HBF, BOQ roll out online savings accounts

The second stage of Perth-based health insurer HBF's expansion into financial services got underway today with the launch of an online savings account and line of credit in association with the Bank of Queensland.

The full text of a company announcement is pasted below

HBF has rolled out phase two of its diversification program into financial services with the launch of an online savings account and line of credit.

HBF Chief Executive Officer Rob Bransby said that both products were being distributed by HBF under a white-labelling agreement with the Bank of Queensland (BOQ).

HBF has the same arrangement with BOQ for a range of home loan products, which were launched last November.

The line of credit is an extension to HBF's home loan product and will enable home owners to borrow against equity in their home for investments or personal needs.

Mr Bransby said with spiralling property prices, many people were choosing to renovate their homes and a line of credit offers easy access to funds.

"The line of credit will have a low variable rate, flexible repayment options and will provide access to as much as 80% of the value of a property," he said.

Mr Bransby said the online savings account was designed to help people save money by offering a highly competitive interest rate and no monthly account maintenance fees.

"Unlike other accounts, you can earn a high rate of interest on any balance and get instant access to your funds via the internet," he said.

"The new products will expand on the current range of products available through HBF, including financial planning and life insurance, and were chosen following extensive member research.

"As a member-based organisation operating under mutual principles, our focus is very much on members' needs and this is illustrated in the new products."

HBF has more than 900,000 members and is the largest health insurer in WA with successful general insurance and financial planning businesses.