ME Bank launches Household Financial Health Dynamics Report

ME Bank is putting its finger on the national economic pulse with a new index that measures the financial health of Australian households.

In late 2011, ME Bank launched its Household Financial Health Dynamics Report. A comprehensive survey of more than 1,500 Australian households, the report focused on:

• the way Australian households feel about their financial comfort
• the actual financial state of Australian households
• the relationship between the two.

ME Bank CEO, Jamie McPhee, said that the report provided a range of important findings that would be both interesting and useful to track over time.

“Unlike other financial indexes, ME Bank wanted to use this research to really focus in on the average Australian household.

“We wanted to find out how comfortable households are feeling about their finances and whether that feeling tallied with their actual financial state.

“This research will provide important insights for policy makers, governments and society in general,” he said.

The inaugural report found that:

• the single factor most closely aligned to household financial comfort is not income, but rather superannuation holdings
• two-thirds of Australians are financial realists, with their comfort level and actual financial situation aligning
• one in seven Australians feel overly comfortable given their actual financial state.

The report also found that Australian households are feeling reasonably comfortable with their finances overall, however single parent households are the least comfortable and retirees are the most comfortable.

To obtain a copy of the full report, click here. For a summary of key findings and graphics, click here.

ME Bank a winner!

ME Bank has been kicking goals in 2011, winning a series of industry awards for its low-cost, fair and customer-centric banking products and service. Its most recent wins include gold awards for its new home loan package – Member Package, its Low Rate Credit Card and its First Home Saver Account.

ME Bank wins gold for its new home loan package

ME Bank has been awarded a Gold Medal for its new home loan package at the 2011 Your Mortgage Magazine’s Mortgage of the Year Awards.

ME Bank Group Executive, Brands, Products and Distribution, Ian Hendey, said the award was recognition that the Bank’s Member Package, launched less than four months ago, was the best value for customers over the life of their loan, not just the first 12 months.

“Winning the Gold Medal demonstrates that ME Bank plans and acts in our customers’ best interests, with simple and transparent products that benefit members of industry super funds and unions over the long term. It also recognises our commitment to providing banking products that are simple, low cost, fair and transparent.”

ME Bank’s home loan package includes a 100% offset facility and fee-free MasterCard. It is only available to members of participating industry super funds and unions, and features a low variable interest rate of 6.99% across all loan sizes, no account keeping fees, split fees, redraw fees or top up fees – all for an annual fee of $395.

Ian said these combined features could potentially save customers thousands of dollars and cut years off their home loans.

“The great Australian dream has become increasingly difficult to achieve for working Australians in a volatile and expensive housing market. At ME Bank, we listen to our customers’ needs. The Your Mortgage Award is evidence we’re on the right track,” he said.

Medal winners of the Mortgage of the Year award were judged using the Your Mortgage team’s scoring system. Loans that qualified for the awards were ranked according to their comparison rate and the points awarded for features, such as redraw and portability.

Extra points were also awarded for the product’s transparency of fees and conditions, as well as the product’s accessibility.

ME Bank wins gold for Best Low Rate Credit Card

Following in the footsteps its prestigious Gold Medal Award win at the Mortgage of the Year Awards, ME Bank has been awarded the Your Money Magazine Gold Medal for Best Low Rate Credit Card.

The Your Money research team examined all major low rate credit cards in the market, dividing them into three separate categories by types of spenders.

“ME Bank is the genuine banking alternative for members of industry super funds and unions. This new award is proof that the ME Bank MasterCard offers a genuinely low interest rate and a low annual fee, representing great value for our customers,” said Ian.

Your Money’s research team assessed ME Bank’s Low Rate MasterCard on a number of factors including the accrued interest and fees over 12 months, purchase rates, annual fees, interest free days, cash advance rates, late fees, and balance transfer options/rates.

“The interest on ME Bank’s low rate MasterCard stays the same, irrespective of how customer balances accrue. Moreover, repayment is managed in a way that aims to reduce the overall cost of using the card,” concluded Ian.

ME Bank receives Blue Ribbon Award for First Home Saver Account

ME Bank has taken out the First Home Saver Account category at this year’s Australian Financial Review Smart Investor Blue Ribbon Awards.

Savings products from over 30 financial institutions were reviewed in this category, from information provided by independent research organisations including InfoChoice, Morningstar and Rice Warner Actuaries. All products were judged on their interest rates, features and fees.

The judges said: “ME Bank’s First Home Saver Account provides aspiring home owners with the best possible return under the Federal Government’s first home saver account scheme.”

Ian commented, “ME Bank’s first home saver product reflects concerns about the affordability of property, although the past year has brought some stability to prices. This award demonstrates that we act in our customers’ best interests, with a simple and transparent First Home Saver Account which benefits young members of industry super funds and unions,” said Ian.

“When members are ready to purchase we offer them our new award-winning Home Loan Package, which offers a standard variable interest rate of 6.99%, and has features which could potentially save them thousands of dollars and cut years off their home loan.”

For more information, visit www.membersequity.com.au

Record numbers for Mother’s Day Classic

A record 120,000 Australians stepped out for breast cancer research in the annual Women in Super Mother’s Day Classic walk and run on Sunday 8 May. The highest number of participants in the event’s 14-year history attended 37 different events across the nation.

A sea of pink swarmed start lines in 10 major cities and 27 regional locations across the nation. Among the crowds of smiling faces were families and friends, people dressed up, teams both large and small and a host of famous faces. But the reason everyone was there was fixed to the back of thousands of participants who wore tribute cards dedicated to loved ones affected by breast cancer.

‘The support from everyone across the country was amazing and the growth in numbers each year demonstrates the willingness of the community to embrace the breast cancer cause and this event,’ says Sharon Morris, National Manager, Women in Super Mother’s Day Classic.

This successful annual event was established by Women in Super in 1998 and since then it has grown to become the nation’s largest charity event, with the community and superannuation and finance industry sponsors and teams returning year after year to walk or run and raise funds for the National Breast Cancer Foundation’s research programs.

The super industry has been closely associated with the event and continues to contribute to the Mother’s Day Classic each year through sponsorship of the event and volunteer support from people in the super and finance industries, according to Sharon. ‘The industry funds should be proud of the key role they have played in initiating and growing this fantastic event.’

Behind every Mother’s Day Classic is a dedicated group of volunteers from the super and finance industries who give up their time to help organise this annual event in each state. Their commitment and enthusiasm for the event has helped it to grow from 3,000 people 14 years ago to the record number of 120,000 in 2011.

ME Bank has proudly supported the Women in Super Mother’s Day Classic as the major sponsor since 2005. AIST is a founding sponsor of the event and continues every year as a Gold Sponsor. Other industry sponsors include national silver sponsors, CareSuper, Cbus, HESTA, ISPT, NGS Super and Superpartners.

For more information about the Mother’s Day Classic, visit the website.

ME Bank wins top spot in customer satisfaction award

ME Bank was awarded the 2011 Most Satisfied Customers Award in the challenger banks category of the latest CANSTAR Blue Most Satisfied Customers Award.

‘The CANSTAR Blue Most Satisfied Customers Award is another clear indication from our customers that we’re doing the right thing. It’s in our DNA to offer low cost, simple and fair banking products and services and as long as customers are satisfied, we’ll continue to take this approach,’ said ME Bank CEO, Jamie McPhee.

‘Australian consumers have voted and have told us they are happiest with ME Bank when it comes to challenger banks. ME Bank was voted number one by its customers during a particularly competitive period for the banking industry, receiving top scores for overall satisfaction, call centre service and problem solving,’ said Andrew Spicer CEO, Canstar. 

‘Challenger bank ME Bank has stuck to its guns, firmly believing that a no-nonsense approach consisting of simple, low-cost and fair banking products and its strong association with industry super fund members will win the day – and it has. ME Bank easily had the most satisfied customers among the challenger banks,‘ Canstar Cannex Head of Research, Mr Mickenbecker added. 

Last month, ME Bank launched the Member Package, an all-in-one product exclusive to members of industry super funds and unions, offering simplified banking solutions including a lower interest home loan, 100% offset transaction facility with no transaction fees and a low rate MasterCard with no annual fee.