazine has ranked our S50 Online Netsaver Account at number two in the Top 10 online savings accounts. The Smart Investor has calculated that with annual interest earnt on $10,000 equalling $3,027.00, this means that our members will earn $193.00 more per year than ANZ customers.

The results have highlighted the savings a customer receives if they members of a Mutual Institution (Credit Union or Building Society) by comparing the figures to those of the big banks.

In the time of the credit crunch, the big banks kept up their high fees, dropped their loan rates by less than the RBA movements and took their time passing the benefits to savers.

Credit Unions and Building Societies (otherwise known as CUBS) often present a more attractive alternative to the big banks. They are funded almost entirely from their own member deposits so, unlike banks, they don’t have to play with pricing. CUBS are also eligible for the government deposit guarantee because they are regulated by the Australian Prudential Regulation Authority and therefore are subject to the same basic regulatory requirements as the big banks.

CUBS have previously suffered from the public belief that a lack of branches and ATMs means that access to their money is expensive or inconvenient. According to the Australian Bureau of Statistics there are over 7.23 million subscribers to the internet (or over 67% of the Australian population having home internet access) and with the use of internet banking becoming more and more common, the number of branches and ATMs are less important to banking customers than ever before.

All our savings accounts, with the exception of Term Deposit Accounts, are online ‘at-call’ accounts, giving our members the power to control their own money from the comfort of their own home.

With over 40 years experience in meeting our members financial needs, we are able to offer a wide range of products and services, competitive interest rates, flexible loans and professional, friendly customer service.