Teachers Credit Union offers best rates in the market

Teachers Credit Union has increased the interest rates on savings and investment accounts to ensure their members continue to enjoy the benefit of highly competitive interest rates.

"We are determined to provide our members with the most competitive rates possible and have done this by positioning our term deposits and online savings account at the upper end of market rates," said Chief Executive, Steve James. "Our members now, more than ever, need a great rate on their savings."

Members have access to the best rates in the market:

1. Investment Account 7.50%pa+
Best rate in the market on balances over $5,000 for 12 to 36 months.
Effective 21st November 2007

2. Cash Management Account 6.70%pa
Best rate in the market on balances of $5,000 or more.
Effective 1st December 2007

3. Online Savings Account 6.75%pa^
Best ongoing rate in the market.
Effective 1st December 2007

These increases are the result of the Reserve Bank of Australia's official rate rise implemented on 7th November 2007. "Our Home Loan and Personal Loans interest rates have increased by 0.25%, but we are still highly competitive in the market. We were able to absorb most of the increase in August which has helped us stay extremely competitive," Steve said.

Teachers Credit Union members save on average $198* per year just by choosing to bank with the credit union. These savings help keep the loans comparison rates below most of the credit unions competitors.

Teachers Credit Union has scored an overall member satisfaction rating of 95% in their latest member survey, making them one of the highest ranked financial institutions in Australia. In comparison, the average customer satisfaction rating of the major banks is 69%#, according to Roy Morgan results.

Media Contact

Gillian Tatt
Senior Public Relations Officer
Email: gtatt@teacherscreditunion.com.au
Phone: (02) 9735 9825
Mobile: 0448 259 942


> Source: Infochoice 20th November 2007. +Interest can be paid monthly, 12 monthly or at maturity on both Investment Accounts and fortnightly on Edvest Investment. Investments lodged for more than 12 months must have interest paid at least every 12 months period as well as maturity and can be added to principal (compounded). Fortnightly and monthly interest payments cannot be added to the principal. ^Interest is calculated on daily balances and credited monthly. The interest rate on balances below $2,000 is 0.10%pa. Staff assisted transactions over the phone or at our offices will incur a staff assist fee of $5.00. *As valued by CANNEX Nov 2006. #From research conducted by The Financial Research Company and AC Nielsen (2007).