Here's why you're better off using a credit union rather than a big bank mandi woodruff credit unions: unlike retail banks, follow business insider australia on facebook, twitter,. Credit unions generally provide better customer service than banks do, though the ratings for smaller banks are nearly as good credit unions also offer higher interest rates on deposits, lower.
Customer-owned banks are made up of credit unions, building societies and mutuals, and many of them are headquartered outside of capital cities as of july 2015, there were 75 credit unions, 12 mutual banks, and six building societies in australia, with about four million customers between them. C redit unions and banks are both financial organisations that offer similar services a both credit union and a bank offer mortgages, equity loans, auto loans, savings accounts, debit cards, checking accounts, credit cards and many more similar facilities.
Credit unions: unlike retail banks, which have large overhead costs and spend a lot of money to manage millions of accounts, credit unions are typically smaller operations and are able to pass on. Not that all australia’s credit unions and mutual banks are mom-and-pop shops community cps australia group, for example, is one of the largest customer-owned financial institutions in the country, managing $4 billion in assets and employing 595 staff across 44 branches that serve around 186,000 members bankmecu, a customer-owned mutual.
Not that all australia’s credit unions and mutual banks are mom-and-pop shops community cps australia group, for example, is one of the largest customer-owned financial institutions in the country, managing $4 billion in assets and employing 595 staff across 44 branches that serve around 186,000 members. But a small percentage of the population is taking their money to one of a myriad of australian credit unions and mutual banks, finding the better rates, more personal customer service, and a deeper commitment to the local community a much bigger draw than the global reach and top branding of the big four. Pro: credit union fees are lower than at most banks mcbride says many credit unions have some flexibility in how much they charge, and many of them aim to keep costs low for their members.
There are more than 130 customer owned banks in australia (industry speak for credit unions, mutual banks and building societies) of those, 76 are credit unions there are plenty to choose for. Learn more about how a credit union compares with a commercial bank in terms of interest rates, fees, service, convenience, online features, and more advertiser disclosure: the credit card offers that appear on this site are from credit card companies from which moneycrasherscom receives compensation.
Banks and credit unions offer similar products, and your money is safe in both types of institutions so, is there any difference between a bank and a credit union, and do those differences really matter to you we’ll dig into the details below, but as a brief overview: similarities: banks and. Mutual banking overall – across banks, credit unions and building societies – has a collective size of $987 billion in assets, and it has the fifth largest pool of savings deposits in australia as a customer of a mutual bank, you are helping to keep diversification in the banking sector a real and viable thing.