How will the merger benefit members?

The benefits to members of a combined Qudos Bank and Bank Australia include:

•  No branch closures as a result of the merger, with 10 additional branches available to Qudos Bank Members compared to today, including CBD branches in Sydney, Melbourne, Brisbane and Canberra.
• 15 branches across New South Wales, Victoria, Queensland and the ACT with customer service support for customers of both banks from the first day of combined operations.
• Access to a wider range of products and services, with savings for members across a number of reduced fees and charges from day 1 of the Merged Bank.
• Qantas Frequent Flyer products will be retained.
• No changes to members current accounts or how they bank with us on day 1, and no changes to interest rates on products as a result of the merger. (Variable loan rates remain subject to changes in line with the official cash rate and market conditions).
• Increased capacity and greater investment in improved customer experience, with contact centre and lending teams across Sydney, Melbourne, Brisbane, Canberra and the Latrobe Valley.
• Commitment to enhanced digital experience to elevate customer service levels further, including increased investment in cybersecurity and fraud/scam prevention.
• Alignment of products and integration of technology systems are expected, over time, to provide access to new products and improve the experience for members.
• Increased capacity to invest in community, social and environmental impact initiatives for people and the planet.
• Expanded public commitment to purpose driven banking via impact lending and investments.
• Up to 4% of annual after-tax profit committed to an impact fund to support communities and the planet.
• Commitment to explore opportunities to improve business banking products and services for small and medium enterprises.
• No executive or sales incentive based employee bonuses ensuring we act in your interest not our own.