RACQ has announced the sale of its retail lending and deposit business to Bendigo Bank, one of Australia’s most trusted and fastest growing banks.
We are working closely with Bendigo Bank to ensure a smooth transition, giving members access to enhanced digital banking, a larger physical footprint and a broader range of products, including savings and transaction accounts, credit cards, home loans and personal lending.
Subject to regulatory approvals, RACQ Bank products will transfer to Bendigo Bank once the sale is complete, which we expect later this year. In the meantime, it remains business as usual, with all accounts, access and support unchanged.
Frequently asked questions
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What does this mean for RACQ Bank account holders?While we transition to Bendigo Bank, it’s business as usual and your existing products remain unchanged.
Subject to obtaining regulatory approvals and once the transfer is complete, your accounts will move to Bendigo Bank and those accounts will retain any member benefits and rates applicable at the time of transfer. You will also gain access to the full range of banking products and experiences available to Bendigo Bank customers including enhanced digital banking services and large branch network across Queensland. All bank members are also guaranteed to keep their membership with RACQ for 12 months post completion of the transaction.
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How will new accounts be set up?Bendigo Bank and RACQ are working together to make the move to Bendigo Bank as smooth as possible. An important part of this includes sharing the personal information needed to help set up the new accounts on your behalf. Member security remains our highest priority and any sharing of data will be done with strict controls and strong security.
This is an important requirement for the transition. If you’re an RACQ Bank member and you do not want your details shared with Bendigo Bank, you’ll need to call us on 13 1905 to close your RACQ Bank account or discuss the approach for refinancing your loans.
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How and when will I know more?Throughout the transition, you will receive detailed information by letter and email about what is changing, including how each RACQ Bank product you hold will transfer to Bendigo Bank and when changes will take effect. We expect to complete the sale later this year. You should also check back here for copies of all communications to ensure you don’t miss any important information.
We will keep you informed throughout the transition by letter, emails and through our newsletters.
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Why did you select Bendigo Bank?Bendigo Bank is a trusted Australian bank with strong scale, capability and a shared commitment to supporting local communities. We believe our members will benefit from being part of a larger bank that invests in both digital and face-to-face banking, while continuing to focus on community outcomes.
Beware of scams
Your security remains our highest priority during this transition. For this reason, we want to stress the importance of staying alert for potential scams.
Scammers may attempt to use this sale as an opportunity to contact members asking them to update their details, transfer funds or set up new direct debits. Please be cautious of any unexpected phone calls, emails or messages.
RACQ Bank and Bendigo Bank will never ask you to share your PIN, Internet Banking password, passcodes or one‑time security codes. We will never ask you to transfer money to a “safe account”, a “new account”, a “holding account” or any unknown account. If you are contacted unexpectedly and asked to disclose your personal or banking information, or to transfer money, treat it as a scam. Stop and contact us immediately using our trusted, official contact details.
To help you stay safe, below are the communications RACQ Bank has sent to members regarding the transaction.
| Date sent | Communication | |
|---|---|---|
| 1 May 2026 | RACQ Bank member notice | Download |
| 24 March 2026 | SMS update (select members) | N/A |
| 24 March 2026 | Email update (select members) | N/A |
| 4 December 2025 | Bank transaction announcement | Download |
What's 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.
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.