One of Australia’s largest member organisations has just opened a mutual bank, which it claims will be “a trusted alternative to shareholder-owned, profit-hungry banks”.
RACQ Bank, which has been launched by the Royal Automobile Club of Queensland, has 13 branches, located in Brisbane, Gold Coast, Ipswich, Toowoomba, Cairns and Townsville.
The bank offers home loans, car loans, personal loans, credit cards, savings accounts, transaction accounts, term deposits and financial planning.
Customers have access to a mobile app, and can make payments through Android Pay, Apple Pay and Samsung Pay.
According to the RACQ, it is the first automobile club in the world to launch a mutual bank.
RACQ promises to reinvest profits
RACQ chief executive Ian Gillespie said the new bank would allow the RACQ to provide better service to its more than 1.6 million members.
“We’re committed to giving members honest, easy and great-value banking products and services, without any hidden fees or excessive charges,” he said.
“We’re also one of Queensland’s last remaining mutual banks, and we are working for our members not for shareholders. Any profits the bank makes will be reinvested back into the RACQ ecosystem for the benefit of our members here in Queensland.”
Mr Gillespie added that RACQ had established digital platforms “equal to those of any top-level bank in the country”.