Auswide Bank

Updated 24 October 2019

Providing an extensive range of personal and business banking products, Auswide Bank is a smaller bank that believes it’s the small things that make a big difference for its customers. Having been in operation for more than 50 years, it has grown from a building society that served the needs of Queensland's Wide Bay Burnett region, to a bank with a national presence and assets under management of more than $3 billion.

Listed on the Australian Stock Exchange as an authorised deposit-taking institution (ADI), Auswide Bank has an Australian Credit Licence and an Australian Financial Services Licence issued by ASIC, and is supervised by the Australian Prudential Regulation Authority. That means, although it is a bank you may not have heard of, it still abides by all the same regulations as the big banks you see every day.

While it may be the official bank of the Queensland Maroons, Auswide Bank is an organisation that supports more than just sports. Playing an active role in the communities it serves, the bank has built its reputation around a true community banking philosophy. Sponsoring and supporting a number of local activities, organisations, events and projects, the bank covers a wide range of sporting, cultural and community interests and endeavours.

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Auswide Bank

Auswide Bank: Its Origins

When it comes to smaller banks, it’s often nice to know where they came from before you apply for one of their products. Auswide Bank started out serving local communities as Wide Bay Capricorn Building Society, when the Bundaberg-based Burnett Permanent Building Society and the Maryborough Permanent Building Society merged in 1979. Founded to provide “an alternative to the big banks", this local building society started out small, but grew extensively over the years.

After mergers with the Gympie and North Coast Building Society, and then with the Gladstone-based Port Curtis Building Society in the 1980s, a decade later Wide Bay Capricorn Building Society Ltd was listed on the ASX. After a period of continued growth, the organisation exceeded $1 billion in assets and loans under management in the early 2000s.

Stretching out from its roots in Central and South-East Queensland, the bank expanded nationally. To celebrate this growth, the organisation changed its name to Wide Bay Australia Ltd in 2003. Following another merger in 2008, this time with Mackay Permanent Building Society Limited, the bank expanded even further into Central and North Queensland with additional branches and customers.

Then, in 2015, a few years after the board of directors made the decision to convert to a bank, Auswide Bank as we know it today was launched. Offering a smaller bank experience, it provides a wide range of financial products and services to its customers, while still retaining a strong focus on the communities it serves. Throughout the following years, the bank has continued to expand, with an important merger with Queensland Professional Credit Union increasing its total assets to more than $3 billion.

Auswide Bank: Its Offering

While it may have grown and expanded over the years, Auswide Bank still sees itself as a small bank. And, when you compare it to banks such as the Big Four, it really is a small bank. But, that can be a good thing. Auswide Bank believes it’s the small things that can give life meaning and create real value to its customers. Which is why it focuses on the small things, providing genuine service and valuable products.

This is a bank that describes itself as friendly and flexible, responsive and responsible, agile and nimble. By paying attention to detail, by delivering on its promises, and by going the extra mile, Auswide Bank revels in its small status while making a big difference in the lives of its customers. By putting its customers first, the bank aims to make a real difference to the Australian banking landscape, to work towards breaking the dominance of the Big Four.

Auswide Bank: Its Products

As a full-service bank, Auswide Bank offers a wide selection of financial products and services, ranging from home loans, personal loans and car loans, to term deposits, superannuation and insurance. Of course, it also offers credit cards, or it would not be featured on this page. So, what does this small bank with big ideas have to offer in the way of credit cards?

Currently, Auswide Bank has two credit cards on offer, with one that concentrates on low rates and another that focuses on rewards and features.

Low Rate Credit Cards: Who do they work best for?

Low rate cards, such as the one offered by Auswide Bank, can work well for cardholders who want to save money on interest. Providing a low rate of interest on purchases, these cards can help keep interest costs down for cardholders who tend to carry a balance each month. When combined with a low annual fee, they can be real money-savers, but they do tend to be a simple option, keeping features basic.

Rewards Credit Cards: Who do they work best for?

Rewards cards allow cardholders to earn points on their card spending, to then redeem those points for rewards. The type of rewards on offer depends on the rewards program. The Auswide Bank rewards card earns points on the Card Services program, allowing cardholders to redeem their points for merchandise or gift vouchers, to book travel via the rewards program directly, or to convert their points to frequent flyer points with Singapore Airlines’ KrisFlyer or Virgin Australia's Velocity programs. This makes these cards a great option for cardholders who want to get something back for their card spending, allowing them to treat themselves with rewards.

Premium Credit Cards: Who do they work best for?

The Auswide Bank rewards card also happens to be a platinum card. Platinum cards offer extra features to cardholders, and can work well for those who want that little bit more from their card. While they may charge more in annual fees than a classic card, platinum cards can offer extras such as a concierge service, insurance covers and generous credit limits.

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