How to save hundreds of dollars on banking

With just over a month since the new bank switching rules came into place, a study by Canstar Cannex has found that banking with Teachers Credit Union costs hundreds of dollars less per year compared to the four major banks or many of the other financial institutions.

Translated into dollar value, a Teachers Credit Union member is ahead by an impressive $351.62 pa on average than if they banked with the big four banks, or other selected regional banks, credit unions and building societies.

Narrowing it down to a comparison with only the big four banks, Canstar Cannex (formerly known as Cannex) found that Teachers Credit Union members are better off by a whopping $530.02 pa on average.

“It’s important for consumers to understand that high fees across a financial institution’s product range don’t have to be a fact of life,” said Teachers Credit Union Chief Executive Steve James.

“The new switching rules that came into effect on 1 November are designed to make it easier for people to move from one financial institution to another. What this valuation says to people is, if you’re concerned about the fees and interest rates where you are now, you do have options.”

In the Canstar Cannex Member Valuation Study, commissioned by Teachers Credit Union, the value to members is determined by comparing the costs of products and services provided by Teachers Credit Union with those of selected competitors across the banking sector. The final ‘member value’ is the money a member saves by doing their banking with Teachers Credit Union.

The exceptional value to members is spread across the Teachers Credit Union product sectors, including transaction account, term deposit and loan products.

While Canstar Cannex pointed out that Teachers Credit Union consistently creates member value across the majority of product sectors, it found that the following products were the biggest contributors to member value:

• Transaction account (known as the Everyday Account)
• Term Deposit accounts
• Over 50s Cash Management Account (known as the Edvest Cash Management Account)
• Unsecured Personal Loans 

The Canstar Cannex study encompasses a range of analyses, based on actual portfolio, pricing systems and member transaction behaviour, and applies the data to comparable competitor products held in Canstar Cannex’s database.
Teachers Credit Union is the second largest credit union in Australia based on on-balance sheet assets. It currently has more than 157,000 Members and over $2.6bn in assets.
Teachers Credit Union has broad eligibility criteria for membership. People working in, or retired from public primary, secondary or tertiary education, their relatives, and others connected to the education community can all join.

Media contact:

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