IMB Bank

In Australia, the term "credit union" has largely evolved into customer-owned banks, mutual banks, and building societies. They are owned by their members, not shareholders, which usually means lower fees, fairer rates, and a focus on customer value.

Here are the top customer-owned brands Australians actually use, plus the specific products that stand out:

1. People’s Choice — Australia’s largest credit union

People’s Choice was originally a credit union and, after merging with Heritage Bank, is now the largest customer-owned bank in Australia.

• Best products:
  • Complete Access / everyday transaction account – no monthly fees
  • People’s Choice Savings Account – competitive bonus interest
  • Low-rate credit cards
• Why people use it: huge ATM network, solid branch presence in SA, QLD, NSW and VIC, decent mobile app, and genuine customer-owned ethos.

2. Great Southern Bank (formerly CUA)

CUA rebranded as Great Southern Bank but it’s still one of the biggest mutual banks in Australia.

• Best products:
  • Everyday Options account – no monthly fees, easy access
  • NetBank Saver – long-running online savings account that consistently pays a solid rate
  • Home loans – well rated for refinancing and first home buyers
• Why people use it: nationwide presence, strong reputation, and product simplicity.

3. Beyond Bank Australia

A genuine credit union that acts like a modern bank, originally from public service and community roots.

• Best products:
  • Beyond Bank Freedom Account – no monthly fees, fee-free ATMs
  • Platinum Savings Account – tiered bonus interest, popular with savers
  • Sustainable home loans – good discounts for eco-friendly homes
• Why people use it: consistently rated well for customer satisfaction and digital banking.

4. Bank Australia

A customer-owned bank with a very strong environmental and social focus. It was originally a credit union too.

• Best products:
  • Clean Money Everyday Account
  • Real Savings Account
  • Ethical home loans
• Why people use it: if you care where your money is invested, Bank Australia is the go-to. They don’t fund fossil fuel companies or gambling. People genuinely switch for the ethics, plus it’s a well-run bank.

5. IMB Bank

IMB is a mutual building society, but it acts like a credit union, based mainly in NSW/ACT/VIC.

• Best products:
  • IMB Reward Saver – one of the highest ongoing bonus saver rates around

Top credit unions (or customer-owned banks/mutuals) in Australia that people commonly use and rate highly include Teachers Mutual Bank, People First Bank (formerly People’s Choice), Great Southern Bank (formerly CUA), Police Credit Union, and Beyond Bank.

These stand out in recent 2025 awards and customer satisfaction surveys for service, value, competitive rates on loans/savings/credit cards, and member focus (profits go back to members rather than shareholders). Many Aussies use them as alternatives to the big four banks for better personal service, competitive home loans, savings rates, or everyday banking, especially if they qualify for eligibility (e.g., profession or location) or value the mutual model.

Top Recommendations

Here are standout options based on awards, satisfaction data, size/popularity, and real-world usage:

• Teachers Mutual Bank: Named Money magazine’s Customer-Owned Institution of the Year for 2025. It earns praise for straightforward products, excellent member service, competitive rates (e.g., credit cards from 7.90%, home loans starting in the 5s, savings up to 4%), and strong outcomes for members. It’s popular among educators and the broader community for reliable, member-focused banking.

• People First Bank (ex-People’s Choice Credit Union): Tops YouGov customer satisfaction rankings for 2025 with the highest net satisfaction score among banks (70.4). It’s one of the larger players by assets and is widely used for its competitive products and strong member experience. Great for everyday banking and loans.

• Great Southern Bank (ex-CUA): One of Australia’s largest by assets and a frequent award winner (e.g., for personal loans). It’s commonly used nationwide for home loans, savings, and full banking services. It offers solid value and has a broad reach post-rebrand/merger activity.

• Police Credit Union: Won Mozo’s Australia’s Best Credit Union award in 2025 and has picked up Canstar recognition for green/personal loans. It’s open to the public (not just police) and valued for competitive, accessible products and strong customer focus.

• Beyond Bank: Regularly appears in high satisfaction rankings and is popular for its community-oriented approach and competitive offerings across banking products.

Other notables that frequently rate well include P&N Bank (strong Roy Morgan satisfaction), Bank Australia, and IMB Bank.

Key Advice for Choosing and Using One

Customer-owned institutions generally deliver higher satisfaction than major banks due to their focus on members, often with better rates or lower fees on key products like home loans or savings. Larger ones (e.g., Great Southern Bank, People First) have wider branch/ATM access and more polished apps, while smaller or niche ones excel in personalised service.

Eligibility matters — Many are now open to all Australians, but some (like Teachers Mutual or Police CU) started with specific groups and may still prioritise or offer perks to them. Check directly.

Compare based on your needs: Look at home loan rates, savings interest, transaction fees, credit cards, or app experience via sites like Canstar, Finder, or Mozo. Consider branches (if you want face-to-face), digital features, and any eligibility or location ties.

Practical tips:

• Many participate in shared ATM networks for fee-free access.
• Read recent product terms, as rates change.
• You can often join online quickly.
• For the latest, search comparison sites or the Customer Owned Banking Association (COBA) “Find a bank” tool.

These recommendations reflect recent awards (2025 data) and satisfaction surveys, where mutuals consistently outperform on service and value. What you need (e.g., a home loan vs. everyday account) will narrow it down further—shop around and check eligibility/reviews for your situation.