How to choose – big or little bank or credit union

02/08/2012

Australian Banking Association chief executive Steven Munchenberg says, “The most important thing to think about is how you do your banking and what's important for you. If you want a straightforward mortgage and you don't have a lot of options in terms of affordability, you'll be very focused on the interest rate.”

Munchenberg notes that banks tend to discount deeply on the “headline” standard variable rate, though the mutuals' discount too.

He also raises convenience as a consideration, in terms of nearby branches and ATMs, though credit union-owned network of rediATMs is the second-largest in the country and internet banking clears many hurdles.

Source: The Age