Customer owned banking sector sees record deposits

Customer owned banks, like RACQ’s, have seen record deposits in the past 12 months as people sought out financial institutions they could trust.

The Australian has reported new data from the Australian Prudential Regulation Authority revealed a growing number of Queenslanders had left the ‘Big Four’ in favour of customer owned banks.

RACQ Bank spokesperson Lucinda Ross said the Club had seen growth in both deposits and loans over the past 12 months as people chose to move to organisations where they could be confident they would be looked after.

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“We launched RACQ Bank in 2017 with a commitment to put our members’ interests first – that’s our sole purpose,” Ms Ross said.

“Other institutions are burdened by shareholder expectations. Our priority is to help our members get more from their banking.

“That’s why we deliver better rates and low fees and have received numerous industry awards for outstanding value.”