Potential Merger - Bank Australia and Qudos Bank

[mel-world]

Got an email today announcing that these two small banks ($17 billion total assets) have signed an agreement to explore a potential merger.

As Qudos started as the Qantas Credit Union and, when I joined the Outlook Credit Union, it was the Ansett staff credit union. Outlook eventually morphed into Bank Australia after many mergers. So this would see some ex-Ansett staff being in a Bank with Qantas staff.

 

[Mwenenzi]

Well a good number of ex Ansett did/do work for QF. Including CEO's Geoff Dixon and Alan Joyce.

Geoff Dixon - Wikipedia

en.wikipedia.org

Alan Joyce (businessman) - Wikipedia

en.wikipedia.org

Transformational strategic initiative | myQ | Qudos Bank

Qudos Bank and Bank Australia to explore merger to create Australia’s leading purpose driven bank

www.qudosbank.com.au

Qudos web site

Qudos Bank and Bank Australia to explore merger to create Australia’s leading purpose driven bank

On February 1st Qudos Bank and Bank Australia announced their intention to explore a merger between two of Australia’s leading purpose driven customer owned banks.
In initiating the potential merger, the Boards of both banks identified that there is strong alignment in the culture and values of both organisations, with a deep commitment to customer ownership that puts customers best interests at the core of operations.
A potential merger would create one of Australia’s largest customer owned banks, and with this increased scale enhance the ability to invest in products, services and digital banking technology well into the future.
Qudos Bank members and employees remain paramount in the decision, and will be provided with ongoing updates as this exciting initiative progresses.
<snip>

Until today never heard of "Bank Australia"

 

[mel-world]

Until today never heard of Qudos Bank.

 

[Mwenenzi]

Off topic

Until today never heard of "Bank Australia"

Until today never heard of Qudos Bank.

Can earn QF ff points with a Qudos account

8 Free Ways to Earn Qantas Frequent Flyer Points

You don't need to spend money to earn Qantas points! Here are eight ways to earn Qantas Frequent Flyer points - and stop your balance from expiring - for free.

www.australianfrequentflyer.com.au

A credit union I was associated with ~20 years may be 1 of the 72 credit unions that have morphed into Bank Australia

 

[Aeryn]

And now post merge we are starting to see negative changes like needing minimum deposits for bonus interest from May 1 which wasnt required before.

I think will be closing my Qudsos QF points earning and bonus saver account and moving the funds between Macquarie Bank and AMP Bank which dont have the same hurdles for high interest.

 

[mel-world]

Maybe for ex Qudsos members. No change for ex BAUS members. Bonus Saver pays from $1 as long as you add a $1 a month and don't withdraw. Online Saver still has a $5k minimum for higher interest but no withdrawal limitation.

 

[MEL_Traveller]

And now post merge we are starting to see negative changes like needing minimum deposits for bonus interest from May 1 which wasnt required before.

I think will be closing my Qudsos QF points earning and bonus saver account and moving the funds between Macquarie Bank and AMP Bank which dont have the same hurdles for high interest.

I have a qantas points saver… has there been a change to interest earning? It still says 4% no minimum deposit or limit on withdrawals per month?

 

[Aeryn]

The new minimum from 1 May for Bonus saver is $100 and no withdrawals, $1 no longer enough. Not this from May not now.

No chnage to the points saver rules, but the interest bands are changing.