MECU - Savings Account

MECU - Savings Account

MECU is a leading financial services organization based in Kew, Victoria and with offices located throughout the country. Its core businesses are personal banking, financial planning, and insurance services. It currently serves around 100,000 people and employs more than 200 staff. With assets exceeding AUD$1.3 billion, it is one of the fastest-growing financial institutions in the country.

History

MECU was started only in 2003, but its constituents have been around for over 50 years. It starting as a small local cooperative and, through a series of mergers and acquisitions, eventually expanded its services to include a full range of financial products including savings account. Close to 20 different unions joined forces to form what is now MECU, Australia's leading financial cooperative.

Reputation

MECU is now included in the international credit union movement, an organization that includes over 40,000 cooperatives and serving more than 118 million people worldwide. In Australia, it is regulated by the Australian Prudential Regulation Authority (APRA). It has also become active in community work, teaming up with local organizations to extend its services.

Member ownership

MECU is completely member-owned; that is, it does not make profit for the sake of shareholders. Instead, all the profits are returned to the members in the form of competitive interest rates, low transaction fees, better facilities, and continuously improving service on savings account. As a result, MECU members enjoy many of the same benefits-and sometimes more-than customers of major Australian banks. And because it's regulated by the ARPA, members are assured of top-quality service and security at all times.

Products offered

MECU focuses on personal banking and financial planning, but also offers a wide range of highly-rated financial products. Some of its popular products are low-cost home loans, credit and debit cards, savings account, term deposits, and insurance services. Transaction fees are kept low on all products to ensure that customers get the most out of their money.