Blog

It's important to be mindful of your banking choices and ensure that they align with your personal values. Banks can provide both great convenience and peace of mind, but it's important to do your research before signing up. Whatever route you choose, be sure to take the time to understand what makes the bank tick - so you can feel good about where your money is going. Here are a few tips on how to make sure you're banking with integrity. Figure out what's important to you When it comes to your money, it's important to align your values with your banking. Find a bank that shares your commitment to things like social responsibility, environmental sustainability and ethical business practices. There are a number of ways to figure out what's important to you. Start by thinking about the causes and issues that you care about most. Then, research banks and credit unions that have policies and programs in place that support your values. Consider the day-to-day convenience of things like online and mobile banking, ATMs, and customer service when making your decision. By taking the time to align your values with your banking, you can ensure that your money is working for you – and for the world. What to look for in a bank Personal banking is more than just a place to keep your money – it’s a personal relationship that should align with your values. The same goes for business banking. When you’re looking for a bank, here are some things to consider to make sure your values are aligned: Does the bank have a personal relationship with its customers?This is important for both personal and business banking. You want to be able to trust your bank and feel like you’re more than just a number. Does the bank support local community, businesses and causes?If you value supporting your community and local businesses, you’ll want to make sure your bank does too. What are the bank’s environmental policies?If you care about reducing your carbon footprint, you may want to choose a bank that offsets its carbon emissions or invests in renewable energy. What are the bank’s social responsibility policies?If you want to make sure your money is going towards making the world a better place, look for a bank that donates to charitable causes or has a focus on social responsibility. Find a bank that aligns with your values When it comes to banking, there is no one-size-fits-all solution. The best bank for you will depend on your unique financial needs and goals. By doing your research and taking the time to find a bank that aligns with your values, you can ensure that your money is being used in a way that supports your beliefs. Here are a few tips to help you find a banking institution that matches your world view: Do your research - Start by identifying which banking values are most important to you. Ask around - Talk to your friends, family, and colleagues to see if they have any recommendations. Read reviews - Once you've narrowed down your options, read online reviews to get a sense of what other customers think about the banks you're considering. The benefits of banking with a values-aligned institution There are many benefits to banking with a values-aligned institution. When you bank with an institution that shares your values, you can be confident that your money is being used in ways that align with your beliefs. This gives you a greater sense of control over your finances and helps you to support causes that are important to you. This can make banking feel more personal and supportive, rather than just transactional. If you are looking for a bank that shares your personal values, Horizon Bank may be the perfect fit. Check out Horizon's values and see if they resonate with you. We offer a variety of products and services to meet your needs, as well as a commitment to community involvement. Contact our local team today to learn more about how we can help you achieve your financial goals. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

What is a customer-owned bank? Customer-owned banks or mutual banks, provide consumer banking services such as credit cards, home loans, personal loans, savings accounts, and term deposits like any other bank. The key difference is in the ownership structure. The bank is owned by its members rather than shareholders. Certain issues or changes may require a member vote according to the constitution of the customer-owned bank. Profits are reinvested back into the products and services rather than being distributed through shareholder dividends. The customer-owned banking sector collectively serves more than 4.5 million Australians and brings with it the strength of $139 billion in assets. What is the customer-owned banking difference? Customer-owned banks serve a smaller customer base than the Big 4 banks. This means that you have access to personalised service from the staff and an overall enjoyable customer experience. Customer-owned banks are in a mutually supportive relationship with their customers and have a commitment to supporting the local community. The key difference is that profits are reinvested back into the banking products and services offered to members. This relates back to the ownership structure which is important, as products and services are enhanced rather than profits getting distributed to shareholders as dividends. When researching loan or deposit rates, you’ll find that rates on all financial products with customer-owned banks are competitive. The customer-owned sector provides competitive banking solutions with outstanding customer service, a can-do attitude that is committed to local communities, low and fair fees and competitive mortgage rates. What kinds of services are offered at customer-owned banks? Customer-owned banks generally offer the same products and services as traditional banks. These include home loans, personal loans, credit cards, business banking, term deposit and savings accounts. Easy access options such as online banking, visa cards, app banking and contactless mobile payments are also available. Add on services like insurance and CTP Green Slip are available for members at Horizon Bank. Simple investment options such as self-managed super fund accounts and term deposits are available subject to eligibility. How do customer-owned banks help the community? The customer-owned sector invests in community projects, organisations and events. More than 60% of customer-owned banking institutions believe community involvement is a key differentiator to their business. At Horizon Bank, we have sponsored many community events, some for a number of consecutive years in a row. Examples include: 15 years for the Thirroul Seaside & Arts Festival  9 years for the Merimbula Classic  8 years for the Bega Show We have philanthropic affiliations with many charitable organisations that we support throughout the year. During winter many of our branches collect food, clothes and warm blankets for their local Homeless hub or refuge. At Christmas time, all of our branches engage with their local communities to collect non-perishable food, toys and gift vouchers for various churches and charitable organisations. The organisations we have supported include: Albion Park Youth & Community Care Inc. Bega Women’s Resource Centre Narooma St Vincent De Paul Moruya Anglicare Supported Accommodation & Homelessness Services Shoalhaven Illawarra (SAHSSI) Thirroul Need a Feed Wollongong Homeless Hub Tips for choosing a customer-owned banking institution When choosing a customer-owned bank, here are some tips on what to look for: Fair and ethical banking – customer-owned banks care about where they invest. For example, at Horizon Bank, we act as responsible and influential environmental citizen, as such, we do not directly invest in, or provide loans to, any company in the fossil fuel industry. Customer-focused – the customers own the bank, so they’re put first. Customer centricity is at the core of all business operations. Opening an account should be easily done online, over the phone or in person. Responsible lending – customer-owned banks make sure that the customers they lend to, can afford repayments without being adversely impacted. Community support – customer-owned banks have a strong track record of supporting the communities their customers live in, whether that be through sponsorship or in-kind support. Accessibility through branches - branches and people are key to the customer-owned difference. At Horizon Bank, we continue to maintain all of our branches. We place faith in our members and that segment of the community who value local, personal banking. We understand that people may prefer a brick-and-mortar bank if they like being able to walk into a building and speak to a person or lender face-to-face and o talk to people they trust. Talk to a local - Horizon believes in providing easy phone access for members to contact their local branch, without the need for an overseas call centre.  Get in touch with the friendly local team at Horizon Bank today. We're here to help you with your banking needs. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.