Read the fine print warns Members Equity Bank
The marketplace is being flooded by misleading advertisements offering investors ‘special interest rates’ that don’t deliver, according to Members Equity Bank.
The bank has announced it will commence a national marketing campaign for ME Online Savings Accounts under the promotional tag line: ‘A great rate, not a fake rate.’
Head of corporate and social responsibility Tony Beck said Members Equity Bank’s Online Savings Account has no hidden terms and conditions, with an interest rate of 7.5 per cent per annum, “available on every dollar, every day”.
“Currently, the market is being inundated by special interest rate offers by competitors, however if you read the fine print you will see that the advertised interest rate is often only a promotional rate with limited time availability, and is only available to new customers,” Beck said.
According to Beck, the ME Online Savings Account is “not a promotional rate and is applicable to both new and existing customers”.
A special campaign will also be launched to target specific industry super fund members.
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