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Information about the merger

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Information about the merger between Endeavour Mutual Bank & Sydney Mutual Bank

The members of both Endeavour Mutual Bank and Sydney Credit Union have resoundingly approved the proposal to merge the two organisations with 95% of voting members in favour. Subject to final government approval, the merger will take place on 1 October 2019.

In determining the new organisation’s name, member surveys have realised a strong member attachment and loyalty to the existing Endeavour and Sydney brands. As a result of these observations, the merged entity’s company name will be Australian Mutual Bank Ltd and it will operate two divisions, Endeavour Mutual Bank and Sydney Mutual Bank.

The word ‘mutual’ was consciously chosen in order to reinforce the member-owned structure of the bank. Mutual banks simply do not have the conflicts found in listed banks. Mutuals do not pursue short-term profit or share price outcomes and do not have commission structures that encourage the sale of unwanted products. Indeed it has been observed that a mutual structure is probably the only way that a bank can operate ethically.

The website, the mobile app and Visa credit and debit cards will remain Endeavour branded and Endeavour members will have access to new branches located in the following suburbs:

Bankstown, Campbelltown, Fairfield, Greenacre, Katoomba, Mascot, Marrickville, Parkes, Penrith, Rockdale, Rouse Hill, Springwood, Sutherland, Sydney and Windsor.

The greatly expanded twenty-five branch network will display both brands and will be available for use by all members from 14 October 2019.

Important information for Endeavour members

  • The BSB number will not change from 611-000
  • The phone number will remain as 1300 13 14 20
  • The website will remain www.endeavour.bank
  • The Endeavour app will remain unchanged however some members may be prompted to reregister and download a new version of the app. This is a quick process that will require your member number, internet banking password and mobile phone number. If you need assistance with this, please don’t hesitate to contact Endeavour on 1300 13 14 20

Change to Terms and Conditions and Financial Services Guide:
From 1 October 2019 there will be a change to the Terms and Conditions of use document and Financial Services Guide (FSG). These documents will be made available on the disclosure documents page of the Endeavour website. Alternatively, call 1300 13 14 20 or visit your local branch for a copy.

Credit card rate reduction:
Endeavour will be reducing the interest rate for credit card holders to 10.49%pa for purchases and a cash advance rate of 15.49%pa - effective 1 October 2019.  

Christmas Club:
There will be a change to the terms and conditions of the Christmas Club account. There is no minimum balance, withdrawals will be made available from 1 November to 31 January each year and Interest is calculated on the daily balance and paid annually – (on 30 November) - effective 1 October 2019.

Changes to account names and account name references:
From the 14 October 2019 there may be some changes to the name of specific accounts and/or an account name reference (for example S20 or L10). Other than the name or reference changing, the account will still operate in the same way unless advised. To assist with these changes, information will be made available on Endeavours website closer to this date.