Credit unions delivering better deals

More than 4.3 million Australians are members of a credit union or mutual building society. “Mutual financial institutions offer Australians a better banking deal with outstanding service and market-leading customer satisfaction ratings,” said Abacus CEO Louise Petschler.

Recent independent surveys have shown how consumers can save thousands of dollars by switching from a major bank to a credit union or mutual building society.

"Friendly societies are member-focused organisations that help Australians become financially independent and to plan for life events. Friendly societies provide products and services such as superannuation, educations savings plans, funeral plans and health and travel insurance.

"The evidence continues to stack up. You can get a better deal with a credit union or mutual building society and benefit from their outstanding service and member-focus,” said Petschler.

"As mutuals, profits go back to members – not to external shareholders – and while we meet the same high prudential standards as banks, we do it while putting members first.”

Source: Abacus