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.
There will be access to a larger branch network and no branch closures
Banking products, including Qantas Points products, will be retained
There will be a wider range of products and a number of reduced fees and charges
We will remain 100% customer-owned
Your account details and how you bank with us will stay the same
100% Australian based employees and contact centre
Our merger with Bank Australia is a proactive strategy, aimed to increase our collective impact, enhance our levels of service and maintain competitive products for members. We want to build a strong future for our bank so we can continue to serve our members for another 65 years and beyond.
Last month we held in-person merger events with hundreds of members attending to hear directly from our leadership team and ask important questions about the proposed merger.
We know that many of our members were unable to attend an in-person event and that's why we’re sharing the recap for you here.
Soon the Member Information Booklet containing important details of the proposed Merger of Qudos Bank and Bank Australia will be available.
The information provided should be reviewed in detail and aims to assist members in deciding how to vote on the Merger Resolution at the Special General Meeting.
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From our shared history credit unions supporting key industry sectors and communities since the 1950s, to our current status as two of Australia's leading customer-owned banks, a successful merger will bring together our combined legacies and ongoing commitment to customer ownership.
Like Qudos Bank, Bank Australia:
You will need your membership number and postcode
You can appoint a proxy of your choice or appoint the Chair.
You can attend and vote at the SGM in person or online.
Find answers to frequently asked questions from our members. Haven't found what you're looking for? Send us your question using the form below and we'll add the response to the page for the benefit of all our members.
While the Merged Bank’s company name will be Bank Australia Limited, both the Qudos Bank and Bank Australia brands will continue to operate from day one including how members engage with the Qudos Bank brand channels. As a customer-owned bank, in the event of a review of the names used by the Merged Bank in the future members will be engaged for their views.
While our name has evolved over the years, our commitment to serving our members has remained the same. Asa 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, this is a true merger of equals 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 decision to merge is a proactive strategy by the Board of Qudos Bank, and after careful consideration, we believe Bank Australia is the ideal merger partner because of the strong alignment of both banks’ values, culture and purpose. This merger represents a long term, forward-thinking strategy that builds on our shared commitment to providing better value for members now and into the future. By combining our strengths and upholding our values, we will continue to operate as a customer-owned bank.
Should the merger proceed,accounts and products held by members of each bank will continue on existingterms and conditions. Plus, as a result of the merger there will be savings formembers via a number of reduced fees and charges across the product range. Productsearning Qantas Frequent Flyer points will remain.
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 yourmember 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 brandchannels including internet banking, app, and contact centre channels, and keepusing 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:
Qudos Bank members will ceaseto be Qudos Bank members and will automatically become members of BankAustralia and will be issued a new share in Bank Australia with the same rightsas other members.
The proposed merger is currently being reviewed 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.
Digital Banking: Faster, Simpler and More Secure
A Brighter Banking Future
Your Banking - Same Terms, Same Access
No closures, more branches
Providing even more value for members
Preserving Our Heritage
The Qudos Bank branch at Miranda will remain open if a proposed merger with Bank Australia goes ahead.
Murray Trembath, The Leader, 4 March 2025
Learn more
Australia’s small banks must get bigger to compete against the majors, and the head of one challenger believes the mutual sector could be reduced to just 10 contenders in a decade as mergers increase.
David Ross, The Australian, 15 Jan, 2025
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Less than a decade after their much-heralded arrival on the Australian banking scene, all indications are our neobanks are dead.
Brendan Wright, The Australian, 15 Jan, 2025
Learn moreSome of the links above may direct you to external websites. Qudos Bank is not responsible for the quality, content, nature or reliability of any linked site, nor for your use of any linked website.
We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which Qudos Bank operates and where our team members reside.
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