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In a bid to step up its competitive threat to the banks, Yellow Brick Road has become the first non-bank to offer term deposits.
The non-bank lender yesterday announced it had partnered Gateway Credit Union to provide the term deposits to its customer base.
“With the launch of term deposits, Yellow Brick Road is going to sever the big banks stranglehold on the industry,” the lender’s executive chairman Mark Bouris said.
“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.”
Mr Bouris said the company is determined to change 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.