Olga Klepova Corporate Affairs Consultant
Choosing a bank that you can trust with your money can often be a difficult process. What should you base your selection criteria on: competitive interest rates, the investment policies of the bank or the role it plays in the community? At Bank Australia we believe that all these considerations are relevant in your choice of bank.
As Australia’s first customer owned bank, Bank Australia works towards creating mutual prosperity. But what do we mean by that? And how do you, as a customer, benefit?
Bank Australia aspires to offer competitive pricing and superior benefits compared to the major banks. By reinvesting our profits into the bank we are able to provide competitive interest rates and fees as well as constantly improve our services and products.
Each year, independent financial services research group Canstar compares our pricing on deposits, loans and transactions with the average of the four major banks quantifying the benefit delivered to Bank Australia customers. In 2016 we collectively returned $33.2 m in the form of pricing benefits to customers – that’s an average of $264 per customer.
We have a very simple business model because our loans are almost entirely funded by our customers’ deposits. Maintaining a careful balance between the rates we pay to depositors and the rates we charge borrowers means we offer all our customers competitive pricing. As an endorsement of these efforts, in 2016 Canstar named Bank Australia as its Customer Owned Bank of the Year.
However, mutual prosperity means more than being financially better off. Bank Australia is committed to improving personal, environmental, social and cultural outcomes. Examples of how we do this include: protecting endangered plants and animals on our Conservation Reserve, being a carbon neutral business, and increasing employment opportunities in regional areas by keeping 100% of our jobs in Australia. Through our Impact Fund we support local communities, small business or not-for profit initiatives that align with our customers’ values. See some of the projects funded here.
This kind of mutual prosperity for all is at the heart of everything we do at Bank Australia.