Great time to check out mutual banks

One of the key concerns many people have when it comes to smaller financial institutions is the safety of their money.

Mutual Banks, credit unions and building societies must meet the same strict capital requirements laid down by APRA that the large banks face. All deposits held with a mutual are also backed by the government guarantee (up to $250,000 per person per institution) just like big bank deposits.

The availability of online and mobile phone banking means you don't have to live in an area where a mutual bank has a branch network to become a customer. And the growth of these new banks coincides with banking reforms that make it easier to switch accounts.

Source: Fraser Coast Chronicle