ME Bank has again won Best First Home Saver Account at the Financial Review Smart Investor awards 2012.
ME Bank's First Home Saver Account provides a simple way for Australians to save for their home with the help of government contributions and low taxes.
The Account currently offers savers a 4.35* per cent interest rate plus a 17 per cent government contribution on their first $6000 saved each financial year, adding $1020 a year to their savings.
The judges said ME Bank's First Home Saver Account provides aspiring home owners with the best possible return under the federal government's first home savers account scheme.
Mr Ian Hendey, ME Bank's Group Executive Sales, said "ME Bank is one of only two banks that continue to offer a First Home Saver Account."
"Unlike the major banks, ME Bank is committed to helping members of unions and industry super funds own their own home, particularly when strong house growth over several years has continued to make buying a first home a challenge for many people."
"One of the reasons the First Home Saver Account is so effective is it helps savers avoid the temptation to dip into their savings - they can't withdraw funds until they've made contributions of at least $1,000 in each of four or more financial years.
"The other benefit is the way it motivates people to save. The very good interest rates and additional government contribution of 17 per cent motivates participants to develop a saving habit."
"After four years savers can use the funds as a deposit for their first home and hopefully continue with ME Bank, where our standard variable home loan rate for members of industry super funds and unions has been lower than those of the major banks for every month for every year since we became a bank in 2001."
"ME Bank provides a genuine alternative to the big banks - a fairer way to bank - and our continued commitment to providing an award-winning First Home Saver Account is a clear demonstration of this."
ME Bank is the only bank in Australia which is 100 percent owned by Australia's leading industry super funds. ME Bank provides industry super fund, union and employer association members with agenuinely fairer banking alternative.
* Interest rate is current as at 23-Aug-2012 and is subject to change. Subject to government eligibility and withdrawal criteria.
This information does not take into account your situation and you should consider if this product is appropriate for you. Before you make any decisions about our First Home Saver Account you should review the Product Disclosure Statement and Terms and Conditions.
For information about First Home Saver Accounts generally you may wish to visit the ATO website or the ASIC website.