Has the Federal Budget hit your hip pocket hard?
Switching banks may help ease the burden, Heritage Bank CEO Mr John Minz said today.
Tonight’s Federal Budget is widely tipped to introduce a number of measures such as the deficit levy and the fuel excise increase that will reduce household incomes for many Australians.
Mr Minz said one simple way to combat the shortfall might be changing to a customer-owned bank like Heritage, which offered far greater financial value to customers than the big banks.
“In fact, Heritage customers were $40.7 million better off last financial year by banking with Heritage rather than the big banks, according to analysis by research company Canstar,” Mr Minz said
“Our customers were $9.6 million better off thanks to the great rates and fees on our lending products, and gained a $31.1 million benefit because of better rates and fees on our deposit products.
"With the tough Budget measures being introduced, every dollar counts. There’s never been a better time to come and talk with a customer-owned alternative like Heritage to see if we can put dollars back into your pocket.”
Mr Minz said the reason Heritage could offer better value was simple.
“The big banks are owned by shareholders and their job is to maximise profits so they can pay them the best dividends possible,” he said.
“But customer-owned banks like Heritage don’t have shareholders, so we don’t have to target huge profits and pay out any dividends.
"In fact, we keep all the profits we make and put them back into providing better value for our customers. That translates into better interest rates, fewer fees and charges, and better service.”