Dear valued member,
We want to share some important information about the sale of RACQ’s 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 we firmly believe it is the right outcome for our bank members who will benefit from Bendigo Bank’s innovative digital banking capabilities and wider range of products.
Like RACQ, Bendigo Bank is one of Australia’s most trusted brands with deep roots in communities across the country. It has invested strongly in enhancing its products, while improving technology, online banking and digital services.
What does this change mean?
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.
RACQ will continue to support members with their finance and other banking needs and will enter into a referral arrangement with Bendigo Bank.
Future focused
This transaction is another important step in simplifying our business, enabling us to further invest in our 2032 strategy and vision – to be the trusted partner for our members providing solutions to help them move and live safely, securely and sustainably.
RACQ is undergoing a technology transformation, investing in a modern, secure, AI-enabled platform to deliver more personalised member experiences. We’re exploring new products and services for our members, focused on scaling our solar and battery business, expanding our mobility and Automotive services and growing our presence in travel.
At the same time, we’re scaling the work we do across Queensland through establishing a dedicated community fund to the value of at least $100 million.
The focus will be to help address some of the biggest challenges facing our state with road safety front and centre, as well as the transition to electrification and building resilience in our communities through volunteering.
What’s next?
The announcement is subject to regulatory approvals and will take time to finalise. In the meantime, it remains business as usual for RACQ as we continue to focus on supporting our members.
As a valued member I appreciate you may have questions. You can visit our dedicated page for more information, updates and FAQs. You can also contact us online, visit one of our stores, or call our contact centre on 1800 637 013.
As always, thank you for your continued support of our Club.
Regards,
RACQ President and Chair Leona Murphy & Managing Director and Group CEO David Carter
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.