Intro—IMB Bank Reviews & Ranking
AdvisoryHQ recently published its list and review of the top mutual banks and building societies in Australia, a list that included IMB Bank.
Below we have highlighted some of the many reasons IMB Bank 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.
IMB Bank Review
For nearly 140 years, IMB has been delivering competitive products, excellent customer service, and real world solutions to customers. Their products include home and personal loans, savings and transaction accounts, term deposits, business banking, and financial planning.
Along with a branch network throughout Illawarra, Sydney, NSW South Coast, the ACT, and Melbourne, IMB also offers members access to more than 3,000 ATMs. This top Australia mutual bank has about 180,000 members and assets of $5 billion.
Image Source: IMB Bank
Key Factors That Led Us to Rank This as a Top Building Society in Australia or Mutual Bank
Criteria used to rank IMB Bank as one of the top Australia mutual banks are detailed below.
IMB Bank Review: Better Value Banking
The approach undertaken by IMB is one they call “Better Value Banking,” which is demonstrated through service, products and support of members and the community. IMB achieves successful Better Value Banking by doing the following:
- Better Service: IMB is a top Australia mutual bank that always works to deliver the highest levels of personalised service to members. They regularly ask members to rate their service, and they consistently receive high ratings.
- Better Products: IMG works to provide competitive, low-cost products that meet a range of needs and budgets.
- Better Value: Better value for members is shown in the fact that about 75% of members pay no transaction fees. All members can also earn a Member Transaction Allowance to offset any transaction fees, and most savings and many loan products have no monthly account keeping fees.
IMB Bank Review: IMB Member Space
In an effort to maintain the dedication to delivering the highest possible levels of member service, IMB recently unveiled the Member Space, which is part of their website. Members can go here to find the resources and information they need to manage their banking and their finances more effectively.
Some of the information a member might find here includes guides on minimising transaction fees, ways to access their accounts, and answers to frequently asked questions.
This section of the website is new, and IMB is committed to growing and improving it based on suggestions and feedback from members.
IMB Bank Review: Wedding Package
As part of the research to compile this list of building societies in Australia and the best Australia mutual banks, IMB offers what is perhaps one of the most unique financial products called the IMB Wedding Package. This is a personal loan package designed to help members plan the day of their dreams.
The IMB Wedding Package includes a secured or unsecured personal loan, an Everyday Unlimited Account, and a Reward Saver account. It can provide the up-front cash a member needs to fund their wedding, and the loans are deposited directly into their Everyday Unlimited Account.
The IMB Reward Saver can be used as a gift account so friends and family can deposit cash wedding gifts.
There is no application fee for this loan package, and there is no monthly account keeping for 12 months on the Everyday Unlimited Account.
IMB Bank Review: IMB Visa Debit Card
A Visa debit card is a valuable way to make purchases anywhere and online. It includes the security and flexibility of a credit card, without the debt. The IMB Visa Debit Card can be attached to any transaction account.
The monthly fee for the IMB Visa Debit Card is only $1.60 per month, they’re enabled with chip security technology, and the transaction is fee-free when members press the CR button at participating merchants in Australia.
Also available from this top mutual bank in Australia are credit cards. Options include a MasterCard with an affiliated rewards program, as well as the IMB Low Rate MasterCard with a discounted annual fee for life.
In addition to reviewing the above IMB Bank 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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