Get your finances started with a mutual building society

Migrating to a new country can have its challenges, especially when it comes to getting your finances started. Choosing the right type of financial institution and the right savings account can help new residents get started in the right direction.

In Australia there is a range of different types of financial institutions including mutual building societies. A mutual building society is an organisation owned by its members, rather than by external shareholders, which pays interest on deposits and lends money to enable members to buy their own homes and manage their businesses.

Mutual building societies are an alternative to banks and other credit providers, and offer a different kind of banking based on cooperation, mutual benefit and customer focus. These types of financial institutions are community-based, which means they operate for the benefit of their depositors and borrowers and their community.

All mutual building societies meet the high regulatory and capital requirements while delivering a community-based alternative to the banks.

Mr John Minz, Chief Executive Officer of Australia’s largest building society said that, when selecting a new financial institution new residents should consider a mutual building society where staff are committed to providing the best customer service.

Mutual building societies also offer customers additional savings including no account keeping fees and, fee-free internet and phone banking for personal transaction accounts.

Getting started can also be made easier with the right choice of savings products designed to give customers maximum returns on their savings. Products like high interest on-line savings accounts should be considered.

These types of savings accounts can earn high interest on account balances, meaning that customers get a greater return on their savings. And, at most mutual building societies there are no transaction fees or account keeping fees, no minimum opening balance and interest is calculated daily and paid monthly on full balance.

If customers need a regular income from their savings and don’t require immediate access to their funds, a term deposit could be the ideal savings solution.

Mutual building societies offer term deposit accounts that are designed to get the maximum return on savings while providing security with a fixed rate of return over a selected fixed investment term.

An investment of only $1000 is needed with most term deposit accounts in Australia and with most mutual building societies offering customers the choice of when they would like their interest paid.

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