RACQ launches the future of banking

RACQ has become the first automobile club in the world to launch a mutual bank, officially opening RACQ Bank in Queensland today.

Queensland’s largest club today launched the first 13 RACQ Bank branches around the State offering members a trusted alternative to share-holder owned, profit-hungry banks.

RACQ Group CEO Ian Gillespie said it would offer personal banking products with competitive rates, low to no fees and exceptional service.

“RACQ Bank is giving Queensland a brand they can trust and believe in. It allows us to provide an even greater service to our more than 1.6 million members,” Mr Gillespie said.

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

“We’re also one of Queensland’s last remaining mutual banks, and we are working for our members not for shareholders, any profits the bank makes will be reinvested back into the RACQ ecosystem for the benefit of our members here in Queensland.”

Mr Gillespie said the organisation had been working to ensure an optimal member experience by investing in user-friendly technology through its internet banking platform, mobile app and by offering the three most modern payment options – Android Pay, Apple Pay and Samsung Pay.

“Our State-wide footprint and digital capabilities means RACQ can provide the tools modern banking customers demand,” he said.

“We have committed ourselves to establishing digital platforms equal to those of any top-level bank in the country.”

RACQ Bank offered members a range of transaction and savings accounts, credit cards, personal and home loans, financial planning and a private bank.

RACQ merged with QT Mutual Bank in 2016.