RACQ encourages you to ‘own your banking’

Queenslanders looking to switch banks concerned over issues raised during the Royal Commission have been urged to consider mutual and customer-owned banks as a great alternative to the ‘Big Four’.

Data released by the Customer Owned Banking Association (COBA) showed many Australians planned to switch banks in the wake of the Royal Commission.

RACQ Bank spokesperson Kirsty Clinton said COBA data showed eight percent of Australians had already switched banks due to the commission, a further 17 percent would consider switching and a further 18 percent may consider switching.

“If people are unhappy with their current financial institution we want them to know they do have other member-focused alternatives,” Ms Clinton said.

“Many Australians aren’t aware of the great benefits of mutual and customer-owned banks, like RACQ Bank – we have no shareholders and return our profits to our customers and the local community.

“RACQ Bank’s earnings are reinvested into better products and services for members, great member discounts and community sponsorships like the RACQ Rescue Helicopter Network and the Premier’s Reading Challenge.”

Ms Clinton said more than four million Australians banked with customer-owned banks.

“We’re regulated in the same way as the major banks so you don’t need to worry whether your money is safe with us – it is,” she said.

“RACQ’s been helping Queenslanders for more than 112-years and we pride ourselves on being a brand you can trust.”