Why choose RACQ Bank? RACQ is owned by members to benefit members. That was the reason it was established back in 1905. In the early years of the club, it worked to champion the rights of motorists, while helping motor vehicles become an accepted part of day-to-day life in Queensland. Since then, it has constantly evolved to meet the changing needs of Queenslanders.
Today, RACQ offers member services and products to its 1.7 million members, including roadside assistance, travel, finance and insurance. And because it is member-owned, everything RACQ does is for the benefit of those members. Throughout 2018, RACQ members shared in $154 million in returned value across RACQ products and services, helicopter sponsorships, as well as retail, entertainment, dining and fuel discounts.
And what about QT Bank? QT Bank started out as Queensland Teachers’ Credit Union (QTCU) back in 1965. While in 1982, membership opened to all Queenslanders, the credit union continued to support the education community through alliance, education programs and helping teachers with their banking needs. After becoming the first Queensland-based mutual bank in 2011, QT Mutual Bank voted on a merger with RACQ in 2016, which came into effect the following year.
But, while it may have taken on the RACQ brand, the bank still continues to focus on serving the education community. RACQ Bank offers a range of discounts and benefits on loans, term deposits and financial planning, which are designed specifically for teachers. It also retains a strong commitment to Queensland education, delivering a number of award-winning safety and education programs to Queensland schools, while supporting initiatives like the Premier’s Reading Challenge and Staffroom for Improvement.
RACQ Bank offers an alternative to the big bank experience. Where big banks are owned by external shareholders, RACQ Bank is owned by its members. So, where big banks work to create more and more profits for their shareholders, RACQ Bank concentrates on making its members happy, re-investing its profits to provide straightforward financial products and services that offer great value, backed by excellent customer service.
Aside from creating value for its members, RACQ Bank also invests in the community, utilising profits to support and sponsor organisations and events that work to build a stronger community for all. But that’s not all. When QT Mutual Bank and RACQ merged, the two organisations made several key promises to their members, which RACQ Bank continues to deliver on today. These include:
Partnering with Card Services (a division of Citigroup Pty Ltd), RACQ Bank currently offers two credit cards: the RACQ Bank Platinum Rewards Credit Card and the RACQ Bank Low Rate Credit Card. Designed to suit different types of spending, these cards offer a number of benefits.
While the low rate card may work well for cardholders who want to save on fees and interest, the platinum option could appeal to those who want to get more back on their card spending in the form of rewards and extras. Want to find out more about what these cards have to offer? Check out each card’s page for all the essential info and our review of its offering.
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