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Our Story

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Here to Do Good for our Members and the community

As a 100% customer-owned mutual (and social enterprise), we are here for the sole purpose of enhancing the lives of our Members and those in the broader community. We do this by:

  • providing Members with access to competitive financial, banking and community solutions that add value to their lives, and
  • investing our capital to generate a positive social or environmental impact alongside a financial return.

That’s how we Do Good.

Become a MemberContact us

  How we got here

SERVICE ONE started off as a community credit union in the South Coast region nearly 60 years ago. Since that time, we’ve established a comprehensive Member network in the ACT (in particular the public service, hospital and university sectors) and surrounding NSW to incorporate the Snowy Mountains region. Today we service Members across the country with developing digital channels, access to a national ATM network and call centre staff able to assist those interstate.

While the credit union ethos of ‘Members before profit’ has always been alive and strong within SERVICE ONE, increased regulatory requirements were shifting our focus away from this ideology. In 2015, we established an alliance with Bendigo and Adelaide Bank that sees them responsible for these regulatory requirements and frees up SERVICE ONE capital for the purposes of impact investing. At this point the Alliance Bank network was born.

  The Alliance Bank model

SERVICE ONE and three other former credit unions became the founding partners of the Alliance Bank model. As part of the model, we offer the SERVICE ONE Alliance Bank® range of products and services to Members and profits from the uptake of these can be re-invested back into the business or impact invested, for the benefit of our Members and the broader community. The Alliance Bank model is open to other mutuals seeking to retain their independence while freeing up their capital to Do Good by their Members and communities.

  Members and not customers

You may be asking yourself why we refer to our customers as Members. In a nutshell, because we’re customer-owned, you need to become a SERVICE ONE shareholder before you can access any of the financial, banking or community solutions on offer. This is as simple as buying a $10 share upon opening your SERVICE ONE membership, and this is refundable should you choose to close the membership in the future. This structure also means we don’t have the pressure to pay dividends to a limited group of shareholders like the larger banks – instead we’re here to Do Good by all of our Members who are shareholders and part-owners of SERVICE ONE.

  Related information:

 

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