If you’re a Savings & Loans member then in the next week you will receive a letter explaining some changes to our transaction fees. While there has been a slight rise in some fees, others have decreased and our members still have access to some of the most affordable banking in Australia.
Visit our website if you’d like to see the details of our new fee structure and see which ‘category’ you fall into.
It’s been almost five years since we’ve reviewed our fee structure and there have been some significant changes in the marketplace since then. Particularly in the last 12 months, we’ve seen our margins – the difference between the interest rates we receive for borrowings and pay for deposits – decrease substantially, placing pressure on our bottom line.
While we don’t exist to make profits for external shareholders, we do need to make money in order to stay viable and best serve our members. The profits that we do make – which are far from large when compared to some other financial institutions – are invested directly back into Savings & Loans, helping to open new branches, increase services and offer our members superior value.
While most of the changes to our fees are relatively small, there are a few things I want to point out:
Expanded range of ATMs – All Reditellers around Australia will now be treated as Savings & Loans ATMs. That means people in our ‘MemberPlus’ category will be able to use more than 1,250 ATMs for free, while those in our ‘Member’ and ‘Member23’ fee groups will have just $1 taken from their monthly allowance for using a Rediteller ATM, down from $2 previously.
Platinum membership – I know that everyone likes to manage their accounts differently, so we’ve introduced ‘Platinum’ which gives you unlimited access to your accounts using Rediteller ATMs, EFTPOS, Visa, direct debits and Savings & Loans branches, along with other benefits. For more information on Platinum membership, visit the fees page on the Savings & Loans website.
Monthly fee on Visa cards – This is one of the biggest changes to our fees, and something we’ve thought long and hard about. It’s the first time we’ve had any sort of annual or monthly fee on our Visa cards. At $2 per card per month, it’s still one of the lowest fees in the market.
As I said, more information on the fees is available on the website.
None of our fees are hidden, and we like to be open about the reasons for increasing fees. If you have any questions or comments about the new fee structure, I’d like to hear from you.