How a customer owned banking institution helps youFor more than 150 years, mutual banks, credit unions and building societies have provided Australians with banking services and products.
They offer a full range of retail banking products to people living in communities across Australia.
These include: transactional accounts, savings accounts, home loans, car loans, personal loans, credit cards and term deposits.
Currently, more than 4.5 million Australians choose a customer owned banking institution, with the customer owned banking sector representing combined assets of $147 billion.
This sector is different in that it offers customers the opportunity to bank with an institution in which they have an equal ownership stake along with all other customers.
Typically, customer owned banking institutions have their origins in a particular community and/or industry and retain their emphasis on contributing to the communities and/or industries in which they operate.