Why I have rejoined a Building Society.

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fantasy86dj
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Why I have rejoined a Building Society.

Postby fantasy86dj » Sat Apr 20, 2013 1:11 am

Compared to a bank I love the way that the building societies work. The interest rates are so much better on Term Deposits and I can have a Term Deposit starting from $1000 compared to a bank's $5000 minimum.

I can still use a bank's network to gain ATM access - the building society that I belong too is with the RediATM network in Australia and there is a ATM less than a mile drive away.

Overall the building society is there for its members where as the banks well pfffft. I can manage my accounts online and through the use of my debit card.

I am left the NAB with the exception of my credit card and looking forward to start saving for a house with the Building Society!


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djrez4
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Postby djrez4 » Sat Apr 20, 2013 9:46 am

Is a building society in Australia like a credit union in the US?
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fantasy86dj
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Postby fantasy86dj » Sat Apr 20, 2013 4:19 pm

Yes - We have credit unions here as well as building societies.

DoingHomework
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Postby DoingHomework » Mon Apr 22, 2013 2:52 pm

I believe a building society is more like a "savings and loan" but owned by members although in Australia they are required to be limited by shares which is essentially the same as a US corporation. Historically there were lots of regulations on financial in the US, UK, Australia, and elsewhere so that banks, S&Ls, CUs, and building societies were all somewhat different in how they were structured, what products they offered, and how they were allowed to operate. Since deregulation in all those countries there is now little or no practical difference among S&Ls, CUs, building societies, and even small or regional banks for that matter. If you are old enough to remember the way things were before the savings and loan crisis in the US then it might be better to think of a building society in Australia as a savings and loan here. If you are young then thinking of it as a credit union is probably better. Neither is 100% accurate though.



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