MOVE Bank is a proudly customer-owned financial institution. But if you’ve only just discovered us you might be wondering what that really means.
At first glance, you may not see many differences between a mutual (or customer owned) financial institution and a bank. However, on closer inspection mutuals, like credit unions, mutual banks and building societies, offer some great benefits that make them a very attractive proposition in comparison to the major banks…
We’re owned by our customers
The most important reason for choosing a credit union is that we are customer-owned, meaning our customers (members) are our owners. While listed banks are driven by making money for their shareholders, we’re more interested in investing in your financial well being.
So rather than paying out dividends to a third party, we put all profits back into the organisation that you own. That’s our commitment to you.
You have a say
As a shareholding member, you automatically become an owner, entitling you to vote at every Annual General Meeting – giving you an equal say in the future of your Credit Union.
Competitive rates for home and investment loans
Placing our customer needs first means we are able to deliver some extremely competitive rates for home and investment loans. You can compare your current loan with your loan comparison calculator to see how much you could save by switching to MOVE Bank.
Safe and secure
MOVE Bank is a responsible lender. Our funding base is strong and secure and drawn mostly from our members deposits. This means we are less exposed to volatile wholesale markets.
Mutual financial institutions and banks are also regulated by the same strict, legally enforceable standards under the Australian Prudential Regulation Authority. They are also covered by the same Australian government guarantee on deposits as the banks are. This means that deposit amounts of up to $250,00 per person, per institution, are protected by the government guarantee.
We listen to you
At MOVE Bank we listen to our members and deliver. We consistently have the highest levels of satisfaction among banking groups. The latest Roy Morgan research that credit unions and building societies continue to record market-leading levels of customer satisfaction. Mutual financial institutions rated at 90.8% compared to the 80% achieved by the major banks.
Sounds like the kind of place you’d like to bank? Join the movement today!
Call us today on 1300 362 216 or enquire online
This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536 | ABN 91 087 651