HSBC waives annual package fee for GESB members

HSBC negotiated a marketing agreement with the Government Employees Superannuation Board of Western Australia. GESB, which publicised the “alliance” yesterday, has around 280,000 members and is the largest super fund in WA.
The bank will offer GESB's members discounts on selected banking products including home and personal loans as well as credit cards.
These apply to two “tailored banking packages” according to the website.
The main saving may be the waiver of the annual home loan package fee of $420.
Most of the other discounts (such as a 50 per cent cut in loan establishment fees and slight discounts on other loans and slight increases on term deposit rates) are those GESB members could obtain with careful shopping for a loan or with the help of an effective mortgage broker.