CUA is on the money when it comes to award-winning products
1 February 2008
CUA (Credit Union Australia) has been give credit where it’s due by winning a series of awards for its credit card and term deposit products.
Australia’s largest credit union took out numerous accolades in Money magazine’s Best of the Best 2008 awards including:
- GOLD - Cheapest Balance Transfer Credit Card (repaid in 3 years)
- GOLD - Best Reward Credit Card
- SILVER - Best Term Deposit, Long Term
- BRONZE – Best Term Deposit, Short-Term
- BRONZE - Best Reward Credit Card
CUA Managing Director Mr Graham Olrich said CUA products were designed to provide considerable benefits to members and he was honoured CUA had been recognised.
“It is great to see Money magazine recognising credit unions and not just banks and I’m pleased that CUA has been recognised in so many categories,” he said.
“We are particularly proud of our term deposit wins and what better time to be thinking about term deposits than right now while interest rates are so good?
“The great thing about term deposits is that the funds you save are rewarded with a much higher rate of interest than you would get in an everyday transaction account. Interest rates vary depending on the amount of money invested and the length of term for which it is invested.
“Once funds have been committed to the term deposit account they cannot be accessed until the term expires, which is good because it forces you to save and stops the temptation of spending your savings.”
CUA’s hottest term deposit currently offers an interest rate of 7.50 percent for 7-11 months on a minimum deposit of $10,000.
Interest is accrued daily on your whole balance and this is paid on maturity or monthly.
Mr Olrich said CUA was able to deliver high rates of interest on term deposits due to the company’s member-focused philosophy.
“We are owned by our members, not external shareholders, which means we exist solely to help our members by providing excellent home and personal loans as well as extra benefits, more savings and better service.”
CUA also won Money magazine’s ‘Credit Union of the Year’ for 2007.
