Royal Commission driving bank customers to new lenders

article header

Australians, shocked by the stories coming out of the Banking Royal Commission, are investigating alternative options for their finances, such as mutual banks, building societies and credit unions.

According to the Customer Owned Banking Association (COBA), its member organisations have recorded a recent uptick in customer interest and enquiries following recent revelations into the scandal-prone banking sector.

COBA CEO, Michael Lawrence, said that this increased interest and “demand from customers for banking they can trust” has led directly to a new campaign encouraging Australians to “Own Your Banking”.

“4 million Australians already own their banking – they are customers of mutual banks, credit unions and building societies across Australia.”

“We hope ‘Own Your Banking’ will let consumers know there are plenty of alternatives in the Australian banking market that can be trusted to put them first.”

“There are more than 70 mutual banks, credit unions and building societies located across Australia.”


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on