Message From The CEO

26 March 2009

The Australian Government has further reduced the deeming rates to reflect lower returns available to pensioners from financial investments as a result of the global economic crisis.

The Australian Government deems the earnings on amounts that are invested by pensioners and self funded retirees for various benefits subject to an income test. The current prescribed rate for individuals is 2% on amounts up to $41,000 and 3% above that amount. As a retiree, if you earn more than this you are still only deemed interest earnings at the prescribed rates.

A key benefit provided by the Holiday Coast Great Day Deeming Account is the payment of an additional half a percent pa over the prescribed Government Deeming rates.

Not only does the Great Day Deeming Account give seniors a higher rate than that of the prescribed government deeming rate, it also offers additional benefits such as bonus earnings on eligible Holiday Coast fixed term deposits, no account fees, free deposits, free phone and internet banking, free electronic bill payments as well as 17 free debit transactions per month.

We branded our premium deeming account the "Great Day Deeming" Account because we deem that retirees, those that have actually contributed locally and who are now enjoying retirement in this beautiful place, ought to have a great day, every day.

We continue to enhance and develop products and services that align to the needs and expectations of our members and the Great Day Deeming Account is testimony to that.

We recognise that many of the people eligible for a Deeming Account in our area through their past loyalties and past relationships have their funds sitting in some of the other financial institutions and what we are saying is have a look and see what rate of interest you are earning and what other benefits you are receiving with your current Deeming Account, and if it doesn't compare with the Great Day Deeming Account vote with your feet.

With our help, transferring is an easy process and we'll make it easy for you to transfer to your own, local member-owned financial institution - Holiday Coast Credit Union.