Not just this bank but all banks as far as interest on principal is concerned. All my life I have paid interest on mortgages ect at rates far in excees of interest rates now. Now when I need to live on my interest on my term deposits I can't. The Reserve Bank is bowing to pressure from Government and the new generations coming through to support their high-end like styles and bugger the rest. All this 'must have now' attitude is killing this country. We had to scrimp and save to buy things that the generation now are not prepared to wait and save for. Way things are going it is making it so easy for countries like Chine to come in and take over our country without the majority of people realising it. As hard as it was liveing through the higher interest rate periods I still think I and oy=thers of my age lived through the best of times and i feel sorry for the people who will wake up with huge debts when interest rates eventuall go up again albeit though not in my life time. So I dislike all the major banks as they are the main cause of our prblems now.
At my branch there are staff to enquire about my needs and locate for me an appropriate consultant. Staff are friendly, efficient and happy to "go the extra mile". There appear to be systems in place to minimise waiting times and staff are well versed in policy and procedure. One negative: there appears to have been a reduction in fee free ATM's in my local area.
The staff are very helpful and trustworthy, the location of the bank with adjoining ATM is second to none. They supply coffee, newspapers to read, a place to sit to connect digital devices. The best banking experience I have ever had and I have lived 3 countries and 20 different towns or cities, including Sydney and Auckland.
Our bank is pensioner friendly- no bank fees, term deposit very comparable to other banks, low interest on visa cards, same interest to accounts as other banks sometimes better. The staff are very friendly, extremely helpful and willing to help people if they are not sure what to do with investments etc, so far we can't fault them in fact they are better than the big banks eg: ANZ, Bank SA, Commonwealth or Westpac
Staff handling term deposits seem inconvenienced when I come in to renew term deposit. Not very friendly and would rather talk to other staff members during the renewal process.
I would never go to a different bank or credit union because People's Choice Credit Union care about me. So I am loyal to them. When I have saved enough for another term deposit for our Self Managed Super Fund they always ring Treasury to get a higher rate. That means a lot when you are retired. In addition, they post out the paperwork, I don't have to go into their office or use the internet, that's what I call 'satisfaction', which I hope when I see the Rolling Stones this month they'll sing the song that says 'I can't get no satisfaction', it doesn't apply to my credit union!
When the interest rates fall, they contact the Treasury to try and get a higher interest rate on your term deposits.
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Different interest rates apply to different amounts or different interest payment frequencies.
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