It’s All About The Fees

It’s All About The Fees

Fees are the most important consideration for school leavers when deciding on the right banking package according to research conducted by Westpac. Westpac has responded to the research findings with the launch of its Starting Out campaign - a suite of banking products tailored specifically to the needs of young New Zealanders leaving school.

Westpac Spokesperson Natalie Davis said the change from school to the “real world” can be quite a shock and that Westpac’s Starting Out offer seeks to smooth the transition by reducing bank fees.

“Customers can create their own banking solutions, for example Westpac’s Elect account carries zero fees for those who choose to do their banking electronically,” said Ms Davis.

Ms Davis said that the fact that customers can choose and get what’s relevant to them from the Starting Out offer was another example of its flexibility.

Research from the 2006 New Zealand Census shows that only 40 per cent of people aged 15 years and over go on to further study. Ms Davis said that Westpac has designed the Starting Out offer to reflect the many different paths school leavers take.

“With our Starting Out proposition we have developed a menu of banking options tailored to the particular needs of school-leavers,” said Ms Davis.

“Whilst our Student and Graduate Pacs are great for tertiary students, Starting Out offers competitive banking solutions for all young kiwis regardless of whether they are commencing tertiary study, entering the workforce or travelling overseas,” she said.

Westpac’s Starting Out initiative includes a number of information tools and advice for those who are about to study, graduate, start work, go flatting for the first time, buy a car or go on their OE.

“Many of our competitors focus purely on New Zealand school leavers entering tertiary study however Westpac has discovered this only makes up a relatively small percentage of this demographic which is confirmed by findings in the 2006 Census,” she said.

The bank’s website www.westpac.co.nz has everything someone just starting out would need to know including tips on paying rent and bills, how to prepare a CV, find a job, know their employment rights, manage their money, reach a savings goal, plan their OE and much more.

For more information about Starting Out or Westpac’s Elect account visit www.westpac.co.nz

ENDS

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