Compare Mutual Banks
What is mutual banking?
Mutual banks, also known as customer-owned banks, are financial institutions that are owned by their members instead of owned by shareholders. This is the main difference between mutual banks and other banks, but the rates and fees charged on various products may also vary.
One member share equals one vote on constitutional matters affecting the customer-owned institution. Profits are reinvested back into the products and services offered by the customer-owned institution, rather than being distributed to shareholders as a dividend.
Many types of financial institution fall under the “customer-owned banking” banner:
- Mutual banks
- Credit unions
- Building societies
Customer-owned institutions provide generally the same consumer banking services as listed banks, including credit cards, personal loans, home loans, savings accounts, internet and mobile banking, and term deposits.
All credit unions, mutual banks, and building societies are regulated under the Banking Act as Authorised Deposit-Taking Institutions (ADIs), so they are as safe as any other banking institution.
Learn more about mutual banks and customer-owned banking here or find out who the mutual banks in Australia are.
How do Canstar’s Bank of the Year Awards Work?
Every year, Canstar researches and rates customer-owned institutions as part of out Bank of The Year Award.
Canstar’s Bank of the Year and Customer-Owned Bank of the Year Awards recognise the banks that provide outstanding value to their banking customers through their product and service offering across key banking products.
Some of the features Canstar considrs when rating mutual banks and customer-owned institutions include:
- Lending options (home loans, credit cards, and personal loans)
- Deposit options (transaction accounts, savings accounts, and term deposits)
- Accessibility of branches and ATMs
- Online banking and mobile banking
- Other products and services offered
Important information
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.