Members Equity, the group inspired by Australia’s union backed industry fund sector, is set to start promoting its low cost savings accounts to over two million members of super funds, following its initial success with home loan clients.
Members Equity CEO Anthony Wamsteker says since the group received its banking licence six months ago, it has been marketing its savings accounts to a proportion of members with home loans from Super Member Home Loans (SMHL) and so far, 20 per cent of those targeted have taken up the offer.
Wamsteker says members can operate the savings account, called InterestME, in a way that they don’t incur any costs. And in line with its controlled roll out of services, Members Equity will launch a credit card later this year.
