Following the RBA's announcement of a 0.25% reduction in the cash rate, we have reduced the interest rates applicable to our variable rate residential home and investment home loans by 0.25% effective 1st March.
Following the outstanding result of our vote at last November’s AGM in favour of the merge with G&C Mutual Bank, we are pleased to confirm that the official merger will take place on the 7th of March. This is the date that we will become a combined legal entity, and the date that our banking systems integration will take place.
While we have worked to minimise the impact to your banking, some changes are unavoidable to ensure there is no duplication of membership and account numbers with G&C Mutual Bank members on the same system.
Accordingly, there will be some important changes you will need to be aware of. Please see the Frequently Asked Questions below.
As advised in the Member Information Document provided to all members prior to the vote, the Unity Bank Limited name will be retained.
For some members there will be a small change such as the addition of a prefix to your existing member number. This is so it is different from G&C Mutual Bank member numbers on the same system.
Your new membership number will be confirmed to you in writing in February, prior to the March 7 merger date.
Your member number is important for accessing Internet banking via the website and the Banking App. (Please note your current Access Code / password will still work even if your member number has been updated).
Yes. To access Unity Bank / Reliance Bank Internet Banking you will need to use your new (in some cases) member number. You will receive a letter confirming your member number in February, prior to the 7th of March merger.
Yes. Your account numbers will be changed to prevent duplication of G&C Mutual Bank account numbers on the same banking system.
They are the reference numbers you would provide to external parties to establish any future payments, direct debits and credits after the 7th of March merge. Your existing payments will not be affected.
These numbers appear on your statements and on the banking app & internet banking.
On the App
You can locate your Account numbers on the App by tapping first on ‘Accounts’, then tap on the name of an account from the list, then tap on the blue circle at the top containing the coins symbol. The blue page will then show your Account Number at the bottom.
On Internet Banking
Once logged in, click on Accounts drop down box then click on BSB/Account Information. The Account Number will be listed for all of your accounts.
On your statement
You can find your Account Number on your statements on the right-hand side of the summary bar that appears above each account transaction list.
No. All current direct debits and credits will be automatically redirected to your new member number.
All existing Osko payments in place prior to the 7th of March will automatically be redirected.
For new transactions you set up from the 7th of March, you can continue to use your existing BSB or the new BSB (659 000) along with your new Account (Reference) Number.
Yes, your debit and credit cards are not affected and will remain active.
Your Internet Banking Access Code will be unaffected and will work with your revised membership number.
Unity Bank’s current BSB will continue to operate for existing and newly established payments after the merge. Your direct debit and credit arrangements in place prior to the 7th of March will also continue automatically.
There will also be a new BSB 659 000 available from the 7th of March that you can use to establish payments to and from your accounts.
Yes. You do not need to change to the new BSB (659 000) at this time, although that option is available.
On the 7th of March 2025 we will formally become a single legal entity, and the two banking systems will be consolidated into one.
Yes. Unfortunately, there needs to be a one-off outage while the system conversion takes place. Card access will be unaffected; however Internet banking and the Unity and Reliance banking Apps will be temporarily unavailable from 4pm (AEST) on the 7th of March. There will be a notice on the website and social media when the banking system is back online. We apologise for any inconvenience that this unavoidable outage may cause and ask that you plan ahead.
Please note that any payments you have scheduled during this period will automatically be processed when the banking system Is back online.
No, you will be unable to add a new Pay ID from the morning of March 6 until the merger is complete.
There will be no changes to your loan moving to a different product unless requested by you, for example moving from a fixed to variable loan.
All fixed loan contracts in place at the merger date will continue at their existing interest rate and under their existing contracted terms and conditions.
Interest rates for existing variable loan contracts will remain unchanged under their existing terms and conditions and are subject to normal market forces.
All existing term deposits will continue under their current interest rate for the remainder of their contracted terms.
There are no changes to how you receive your existing statements or the frequencies. If you are registered to receive e-Statements these will continue to be available in Internet Banking under the Statements tab.
The existing products you are already using will not change including the interest rate (subject to normal market forces), but the name (e.g. Car Loan) and product number (e.g. L3) you see on your statement / online banking may change.
The best products from both banks have been selected to be on offer after the merger, so there will be a number of new products available, and these will be detailed on our website from the 7th of March.
The ‘Type’ simply refers to the label of account, i.e. S (Savings), I (Investment) or L (Loan) plus a number after it to identify it. For example, an S1 is an Access Savings Account, L3 is a Car Loan, etc.
Yes, your product type may change. The tables show the current Unity Bank account types and the new account types they will become following the merger. For example, an S4 Christmas Saving account will become a S62 Christmas Club account.
The updated account type and name will be displayed on your future statements, on Internet Banking and on the App. The operation of your account will not be affected by the change.
There will be no increase in any fee, and over 40 fees have been reduced or abolished altogether as a result of this merger.
Additionally, some fee exemptions have been extended to a broader group of members. These changes will collectively save members in excess of $720,000 per annum.
A full list of updated fees and charges will be available on the Unity Bank website from the 7th of March.
No, all branches will remain open, and you will gain access to an additional six locations across Australia after the merger, bringing the total to 27.
No. Unity Bank / Reliance Bank contact details will remain the same.
No. Our call centre will continue to operate from 8.00 am to 7.00 pm AEST, Monday – Friday. Our commitment to maintaining local call centres, providing personalised service and local knowledge will remain unchanged after the merger.
The merged entity will have approximately $3.8 billion in assets, over 60,000 Members, and 27 branches around Australia.
Yes. We will continue to be entirely member-owned, and every member has a vote at our Annual General Meeting.
You will automatically be a member of the merged entity for the subscription price of $0.00. As advised in the Member Information Document, your original $10 member share will be refunded into your account.
If you are using Xero or Banklink, they will update your account details and there is no need to contact them. Your username login for Internet Banking will not be impacted. If you have a member number login you will need to use the updated member number (if it has changed).
Yes, you can continue to use them. When you re-order, please use the 659 000 BSB and your new account number.
Click here to view the Member Information Document containing all of the relevant information about the merger of Unity Bank and G&C Mutual Bank.
