WHAT’S RED HOT RIGHT NOW, FROM INFOCHOICE

A new service from Australia’s leading banking comparison website, InfoChoice.com.au, will alert savvy consumers to the number one home loan, credit card and savings account in the market right now. InfoChoice.com.au CEO Shaun Cornelius said the organisation’s new monthly Popular Product Awards program would recognise the most popular products among the 150,000 monthly visitors to InfoChoice’s website.

“There are a few banking awards around but we have learned consumers find them difficult to understand and not particularly helpful,” said Mr Cornelius. “Most awards are announced annually and, given the dynamic nature of the banking market, award winning products may no longer be that great by the time awards are announced,” he said. “The new InfoChoice.com.au Popular Product Awards are simple. We identify the products that attract the most interest on our website each month and recognise the top product in the Savings, Credit Card and Home Loan categories,” said Mr Cornelius.

“In analysing the most popular consumer banking products last month, we found that all represent very competitive propositions in the market however they were not offerings from the Big Four banks. “What we’re seeing is that consumers are open and willing to look at options beyond the traditional big banks,” he said.

The May 2010 winning products are:
• Most popular Savings Account: UBank USaver
• Most popular Credit Card: Citibank Clear Platinum
• Most popular Home Loan: CUA Standard Variable Home Loan

In May, UBank USaver successfully promoted its new savings bonus rate of 0.36 per cent (effective from 1 June) to savers who set up a savings plan of $200 or more each month. The base rate was also highly competitive at 5.85 per cent. One of the major appeals for consumers is that the maximum rate is ongoing compared to other market leading rates which are only available during a promotional period.

Towards the end of April, CUA boldly reduced its SVR Home Loan by 0.25 per cent, at a time when banks were increasing their rates following several RBA rate increases. The CUA SVR home loan rate of 6.87 per cent as at 1 June is currently 0.51 per cent lower than the average of the SVR loans of the big four banks.

The low rate Citibank Clear Platinum card offers customers 0 per cent interest on balance transfers for six months and a first year annual fee of $49 (normal annual fee is $99). The card has an extensive rewards program, offers complimentary international travel insurance and provides access to Visa Platinum Privileges.

InfoChoice.com.au is Australia’s leading banking comparison website, working with financial institutions to list the majority of retail banking products in the market.

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