Vote 'Yes' to create a better, stronger customer-owned bank for members. Your vote is important.

Both the Qudos Bank and Bank Australia brands will continue to operate in the market from day one including how members engage with Qudos Bank brand channels. Your day-to-day experience with Qudos Bank across online banking, the app, contact centre and branches, will remain the same. As a customer-owned bank, in the event of a potential future review of the brand names used by the Merged Bank, then members will be engaged for their views. As two banks are coming together, the Merged Bank will operate as one legal entity (Bank Australia Limited), but this won’t change the brand names in the market. The Qudos Bank brand will continue to exist as Qudos Bank in the same way it does today under the current legal entity of Qudos Mutual Limited.

While our name has evolved over the years, our commitment to serving our members has remained the same. As a customer-owned bank this commitment is unwavering. This merger isn’t about changing who we are—it’s about strengthening our ability to invest in the technology, products, and services that make banking easier and more rewarding for our members.

No, Qudos Bank and Bank Australia coming together is not a buyout or a takeover. This is a true merger of equals between two customer-owned banks that will remain 100% customer-owned. This is reflected in the balanced representation from both banks across both the Board (the current Chair of Qudos Bank, Jennifer Dalitz will be Chair of the Board of the merged group) and executive level with head offices in both Collingwood (VIC) and Mascot (NSW).

The proposed merger is a proactive, strategic choice by the Board to ensure the history and service ethos of Qudos Bank can be maintained and enhanced for members well into the future. After careful consideration, we believe Bank Australia is the ideal merger partner because of the strong alignment of both banks’ values, culture and purpose. By combining our strengths and upholding our values, we will continue our commitment to customer ownership and operate as a customer-owned bank.

You can find more detailed information about the Merger and the Merger process in the Member Information Booklet available on our website.

Should the merger proceed, accounts and products held by members of each bank will continue on existing terms and conditions. Plus, as a result of the merger there will be savings for members via a number of reduced fees and charges across the product range. Products earning Qantas Frequent Flyer points will remain.

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There will be no changes to interest rates on savings, term deposits, loans and Retirement Savings Accounts as a direct result of the merger. Interest rates on deposit and loan products will stay the same on day 1 of the Merged Bank. Competition laws prevent the two banks from discussing interest rate pricing prior to a successful member vote. Should the proposed merger be approved by members, variable rate products will be harmonised in due course and fixed rate products will be harmonised post-maturity. This will be undertaken by adopting the principle of ‘best of both banks’ and to ensure that members are better off overall.

As a Qudos Bank member your member number, account numbers and BSB will not change on day 1 of the Merger. You will continue to access your accounts through the same Qudos Bank brand channels including internet banking, app, and contact centre channels, and keep using your existing debit, credit cards and digital wallets following the Merger.

There will be no non-executive job losses or forced redundancies due to the Merger. We need our people more than ever, and everyone has a role to play now and in the Merged Bank. The Merger will create more opportunities for our people to develop their skills and grow their careers.

We're pleased to say our employees including the contact centre and lending teams will remain 100% Australian based. This merger is not about cutting jobs or reducing service to satisfy the financial demands of investors. It is about ensuring that we can keep delivering for members well into the future as a proudly 100% customer owned bank.

The benefits to members of a combined Qudos Bank and Bank Australia include:

•  No branch closures as a result of the merger, with 10 additional branches available to Qudos Bank Members compared to today, including CBD branches in Sydney, Melbourne, Brisbane and Canberra.
• 15 branches across New South Wales, Victoria, Queensland and the ACT with customer service support for customers of both banks from the first day of combined operations.
• Access to a wider range of products and services, with savings for members across a number of reduced fees and charges from day 1 of the Merged Bank.
• Qantas Frequent Flyer products will be retained.
• No changes to members current accounts or how they bank with us on day 1, and no changes to interest rates on products as a result of the merger. (Variable loan rates remain subject to changes in line with the official cash rate and market conditions).
• Increased capacity and greater investment in improved customer experience, with contact centre and lending teams across Sydney, Melbourne, Brisbane, Canberra and the Latrobe Valley.
• Commitment to enhanced digital experience to elevate customer service levels further, including increased investment in cybersecurity and fraud/scam prevention.
• Alignment of products and integration of technology systems are expected, over time, to provide access to new products and improve the experience for members.
• Increased capacity to invest in community, social and environmental impact initiatives for people and the planet.
• Expanded public commitment to purpose driven banking via impact lending and investments.
• Up to 4% of annual after-tax profit committed to an impact fund to support communities and the planet.
• Commitment to explore opportunities to improve business banking products and services for small and medium enterprises.
• No executive or sales incentive based employee bonuses ensuring we act in your interest not our own.

Qudos Bank members will cease to be Qudos Bank members and will automatically become members of Bank Australia and will be issued a new share in Bank Australia with the same rights as other members.

The proposed merger has been reviewed and approved by the Australian Government banking regulators including the Australian Prudential Regulation Authority (APRA). APRA is responsible for ensuring that customers and the banking industry are protected. Its approval and 75% of votes cast by members being in favour of the proposed merger resolution is required before the merger can proceed.

Bank Australia is an Authorised Deposit-taking Institution (ADI), just like Qudos Bank. Bank Australia meet the same strict standards as all Australian banks which are set out in the Banking Act 1959 and overseen by the Australian Prudential Regulation Authority (APRA). APRA’s rules on safety and capital that apply to banks apply to Bank Australia. This means Bank Australia is covered by the Financial Claims Scheme in the same way as Qudos Bank. Under the Australian Government’s Financial Claims Scheme (FCS), certain deposits are protected up to a limit of $250,000 for each account holder per ADI. For more information visit https://www.bankaust.com.au/support/financial-claims-scheme

Members will still enjoy free access to Qudos Bank ATMs as well as ATMs operated by the four major banks (CBA, ANZ, NAB, Westpac).  Please note both Major and independent ATM networks may charge a fee for cash withdrawals and balance enquiries in some instances.

Members will be able to continue getting cash out when making a purchase via EFTPOS at selected retailers.

Another convenient way to make fee free cash withdrawals is by visiting one of over 3,300 participating Post Offices across Australia that offers Bank@Post services.