Alliance Bank

About Alliance Bank savings accounts

Four mutuals have teamed up with Bendigo and Adelaide Bank to offer a range of banking products and services backed by personalised local service.

Alliance Bank is a little different than your typical bank. It is an independent social enterprise bank that is 100% owned by its members. It was formed when Bendigo and Adelaide Bank joined forces with four independent mutuals: BDCU Limited, Service One Mutual Limited, AWA Mutual Limited and Circle Mutual Limited.

What is Alliance Bank?

Alliance Bank is a group of four separate mutuals: BDCU Limited, Service One Mutual Limited, AWA Mutual Limited and Circle Mutual Limited. Each of these Alliance Bank members started life as a credit union designed to look after the financial needs of a local community, and some have a history dating back more than 50 years.

The Alliance Bank Group was created in 2014 when these four mutual organisations teamed up with Bendigo and Adelaide Bank to create the Alliance Bank model. These mutuals then changed their names to highlight the new model.

As a 100% member-owned bank, Alliance Bank collectively has more than 40,000 members, 160 staff and 22 branches spread across NSW, the ACT, Victoria, Queensland and WA.

Its four member institutions each boasts their own local presence in different regional areas around Australia:

  • AWA Alliance Bank. AWA Alliance Bank started life as AWA Credit Union. It was established in 1969 and has branches at Geelong and Portland in Victoria, and Mandurah in WA.
  • BDCU Alliance Bank. Berrima District Credit Union Limited was founded in 1963 and boasts 12,000 members throughout the NSW Southern Highlands and Tablelands.
  • Circle Alliance Bank. Circle Alliance Bank was originally founded as Circle Credit Co-operative Limited in 1963 and has one branch in Victoria and another in Queensland.
  • Service One Alliance Bank. Service One Credit Union Limited was created in 2001 and has more than 19,000 members. It was formed by the amalgamation of the Credit Union of Canberra, the Snowy Mountain Credit Union and the Hospitals Credit Union, plus the addition of Bemboka Community Credit Union in 2004.

What does Alliance Bank do?

Alliance Bank itself does not offer any financial products or services. Instead, each of its four member banks offers its own suite of transaction accounts, savings accounts, investment accounts, loans and credit cards.

Each member institution also offers the latest Bendigo Bank products and technology to its members, while at the same time maintaining its strong local presence and individual branding. Each member institution invests profits in a range of community initiatives to support its members and to produce a positive social impact in its local community.

What are the pros and cons of banking with Alliance Bank?

Pros

  • Backed by Bendigo and Adelaide Bank. Alliance Bank is backed by the financial strength of Bendigo and Adelaide Bank, which supplies Alliance Bank branded products to the four member institutions.
  • 100% member owned. Alliance Bank is 100% member owned, which means the focus is on providing the best possible products and services to its members instead of on making a profit.
  • Support for local communities. Each Alliance Bank member institution funds a range of projects and initiatives to provide support for its local community.

Cons

  • Small branch network. Alliance Bank’s members have 22 branches around Australia, many of which are localised in specific areas. This means that many potential customers around Australia may not be able to easily access a branch.

How do I apply for an Alliance Bank account?

If you’d like to open an account with an Alliance Bank member, you can find out more about the savings and transaction accounts each member offers by clicking on the links below:

You’ll be able to find detailed information on the accounts available from each separate Alliance Bank member, and then compare them with other similar offerings on finder.com.au to find the right solution for your banking needs.

Savings Account Offers

Learn about our information service
ANZ Progress Saver

Maximum Variable Rate

1.81

Standard Variable Rate

0.01
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65

Standard Variable Rate

0.01

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