Our new Nerang Branch Manager Rosy Jansen has analysed recent fee and interest rate comparisons between business transaction accounts at The Greater and other institutions and made some interesting findings.
Our Business Banking team completed a review* of the fee and interest rate comparisons that we had prepared for business banking customers over the past 12 months.
In 93% of cases customers were better off with their accounts at The Greater compared to their current banking arrangements.
The average benefit across all cases was $1,491 p.a. for fees and interest combined. Breaking it down, the average benefit was$407 in reduced fees and $1,083 in higher interest income.
Where there was a benefit in switching to The Greater, this benefit was more than $1,000 a year in 52% of cases.
One customer was $6,017 p.a. better off after switching to The Greater.
For a small business owner, community sporting club, or not-for-profit organisation, an additional $1,491 profit per annum, year after year, is a great saving. It is far better in your pocket than in the coffers of a bank.
If you are looking for ways to save money in your business, or your personal finances, my fellow Greater Building Society Branch Managers and I can assist you with a “Financial Health Check”. We can help you to set your financial goals to help you get where you want to be in the future. Simply call 1300 651 400 today. One hour of your time is not much to sacrifice if you could save almost $1,500.
How else do you save money in your business? Share your ideas with everyone below.
*Note: The methodology used involved comparing actual fees charged/interest paid by another bank, as evidenced by statements for periods ranging from one month to nine months, and calculating what the fees / interest paid would have been over the same period had the account been with The Greater in either a Business Access or Business Optimiser account, whichever was the most cost effective for the customer.