RACQ Bank celebrates bumper first year

Queensland’s newest mutual bank had a lot to celebrate in September with RACQ Bank’s first birthday rounding out a year of success.

The bank’s inaugural year saw it earn five 5-Star Canstar ratings, five consecutive months of record lending and helped RACQ earn a place in the list of the top 10 most trusted brands in country.

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RACQ Bank CEO Michelle Bagnall said the biggest success was the positive impact on the lives of members.

“We launched the bank based on feedback from our members who wanted a financial institution they could trust,” Ms Bagnall said.

“We don’t intend to ever be one of the big four, we just want to be a fair, transparent organisation giving members what they want and need.

“We’ve seen membership growth of 14 percent in our first year, with three quarters of those new banking members already holding other RACQ products.

“As a mutual, everything we do is for the benefit of our members and their communities.

“It’s good to see members who’ve long trusted us with the roadside and insurance needs now also trust us with their money.”