On 4 December, RACQ announced the sale of its retail lending and deposit business to Bendigo Bank, one of Australia’s most trusted and fastest growing banks.

This decision was not taken lightly, and RACQ believes it is the right outcome for our bank members who will benefit from Bendigo Bank’s innovative digital banking capabilities and wider range of savings and transaction accounts, credit cards, home loans, and personal lending solutions.

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RACQ announces sale of retail lending and deposit business to Bendigo Bank
RACQ has announced the sale of its retail lending and deposit business to Bendigo Bank, enabling RACQ Bank members to join one of Australia’s most trusted and fastest growing banks.
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What is changing?

On completion of the transaction, all bank accounts will be transferred to Bendigo Bank. We are working with Bendigo Bank to support a smooth transition and will continue to keep our bank members updated.

This change has no direct impact on RACQ’s other operations. We remain the leading provider of Roadside Assistance in Queensland and continue to invest in growing our Automotive business in addition to RACQ Solar and our joint venture travel arrangement with Members Travel Group (MTG). We also remain focused on becoming the largest insurer in Queensland through our strategic partnership with IAG.

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    What does this mean for RACQ Bank account holders?

    We recognise this is a significant announcement and we want to assure all our bank members that while we work through the transition to Bendigo Bank, your existing products remain unchanged.

    On completion of the transaction, all accounts will be transferred to Bendigo Bank, and those accounts will retain any member benefits currently applicable. Upon transfer, our bank members will also access a leading digital banking experience, a large physical footprint, including more than 70 branches across Queensland, a network of mobile lenders, virtual servicing capabilities and a national contact centre.

    Bendigo Bank and RACQ are equally committed to ensuring a seamless transition and we will communicate directly with you through this process. All bank members are also guaranteed to keep their membership with RACQ for 12 months post completion of the transaction.

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    Why is RACQ selling its retail lending and deposit business?

    RACQ Bank has achieved quality growth since its inception in 2016. Since then, it has become increasingly clear that the investment and focus required to keep pace with member demand for online and digital banking services, coupled with the regulatory and technological requirements of running a bank required the consideration of all possible alternatives.

    The sale is the right outcome for RACQ’s banking members given the scale, technology and investment capabilities Bendigo Bank has to offer leading banking solutions and improved digital experiences.

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    Why did you select Bendigo Bank?

    Established in 1858, Bendigo Bank's long-standing purpose is to feed into the prosperity of its customers and the community. Today, with 2.9 million customers and 7,000 employees, the bank has the scale and capabilities to deliver leading banking solutions.

    Like RACQ, Bendigo Bank is one of Australia’s most trusted brands and shares our deep commitment to supporting its communities right across Australia. Bendigo Bank is also an industry leader in providing innovative banking solutions including the unique Community Bank model and Australia’s first and best digital bank, Up.

    We firmly believe our bank members will benefit from being part of a larger bank with a commitment to investing in both its face-to-face and digital banking services as well as having deep roots in their local communities around Australia.

What is next?

The announcement is subject to regulatory approvals and will take time to finalise. As a valued member we appreciate you may have questions.

We will continue to keep you updated as we progress through this change. As always, thank you for your continued support of our Club.

FAQs

Things to note

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

RACQ Bank subscribes to the Customer Owned Banking Code of Practice which establishes higher standards than the law requires. The Code reflects modern consumer expectations and developments in approaches to issues such as consumer vulnerability, guarantors, and supporting customers through financial hardship. Please read our Customer Owned Banking Code of Practice page for more information.