7 February 2011
Yellow Brick Road is continuing to challenge the major banks’ oligopoly with the launch of Yellow Brick Road Term Deposits, making the company the first non-bank in Australia to offer such products.
Yellow Brick Road is taking the government’s call for competition in the banking sector to the streets, creating the opportunity for consumers to have a real choice in how they manage their money. Yellow Brick Road Term Deposits are issued by Gateway Credit Union Ltd, one of the major credit unions and Authorised Deposit-taking Institutions (ADIs) in Australia. The partnership is the first of its kind in the deposits market.
“With the launch of term deposits, Yellow Brick Road is going to sever the big banks stranglehold on the industry,” says Yellow Brick Road Executive Chairman Mark Bouris. “It is clear from the questions raised at the Senate Inquiry into banking competition that politicians of all shades recognise that new competition is badly needed. We will fight for the consumer by opening up the playing field to a new level of competition.”
Yellow Brick Road has its eye on changing the way consumers perceive banking by offering personal, all-encompassing wealth management solutions that include home and personal loans, superannuation, accounting, taxation and financial planning needs. Banking will no longer be synonymous with long queues and impersonal transactions.
“Yellow Brick Road has one priority - to offer quality advice to every Australian who’s keen on building his or her financial future,” says Bouris. “That’s why we’re opening branches in the very shop fronts that have been abandoned by bank closures over the last 10 years. As the first non-bank in Australia to offer term deposits, we’re continuing to close the gap between the big banks and independent lenders.”
Yellow Brick Road is taking the power of the government guarantee under the Financial Claims Scheme to offer consumers competitive rates and flexible terms for term deposits. Because Yellow Brick Road Term Deposits are issued by Gateway Credit Union Ltd, the partnership allows for the security and reliability that consumers need, combined with the personal attention they deserve.
Yellow Brick Road is committed to creating a fifth pillar in the banking sector and has recommended to the Senate Inquiry that a new regulatory category “Australian Financial Institution” (AFI) be established to allow a new set of competitive entities to raise funds for lending and participate in the financial services market as credible alternatives to the major banks.
“Irrespective of regulatory change, with the launch of its suite of home loan products and now with the launch of Yellow Brick Road Term Deposits, Yellow Brick Road is building an arsenal to change the way Australians think about wealth management,” says Bouris. Yellow Brick Road Term Deposits will be available from 7th February.
Copyright © 2012 Yellow Brick Road
