Consumer Finance Awards 2025: Customer-Owned Institution of the Year

Teachers Mutual Bank has been named Money's Customer Owned Institution of the Year as part of the 2025 Consumer Finance Awards.

• Find out how we chose the winners
• Order your copy of the July awards issue
• Check out more from the 2025 Consumer Finance Awards

Many Australians view the relationship with their bank as a partnership. But is your financial institution pulling its weight on this score? That's where 'mutuals' - customer-owned banks, building societies and credit unions - are carving out an important niche in the market, giving back to members rather than focusing on returns to shareholders.

Talk to the team at this year's winner - Teachers Mutual Bank - and there is a real sense of excitement at being named Money's Customer-Owned Institution for 2025.

Reflecting on the win, Teachers Mutual Bank chief executive, Anthony Hughes, says, "I think what resonates most with our members is our incredible focus on delivering the best service and outcomes for them, each and every day."

He adds: "Yes, our great products and competitive rates matter. But I strongly believe our defining attribute is our incredible people, who are passionate about serving and helping our members every day."

Hughes regards this award as being recognition of "who we are as a bank - member-first, values driven, and committed to banking for good for those who do good."

In a competitive banking market, Teachers Mutual Bank takes pride in offering simple loan and savings products with great rates. But it goes a step further.

Every Teachers Mutual Bank home loan and deposit account opened in the past year was a certified Responsible Investment product. "That's something we're really proud of," says Hughes.

Teachers Mutual Bank isn't resting on its laurels. "Late last year we were the first customer-owned bank to roll out a new feature in our internet banking and mobile app to help protect our members from scams and prevent mistaken payments," says Hughes.

"Since then, we've helped save around $4.1 million of our members' money from potential financial loss. It's a great example of technology helping people."

Teachers Mutual Bank also offers member-focused financial education programs. "These initiatives go beyond banking," says Hughes. "They're about supporting our members at every stage of life. "We're continuing to evolve our benefits programs to reward our members beyond interest rates."

Exciting times lie ahead for Teachers Mutual Bank customers. The bank recently announced a proposed merger with Australian Mutual Bank.

The merger will create one of Australia's largest customer-owned banks with combined assets of more than $13 billion serving more than 300,000 members. The proposed merger is awaiting regulatory approval before being put to a member vote in 2026.

Hughes adds: "By coming together, we will combine our resources and financial strength to create a stronger bank. This will enhance our ability to deliver excellence in member service, exceptional value, great services and meaningful support for the vocations and communities that support us."

Why they won

Straightforward products backed by exceptional service that meets members' needs.

Top product

Where to start? A credit card rate of 7.90%, home loan rates beginning with a 5, and up to 4.0% on savings.

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