Australian Mutual Bank is a community-based banking organisation that values its members and puts their interests first, providing quality banking, loan and investment services to the community since 1953.
Australian Mutual Bank was formed as a result of a 2019 merger between Sydney Credit Union and Endeavour Mutual Bank. Endeavour Mutual Bank can trace its origins back to 1953 with the formation of the Motor Transport Employees Savings & Loans Co-op. Sydney Credit Union was formed in 1963 to provide employees of the City of Sydney Council with an alternative to banks and pay day lenders.
Australian Mutual Bank Ltd is an Approved Deposit-taking Institution that is regulated by the Australian Prudential Regulatory Authority (APRA) under the Banking Act. The prudential regulator APRA ensures that regulated institutions are safe and sound so that like all banks, Australian Mutual Bank provides deposit accounts that are government guaranteed up to $250,000.
Australian Mutual Bank is also a mutual, that is, an autonomous association of persons united voluntarily to meet their common economic needs and aspirations through a jointly owned and democratically-controlled enterprise.
Being a mutual bank – run on behalf of our members, who are customers and equal owners – gives us an in-built ethical advantage. Our purpose is to benefit the people who bank with us, not to extract profit from them and distribute it to outside shareholders. Unlike a major bank, Australian Mutual Bank is not a publicly listed company and as such does not have a primary financial aim of providing dividends to shareholders. This differentiating factor is another benefit of belonging to a mutual and clearly highlights the objective of increasing the value offered to members and their local communities. From a governance perspective once you’re a member you are entitled to an equal say in the running of Australian Mutual Bank. Members have a right to vote at the Annual General Meeting and to elect the Board of Directors - subject to fitness and propriety qualifications, any member can be a director.
At Australian Mutual Bank, we take our corporate social responsibilities seriously, and it is something we are proud of. This includes tailoring products and services to assist in the financial education and growth of the youth and young adult sector, donating to Barnardos to look after disadvantaged or neglected children, as well as upholding our international social responsibility with the direct support of credit union development projects through the Asian Confederation of Credit Unions.
Australian Mutual Bank understands that we all play a part in preserving our environment and we look forward to continually improving our environmental efforts whilst maintaining our position as our members’ preferred banking institution.
Australian Mutual Bank offers all the traditional banking products and services that members have come to expect, whilst keeping up to date with the latest payments advances. These principles have ensured that members continue to benefit from an ever changing banking environment whilst being offered the best possible service.
It is the view of the Board and management that Australian Mutual Bank operates and acts in a responsible and ethical way.
This claim may be justified since:
- Members are customers and equal owners of Australian Mutual Bank;
- Australian Mutual Bank provides banking services for human and social needs, as opposed to corporate speculative gain;
- Australian Mutual Bank is Australian owned and operated;
- Australian Mutual Bank does not offshore employees;
- Australian Mutual Bank does not invest in fossil fuels, gambling, armaments, persistent chemicals, animal testing;
- Australian Mutual Bank supports socially responsible activities (both domestically and internationally).
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