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Customer-owned Banking

Find out everything you need to know about the benefits of banking with a customer-owned bank.

Why choose a customer-owned bank?

For customer-owned banks like Cairns Bank, our customers are also owners. This means we run the bank purely to meet our customers’ needs. We don’t have external shareholders, who would expect us to reward them with payments from our profits.

  • With customers as our owners, our decisions and policies are made with their best interests in mind.
  • We’re not owned by a larger organisation so we can make independent decisions.
  • Instead of passing profits on to shareholders, we use these funds to keep improving products and services we offer.
  • As a customer-owned bank our local community really matters – we care about the community and everyone in it.
  • Every member is a shareholder and has a voice at the Annual General Meeting (and for board director elections).
  • Just like other banks, we meet the regulations and requirements of the Australian Prudential Regulatory Authority and the Australian Securities and Investments Commission.
  • We’re an authorised deposit-taking institution (ADI) which means we offer the same government guarantee for deposits up to $250k.

To find out more information click here.

Cairns Bank is the trading name of Cairns Penny Savings & Loans Ltd. We’ve been supporting the Cairns community with their banking needs for over 125 years.

We take pride in our personal approach to banking. Getting to know our customers and delivering simple products and services is what we’re all about.

And as a customer owned bank we make decisions based on our customers’ needs, rather than the needs of shareholders.

We understand that switching banks can be a painful process. If you pop into our branch our friendly staff can help you open your new bank account and also help you switch your regular payments to your new bank account.

Want to know more?

Check out the Customer Owned Banking Association website for more info.