A statement issued by IMB Bank has said that Australians are paying $286-$287 million in interest on credit cards in January after spending $27 billion on credit cards in December or $1700 on every credit card issued in the country.
IMB Bank became a mutual bank in 2015 to be known now as IMB Bank, having been established in 1880 to become one of Australia’s leading mutual financial institutions.
Bank officials have suggested customers put aside a weekly, fortnightly or monthly payment into an IMB Bank Christmas Club account to earn bonus interest when no withdrawals are made between January and October.
Customers can access their savings in November and December to pay for Christmas expenses.
Wollongong resident Jane Rankine set up an IMB Bank Christmas Club account in late 2013 and has reaped the rewards for two years.
“I used to save money for Christmas in a separate savings account but because I could access it during the year, I found it didn’t really work well,’’ she said.
“I deliberately set it up so I didn’t have internet access and every week I deposit into it.
‘‘To withdraw, I would have to go into a branch so it is easier to save without touching it.”
IMB Bank CEO Robert Ryan said the system meant customers could take the stress out of expensive January credit card payments in this way.
Information: imb.com.au/christmasclub.
