Media Centre

26 August 2011

Fixing uncertainty – ME Bank responds to job insecurities

ME Bank today announced it will lower its three year fixed rate to 6.35%, making it the lowest on the market.

The move comes as the Australian Council of Trade Unions (ACTU) revealed an increasing number of working Australians are concerned about their job security.

"Since June, we've seen a raft of job losses across unionised workplaces. These events, in addition to the growing army of people who experience job insecurity, has prompted ME Bank to lower our already competitive fixed rate to provide members of industry super funds and unions with the peace of mind of low fixed repayments," said Ian Hendey, Group Executive, Brand, Product and Distribution at ME Bank.

ACTU National Secretary, Jeff Lawrence, said today that continued market turbulence had influenced a decline in job security.

"Our members are telling us that they fear for their futures in this current climate of mass job losses, a high Australian dollar and uncertainty in the global financial markets.

"Our research tells us that more than 40 percent of Australian workers have insecure jobs – no guaranteed working hours; no entitlements to holidays or superannuation; and no guarantee of the same income from week to week," Mr. Lawrence said.

"For people experiencing uncertainty about their future income, a fixed rate provides the assurance that interest rates will not fluctuate over the life of the loan. Fixed rates reflect a simple yet stable pricing structure that gives customers the confidence to plan their finances with the certainty of knowing exactly how their repayments will be configured," Mr Hendey said.

ME Bank recently reduced its minimum monthly deposit from $1,500 to $500 for its EveryDay Transaction Account, based on feedback from part-time workers, casual staff, apprentices and retirees, helping to alleviate the pressure for people on lower incomes and insecure wages.

"It is in ME Bank's DNA to respond to customer needs and act in their best interest. We've recognised the stress working Australians are under and responded to their calls for better value banking products," Mr. Hendey added.

ME Bank is the only bank in Australia which is 100 percent owned by Australia's super industry funds. For more information on ME Bank – a genuine banking alternative – please visit www.mebank.com.au

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Peri Muddle

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