Members Equity Bank is 100% owned by some of Australia’s leading Industry Super Funds and was formed to provide working Australians with access to low cost financial products and services.
The history of Members Equity Bank
When you compare the histories of Australia’s financial services providers, Members Equity Bank is still an infant, yet is fortunate to claim strong beginnings. Members Equity Bank, otherwise known as ME, has evolved from Super Members Home Loans (SMHL). SMHL was established as a joint initiative between National Mutual (now AXA), the ACTU and various industry superannuation funds to offer members low cost home loans.
In July 2001 ME received its banking licence from the Australian Prudential Regulation Authority. This meant ME could extend its range of products and services and as a result, now offers high interest saving and transaction accounts, credit cards, personal loans and business banking.
ME is now owned by a number of industry superannuation funds. Profits earned provide a return on investment for these funds and their members.
Aims
The aim of ME is to meet the basic financial needs of Australians by providing simple products with very competitive interest rates, minimal fees and no gimmicks.
Technology is the key to providing low cost financial products. Customers can use the phone, Internet, ATMs, EFTPOS and giroPost as interfaces with the bank. The savings generated by this approach are passed on to customers through competitive interest rates, increased functionality, service and fewer charges.
A growing company
ME currently has over 700 staff across Australia. ME has an office in every capital city and Mobile Lending Managers located across the country, in metropolitan and regional areas, who meet customers at their home or workplace at a convenient time for them. In 2007, ME opened its first Victorian branch. Located at 365 Queen Street in the Melbourne CBD, the branch provides another opportunity for customers to do business. ME will be opening a branch in the Brisbane CBD in July 2008.
ME is excited to work closely with Industry Fund Services* (IFS) to provide benefits to our respective customers. IFS provides services and products to industry superannuation funds and unions and their members, including financial planning, funds management, pension products, managed funds, legal services and insurance.
For more information about ME, including information on corporate governance, please visit membersequitybank.com.au or call 1300 632 265 (1300 ME BANK).
* Any reference to Industry Fund Services or IFS does not constitute a recommendation or guarantee by Members Equity Bank for the products or services offered by IFS.