Intro—Bank Australia Reviews & Ranking
AdvisoryHQ recently published its list and review of the top mutual banks and building societies in Australia, a list that included Bank Australia.
Below we have highlighted some of the many reasons Bank Australia was selected as one of the best mutual banks and building societies in Australia.
Click here for a detailed review of AdvisoryHQ’s various selection methodology: Ranking Methodologies.
Bank Australia Review
Bank Australia is included on this list of building societies in Australia and the best Australia mutual banks for many reasons. A customer-owned financial institution, Bank Australia’s philosophy is “responsible banking,” and they describe their objective as being in the business to create mutual prosperity.
Bank Australia strives to work in the best long-term interests of customers, without being tied to the demands of investors. Founded in 1957, today Bank Australia has almost 130,000 customers. Profits are reinvested to provide lower fees, better interest rates and a full range of responsible products and services.
Image Source: Bank Australia
Key Factors Considered When Ranking This as a Top Australia Mutual Bank
When reviewing top Australia building societies and top Australia mutual banks, the following detail some of the reasons Bank Australia was included in this ranking.
Something that was important in the creation of this list of building societies in Australia and top Australia mutual banks was low fees. Bank Australia has many accounts that are free or have very low fees, and one of the most popular is called Everyday Access.
Everyday Access combines fee-free banking with the utmost in convenience, and it earns an interest rate up to 0.10% p.a.
Members of this top mutual bank in Australia can bank fee-free if they add $2,000 or more in external deposits to the account each month, or support the bank with combined loans, savings, and investments more than $5,000. It’s also free for anyone under 25 years old.
Even if a member doesn’t qualify for completely free banking with Everyday Access, the fee is only a low $5.
Bank Australia Review: Bonus Saver Account
Along with low fees, another important consideration when creating this list of the best Australia building societies and top Australia mutual banks was whether they offer competitive interest rates on deposits. This is another area in which Bank Australia excels, particularly with their Bonus Saver account.
The Bonus Saver allows members to earn a high monthly interest bonus as long as they deposit $100 or more into their account and don’t make any withdrawals during the month.
Bank Australia Review: Responsible Lending
Along with offerings such as low fees and high interest rates on deposits, many consumers find the best Australia building societies and mutual banks to be advantageous over conventional banks because of their ethical and responsible models of operation.
The core of Bank Australia is based on the idea of responsible banking, and this includes how they invest and lend.
The five investment and lending principles followed by Bank Australia include:
- They ensure their customers’ funds are invested in loans that are beneficial to people, society, or the environment
- They only lend to people or organisations if they can demonstrate the ability to pay back the loan
- They market all loan products responsibly
- Bank Australia is a top Australia mutual bank that provides support to customers if they’re facing financial hardship.
- The team of Bank Australia will work with customers to help them improve their financial literacy
Bank Australia Review: Low Rate Visa Credit Card
As a top Australia building society or a top mutual bank in Australia, it’s important to have not only savings and transaction accounts, but also a variety of product options, and that often includes credit cards.
One of the leading credit card products available from this top mutual bank in Australia is the Low Rate Visa Credit Card.
Members pay a very low interest rate, and also get all of the benefits of Visa.
This card is ideal for consumers who don’t pay off their balance every month, and the interest rate is the same for both purchases and cash advances. It also includes Visa Checkout to make online purchases even more secure, and there is the option to make instant transfers between a Bank Australia savings account and credit card.
Image Source: Bank Australia
In addition to reviewing the above Bank Australia review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top-rated banking firms & credit unions:
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