Bank Australia

About Bank Australia

Bank Australia, based in Collingwood, Victoria, is a customer-owned bank. The organisation began under the name ‘CSIRO Co-operative Credit Society’ in 1957. Later, in 2011, it joined 71 other organisations to become the first bank owned by customers. In 2015, it was renamed to Bank Australia, a bank different from a typical one. The bank pays back to the planet what it takes as a measurement of good work.

Bank Australia is an amalgamation of 71 co-operative and credit unions. Headquartered in Collingwood, Victoria, Bank Australia provides its customers with one share in the bank, giving them the right to vote. Bank Australia bank rates are competitive, giving an edge to the bank in terms of home loans and savings accounts. Damien Walsh is the Managing Director, and Judith Downes is the Chairman of Bank Australia.

The bank employs more than 400 people and has a clientele of more than 200,000. With its branches spread across different cities in Australia, the bank carries out various missions to positively impact the communities and the planet. The bank is not listed on the stock exchange market.

Features & Benefits of Bank Australia

Several banks in Australia claim to be the best service providers in the banking sector. We have compiled a list comprising various features and benefits of Bank Australia that will help an individual get the best banking experience:

• It is the first customer-owned bank in Australia
• There is no executive bonus
• The money received from the customers is invested in activities that do no harm. The bank has responsible banking policies to keep the client’s money clean.
• The bank makes an effort to create a positive impact.
• It has the B Corporation certification 
• The customer has voting rights 
• The Bank Australia interest rates are highly competitive 
• Any individual can begin their investment journey irrespective of their advancement level
• It offers diversified banking products like accounts, insurance, home loans, business and others
• The credit card fee is low, and up to 55 interest-free days are provided
• Banking services can be easily accessed through the bank’s app
• There is no fee on the term deposit 
• Thanks to the Financial Claims Scheme, the government of Australia protects deposits up to $250,000.  
• There is 24/7 claims assistance available 
• When customers purchase a new policy, they get up to a 10% discount on the first year’s premiums

Services Offered by Bank Australia

Bank Australia understands the needs of their customers. The various products offered by Bank Australia can be compiled under the following services. 

Personal Banking

Personal Banking is meant to accomplish a customer’s personal banking needs. The following products are available for a customer to choose from according to their needs.

• Everyday Accounts
• Savings Accounts
• Term Deposits
• Personal Loans
• Car Loans
• Credit Cards
• Insurance

Home Loans

It is the dream of many to own a house. Bank Australia is committed to helping fulfil this dream by offering home loans. The Bank Australia loan rates are competitive. To cater to the need of various demands of a potential homebuyer, the following packages are available.

• Basic Home Loan Special
• Premium Home Loan Package Special
• Eco Clean Energy Home Loan

Business Banking

Business Banking allows a customer to carry out business-related banking services smoothly. The following products add value to a business. 

• Transactions accounts include commercial access and community access
• Savings include commercial saver and term deposit 
• Borrowings include commercial loans, commercial overdrafts, commercial car loans and bank guarantee
• Commercial visa credit card
• Pay options include foreign currency, money transfers, and business cheque book and deposit book 

Insurance

People choose insurance as a means to protect themselves from financial loss when a crisis hits. Bank Australia and Allianz insurance have formed an alliance to ensure customers' maximum satisfaction. The following insurance options are offered to the customers:

• Home and contents insurance
• Motor insurance
• Caravan and trailer insurance
• Boat Insurance
• Landlord’s insurance 
• Renter’s insurance

Other Banking Ways

• Bank Australia App
• Internet Banking
• Card Controls
• Pay ID
• Website Accessibility 
• Phone Banking

Types of Accounts in Bank Australia

The type of accounts extended by Bank Australia to its customers is given below:

Everyday Accounts

Everyday accounts can be broken down into three categories. Each account is designed to provide banking solutions to different people with different motives. The accounts available to make everyday banking easy are:

• Everyday access for salaried individuals or the ones who get pocket money.
• Basic access for concession and healthcare card holders
• Pension access for aged, veterans or disabled pension holders.

Savings Account

This banking facility is available to people who wish to deposit their money with the bank safely. The following types of accounts are offered in savings accounts to help customers achieve their requirements.

• Bonus Saver for those who wish to earn more interest
• Online Saver for those who wish to access their savings on a regular basis
• mySaver is designed for individuals up to 25 years. The Bank Australia interest rates savings are high.

Transaction Accounts

Transaction accounts allow businesses to carry out their banking transactions hassle-free. The following two types of transaction accounts are designed to help the business flourish.

• Commercial Access to proceed with the business transaction accounts for companies, SMEs, sole traders etc.
• Community Access is the transaction account with no monthly fees for organisations that do good in the world.

Commercial Saver Account 

Yes! Bank Australia offers savings account for businesses. The commercial saver account ensures that a business saves money and is prepared for the ups and downs.

Term Deposits

Term deposits allow a business and an individual to "lock away" money for a predetermined period of time (the "term"), which prevents them from accessing the funds until the term is over. A safe haven for excess business funds with guaranteed returns.

Bank Australia Opening Hours

In Australia, banks have specific functioning hours. Bank Australia's bank hours are normally from 9.00 am - 4.00 pm. However, there might be a slight change in Bank Australia's opening hours if a branch is experiencing unavailability of staff. The bank branches will greet the customers from Monday to Friday.

Bank Australia Contact Details / Customer Service

A customer might encounter any problem when carrying out banking-related activities. A client can contact Bank Australia customer service at the contact details mentioned. The client is advised to have their customer number and verbal password handy before giving a call.

Contact Number Australia-wide: 132 888 

Contact Number Outside Australia: +61 3 9854 4666

Monday to Friday 8:00 am-8:00 pm

Saturday 9:00 am -2:00 pm AEST/AEDT

Postal Address: Bank Australia Locked Bag 2035, Collingwood VIC 3066, Australia

Apart from the contact number and postal address, a client can avail of help from Bank Australia customer service by visiting their nearest bank branch or filing a complaint by logging in to their account on the bank’s portal.