What is best for our customers?
This is the priority of customer owned banks and what sets them apart from investor owned banks.
Also known as building societies, credit unions and mutual banks, customer owned banks provide the same products and offer the same government protections as investor owned banks.
But with customers at the centre of all they do, customer owned banks have a proud history of putting customers first and supporting local communities.
This is why customer owned banks have the most satisfied customers. This is why more than 5 million Australians choose customer owned. Isn’t it time you found a bank that puts you first?
Discover the benefits of customer owned
Feel secure about your money
Government regulators including APRA and ASIC hold customer owned banks to the same high standards as every major bank in Australia.
Feel like you’re more than a number
According to Roy Morgan research, customer owned banks have the most satisfied customers. It’s what happens when you put your customers first.
Feel good about your bank
With no external shareholders to please, our profits go back to benefit our customers and local communities.
Roy Morgan Consumer Banking June 2022
FAQs
What is a customer owned bank?
A customer owned bank is also known as a credit union, mutual or building society.
Unlike other banks that are owned by external investors, customer owned banks are owned by their customers (or members). This is the reason why customer owned banks can put their customers first.
Customer owned banks have been an important part of Australia’s banking system for more than 150 years.
Who can bank with a customer owned bank?
There’s a customer owned bank for every Australian.
From teachers and nurses to police officers and bus drivers, customer owned banks emerged to serve communities and create financial opportunities, often when people who were unable to get finance from other banks.
Today there are several customer owned banks that have requirements to join, such as working in a particular occupation or sector, most are now open to all Australians. You can find a customer owned bank that meets your needs using our Find a Bank tool.
What are the benefits of banking with a customer owned bank?
Customer owned banks provide the same products and offer the same government protections as investor owned banks.
This is how customer owned banks are similar. What makes them different?
With no external shareholders to please, profits go back to benefit customers and their communities. With people as their priority, customer owned banks have always put customers first resulting in their market leading levels of customer satisfaction.
Does the Australian Government deposit guarantee cover customer owned banks?
Yes. The Australian Government’s Financial Claims Scheme (FCS) provides protection to deposit-holders with Australian incorporated banks, building societies and credit unions (known as authorised deposit-taking institutions or ADIs) in the unlikely event that one of these financial institutions fails. The FCS is a government-backed safety net for deposits of up to $250,000 per account holder per ADI.
How many other Australians bank with a customer owned bank?
Customer owned banks have market leading customer satisfaction. It’s one of the reasons why more than 5 million Australians choose to bank with a customer owned bank. Use our Find a Bank tool to discover a bank that puts you first.
There’s a customer owned bank for every Australian
Answer a few quick questions to share what’s important to you. We’ll recommend some great customer owned banks to meet your needs.
Always very approachable, helpful, and willing to offer assistance when needed. Above that, you're still able to remain competitive in a tough market! Thank you!
I joined Australian Military Bank because they support military personnel wherever we serve. This has proven true in many aspects, over the years they have provided me loans, insurance and most of all a personal touch from their wonderful staff that make you feel like a member and not a number.
The staff are absolutely fantastic. They attend to any problems I'm having straight away walking into a store or just ringing them, they do what ever they can to help. They also send me happy birthday messages every year which I have never gotten from a bank before. Will never leave.
As a long term customer of Geelong Bank, we continue to be impressed with personal and friendly service we receive and don't lose any opportunity to put a good word for the bank. We extend our appreciation to Meghan and Cathryn. Thank you!
In these days of 'sterile get-them-in, get-them-out attitudes, it was refreshing to be treated as a human being and not a number.
Our Members
We are the industry association for Australia’s customer-owned banking institutions – mutual banks, credit unions and building societies. We are proud to represent these 56 members.
