Australian Military Bank
While it may not be a bank you’ve heard much about, Australian Military Bank is in fact Australia's longest serving Defence financial institution. Established in 1959, the bank has helped Australian Defence personnel and their families make the most of their money over the past 60+ years by offering them a wide range of financial products, including loans and savings accounts, insurance and credit cards.
This is a bank that understands the unique aspects of life in the armed services. Not only does it provide quality financial products backed by excellent service and support, it also offers these services in places Defence personnel and their families actually need them. The bank has branches on all major Defence bases in Australia and provides members with access to an array of fee-free Australian Military Bank ATMs 'on base'.
With a dedication to helping the men and women who protect and serve our community, this is a member-owned bank that is run for the benefit of members, who also happen to be shareholders. That's why it can offer lower fees and more competitive interest rates than larger financial institutions. But while it may be small – the bank has over 56,000 members – it still manages funds in excess of $1.45 billion.
Like many member-owned banks, Australian Military Bank also prides itself on community involvement. It gets involved in local communities through sponsorships and local partnerships, through The Returned & Services League of Australia and RSL Money.
Australian Military Bank Low Rate Visa Credit Card
0% p.a. for 12 months on balance transfers
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Australian Military Bank
Australian Military Bank: A Short History
Where did Australian Military Bank come from? The organisation was founded in 1959 as the Navy (Civil Staff) Co-op. Ltd. One year later, it had its first Annual General Meeting, with a grand total of 160 members and loans to a value of £13,000. Over the years, member numbers continued to grow, with membership extended to civilian employees of the Army and RAAF in New South Wales, and then to all serving members of the Australian Navy.
In 1983, the organisation merged with Army Defence (NSW) Credit Union and rebranded as Australian Defence Credit Union (ADCU), and still, continued to grow. So much so, it achieved in excess of $1 billion in funds under management in 2014. One year later, in 2015, membership exceeded 50,000 and a vote was passed to change its name to Australian Military Bank.
Australian Military Bank Products
While we concentrate on credit cards here at CreditCard.com.au, we know it’s nice to know a bit more about what each provider offers before you apply. As Australian Military Bank is indeed a bank, it provides a wide range of financial products and services alongside its credit card offering. Members can apply for home loans, personal loans and car loans, everyday accounts and savings accounts, insurance and superannuation.
In terms of its credit card offering, Australian Military Bank keeps it pretty simple at the moment, with just one card on its books. As you would expect from a member-owned bank, this is a card that focuses on keeping costs low for cardholders with a low ongoing interest rate and a low annual fee. Of course, as a Visa, it features all of Visa’s accessibility and security, making it a great no frills option for cardholders who simply want access to credit.
Australian Military Bank’s range has enjoyed plenty of recognition within the industry, earning awards on a range of its accounts and loan products. Happily, its credit card also seems to rate quite highly, winning the 2017 and 2016 'Experts Choice' for 'Balance Transfer Credit Card', and being awarded a 5-star Canstar rating for 2014, 2015 and 2016.
How to Join
Like many member-owned banks, you need to join Australian Military Bank if you want to apply for one of its products, such as its credit card. Fortunately, joining is simple. When you apply, you become a member of Australian Military Bank as part of the application process. Then, once your application has been submitted, a consultant will be in touch via email or phone to finalise your application.
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