Beat your ‘bank-xiety’!

Nine out of ten Australians don’t trust their bank, according to research conducted by industry super fund-owned bank ME.

If you’ve started to question whether your bank is really acting in your best interests, you’re not alone.

Research by ME shows 94% of Australians are feeling ‘bank-xious’ – unsure about whether they’re being charged fair fees or being sold products they don’t really need, or feeling that they’re seen by their bank as less important than profits.

Despite the widespread loss of confidence, only 14% of Australians are taking steps to switch to a bank they trust.

Beating bank-xiety can be easier than you think. Follow ME’s five tips to find a bank that shares your ethics and values, and ensures you’re getting a good deal.

1. Weigh up the fees and rates you’ll pay – the cost of financial products should always be clear. Check the fine print for any hidden charges and remember, the simpler a product is, the easier it is to understand what you’re paying for.

2. Check that you’re not paying your bank to look after your money – if a bank wants to charge regular account-keeping fees on your everyday money, don’t walk – run. It’s the same with ATM fees. You shouldn’t have to pay to access your own cash.

3. Check the hard sell – be on the lookout for a bank that’s going to slip you products you don’t need, want and never asked for.

4. Financially educate yourself – when a bank provides a variety of free education tools, it’s:

1. something you should use to boost your financial education, and
2. a sure sign that it wants you to be able to make informed decisions about your money.

5. Assess the ethical credentials of your bank – if you care about ethical or responsible investment, you can assess if the bank of your choice invests in, trades in or has exposure to the following things: fossil fuels and coal mining, weapons, tobacco, exploitation of the environment and human rights abuses.

Not all banks are the same, and switching to a bank you trust can restore your confidence and give your financial wellbeing a valuable boost.

This article is brought to you by ME. For more information, please visit mebank.com.au
Members Equity Bank Limited ABN 56 070 887 679.

First Super does not recommend, endorse or accept responsibility for any products or services provided by any third party. Terms and conditions may apply, which should be obtained from ME Bank. First Super does not accept liability for any direct or indirect loss or damage caused by the products and services provided by ME Bank. First Super may invest in this third party, but does not receive any commissions as a result of members using their products and services.