26 April 2019
Nine out of ten Australians don't trust their bank, according to research conducted by industry super fund-owed bank ME. Here's how to shake off your 'bank-xiety'.
If you’ve started to question whether your bank is really acting in your best interests, you’re not alone.
Research by ME shows 94% of Australians are feeling ‘bank-xious’ – unsure about whether they’re being charged fair fees or being sold products they don’t really need, or feeling that they’re seen by their bank as less important than profits.
Despite the widespread loss of confidence, only 14% of Australians are taking steps to switch to a bank they trust.
Beating bank-xiety can be easier than you think. Follow our five tips to find a bank that shares your ethics and values, and to ensure you’re getting a good deal.
1. Weigh up the fees and rates you’ll pay
The cost of financial products should always be clear. Check the fine print for any hidden charges and remember, the simpler a product is, the easier it is to understand what you’re paying for.
2. Check that you’re not paying your bank to look after your money
If a bank wants to charge regular account-keeping fees on your everyday money, don’t walk, run. It’s the same with ATM fees. You shouldn’t have to pay to access your own cash.
3. Check the hard sell
Be on the lookout for a bank that’s going to slip you products you don’t need, want and never asked for.
4. Financially educate yourself
When a bank provides a variety of free education tools, it’s:
a) something you should use to boost your financial education, and
b) a sure sign that it wants you to be able to make informed decisions about your money.
5. Assess the ethical credentials of your bank
If you care about ethical or responsible investment, you can assess what the bank of your choice invests in, trades in or has exposure to.
Not all banks are the same, and switching to a bank you trust can restore your confidence and give your financial wellbeing a valuable boost.
This article is brought to you by ME. For more information, please visit www.mebank.com.au. Members Equity Bank Limited ABN 56 070 887 679 and Australian Credit Licence 229500.
The Trustee and ME are not agents or representatives of one another. The Trustee is not responsible for and does not accept liability for the products or services of ME. ME is an Australian credit licensee (Australian credit licence no. 229500). You should use your own judgement before taking up any product or service offered by ME. TWUSUPER invests in ME but does not receive any commissions as a result of members using ME products and services.
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product.