There has never been a better time in the Australian financial market to look outside of what you expect a reliable and competitive financial services provider to be, and consider your non-bank options. Australian mutual building societies are able to offer more competitive services than ever and as they are regulated by the same government bodies as Australian banks, and are registered as authorised deposit taking institutions you can be sure that you are getting the same reliability and strength as was previously perceived to only be found with the big banks.
IMB was established in 1880 and is a great example of the strength of non-bank institutions as it is the longest standing mutual building society in New South Wales. IMB is also one of Australia’s largest building societies with around 180,000 members. There are 41 branches throughout the Illawarra, Sydney, New South Wales, the ACT and Melbourne. IMB offers a range of home and personal loans, savings and transaction accounts, term deposit investments, business banking, financial planning services and insurance products and they are big enough to be able to compete with the big banks on price, products and services while remaining grounded, to continue to offer a personalised, local and community focused services which set them apart from the often faceless banks.
Why Choose IMB?
The benefits of being a part of IMB go beyond the fact that they are able to offer more personalised and understanding services than a big bank. As a mutual building society and a financial institution committed to your needs, IMB can be proud of differences such as:
- Member focused. As a building society and not a bank, you are a member not a customer and this fact changes the entire experience, and set up of the financial you are offered. It means that IMB has been built with a focus on its members from the beginning, to develop a strong business model and products and services which benefit all members, plus the profits generated are distributed amongst all members because the profits are put back into IMB in the form of more attractive interest rates and lower fees.
- Highly awarded. In 2005, 2006 and 2009 IMB was named by Money Magazine as Building Society of the Year, and Best Building Society in 2007 by Australian banking and Finance Magazine.
- Service wherever and whenever you need. While IMB have 41 branches across New South Wales, the ACT and Victoria they also offer a nationwide network of ATMs so you can access your account when you need to. IMB also has an Australian based call centre open Monday to Saturday.
- Products rated in the top 5% in Australia. IMB has a range of five star rated products in the top 5% in Australia, plus you can enjoy a full range of financial products such as credit cards, debit cards, insurance, reverse mortgages and more products which are always being developed and added.
- Lower interest rates and fees. When the IMB interest rates and fees were compared to major bank competitors in 2008, the benefits delivered to IMB members were valued at over $19.4 million this is an equivalent of $107 in benefits for each IMB member which they wouldn’t be getting if they were with a big bank.
- Community focused. IMB has long supported its communities in any way they can and are always looking for ways they can help, such as through the community foundation which offers funding and support for the community to fund social, cultural, environmental, tourism and educational projects.
IMB Balance Transfer Credit Cards
You can apply for a gold or silver credit card from the IMB range of MasterCard credit cards and not only enjoy all of the great services and benefits of working with an Australian building society to secure your finances, but you can also take advantage of competitive balance transfer offers on the following cards:
- IMB Low Rate MasterCard – Offers a 6.9% balance transfer offer for six months with a low 12.6% purchase interest-rate. The annual fee is from just $55 and you can enjoy a range of travel and purchase insurance options, which you can find out more about by reading the full review here now.
- IMB Rewards MasterCard – You can earn one reward point for every one dollar that you spend, but if you need to get an existing credit card balance under control first that’s okay too because you can take advantage of the 4.9% balance transfer offer for six months. You can redeem your rewards for anything from travel and accommodation, to gift vouchers or fuel vouchers. Learn more about the features of IMB’s rewards credit card to see if it’s right for you.
If you’re dissatisfied with the service you’re getting from your bank, or you had just never considered comparing the credit cards and balance transfer options offered by a building society, take the time to see if the range of IMB financial products will fit your lifestyle.
Posted on Friday, June 4th, 2010 at 1:08 pm
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