A bank with a difference

Queenslanders looking for a true alternative to shareholder-owned, profit-hungry banks, now have an exciting new option with the launch of RACQ Bank.


Adding to its existing assistance, insurance and lifestyle offerings and advocacy work, RACQ Group CEO Ian Gillespie said banking was a perfect next step for Queensland’s largest club.

“RACQ has long been an integral part of Queensland and launching RACQ Bank allows us to provide an even greater service to our more than 1.6 million members,” Mr Gillespie said.

“We’re committed to offering members honest, easy and great value banking products and services, without any hidden fees or excessive charges.

“We will offer all of the same great products as the major banks, but will remain true to RACQ’s values of service and giving back to our members.”

Mr Gillespie said a strong focus on technology was also important.

“As a new entrant into the banking industry we need to offer the modern digital capabilities that banking customers of today demand,” he said.

“We have recently completed the first implementation of a brand-new banking platform that not only services our members’ current needs, but sets us up for future growth and functionality.

“We have also just launched a new mobile banking app, making it easy for members to manage their money while on the go.

“Probably most exciting for me is that RACQ Bank offers members the flexibility of accessing their money however they like.

“We have 13 full-service banking branches around the state progressively members will be able to enjoy banking capabilities in RACQ’s 34 stores; we’re part of the rediATM network offering more than 3300 ATMs around the country; and we support the three most modern payment options – Android Pay, Apple Pay and Samsung Pay.”

Mr Gillespie said at the heart of establishing a member-owned bank was the freedom to reinvest profits into the community rather than shareholders.

“Last year the ‘big four’ banks made more than $15 billion for their shareholders. RACQ Bank is a member-owned mutual,” he said.

“Profits from our bank, as with our assistance and insurance operations, are all reinvested back into the RACQ ecosystem for the benefit of our members and the Queensland community.”

For a list of RACQ Bank locations, visit racqbank.com.

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