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As a mutual, Police Bank is owned by its members, setting it apart from many of the big banks. As there are no external shareholders to influence the course of its activities, Police Bank is able to retain a strong focus on the people it serves. Meeting the financial needs of members with dignity, honesty and integrity, it returns profits in the form of better interest rates, products and services.
So, where did Police Bank come from? Back in 1964, NSW Police Credit Union was formed when a group of police officers at Clarence Street Police Station in Sydney had the vision of forming a mutual organisation for the benefit of all officers. Starting out with just 60 members, the credit union expanded over the decades to offer its services to a wider group, bringing various other credit unions into the fold. Then, in 2012, the decision was made to become a bank.
Today, Police Bank has grown to be one of the biggest and most successful mutuals in Australia. It has won a host of awards, and has total assets exceeded $1.5 billion. Facing the same regulation as the big banks, Police Bank is supervised by the Australian Prudential Regulation Authority (APRA), ensuring it maintains operational standards to safeguard the security of its members’ funds.
Working by a strong code, here are some of Police Bank’s values:
Like many mutuals, Police Bank is big on community involvement. Aligning itself with a number of organisations within the policing community, it believes building strong communities benefits us all. Which is why Police Bank takes pride in supporting its partners to help make a real difference.
Partners include NSW Police Legacy, AFP Legacy, Police Citizens Youth Clubs, Police Association of NSW, Australian Federal Police Association and NSW Retired Police Association.
Aside from supporting its major partners, Police Bank also established the Giving 4 Giving program. This is the bank’s sponsorship program, designed to help Police Bank support more members in their policing community endeavours.
Giving 4 Giving has supported the Sydney White Ribbon Walk, raising awareness and working on the prevention of all forms of abuse. It has also supported Wear it Purple, fostering supportive, safe and accepting environments for rainbow young people, and Bleed 4 Blue, donating blood to the Australian Red Cross Blood Service.
Over the years, Police Bank has built up quite a trophy cabinet. In 2013, Canstar awarded Police Bank ‘Most Satisfied Customers’ in the Non Major Banks category. Canstar also recognised the Bank for ‘Best Online Banking’ in the Mutual Banks category. In 2014 and 2015, Police Bank was recognised as the ‘Best Mutual Bank’ and ‘Most Trusted Bank’ in the Mozo People's Choice Awards.
In 2015, Canstar awarded the bank's Low Rate Visa Credit Card with a ‘5 Star Outstanding Value Award’. A few years later, its credit card was awarded best ‘Low Rate Credit Card’ and ‘Balance Transfer Credit Card’ by Mozo Experts Choice, and ‘Cheapest Balance Transfer Credit Card’ by Money magazine.
Think a Police Bank credit card could be for you? After becoming a member, you can apply for the Police Bank Visa Credit Card. With this card, you could take advantage of:
A great balance transfer offer: While introductory offers change over time, this card has been continually recognised as a good balance transfer card. Check out what the card has to offer in balance transfer deals today to see if all those awards were well won.
A low purchase rate: As a mutual, Police Bank works to keep interest costs down on its credit card. Compare this card’s purchase rate to what’s on offer elsewhere, and you could find this card helps you save on interest if you tend to carry a balance.
A low annual fee: Again, being a mutual means Police Bank also tries to keep fees low. You will pay a low annual fee on this card, and if you join at the right time, you may also have your annual fee waived for the first year.
Tech compatibility: While it may be somewhat low on fancy features, this card does offer compatibility with Apple Pay, Samsung Pay and Google Pay, allowing you to sync your device with your card, to tap and go when you’re out and about.
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