Peoples Choice Credit Union

What Peoples Choice Credit Union does

People First Bank is a customer-owned mutual bank operating in Australia, formed through the merger of People's Choice Credit Union and Heritage Bank under the legal entity Heritage and People's Choice Ltd. The bank is headquartered in Adelaide, employs between 1,001 and 5,000 people, and holds Australian Financial Services Licence 244310 and Australian Credit Licence 244310. Its product portfolio spans transaction accounts (including a no-monthly-fee Everyday Account), savings accounts, home loans, personal loans, car loans, Visa credit cards, and insurance products covering home, vehicle, and landlord exposures. The bank is also B Corp certified, reflecting formal social and environmental performance standards.

The bank distributes its products through a multi-channel model combining a digital-first self-serve platform (People First Bank mobile app on iOS and Android, online banking portal, digital wallet payments), a 24/7 phone-based Customer Hub (13 11 82), and a physical branch network across Australia. Marketing and community engagement are supported through corporate website content, active social media presence on Facebook, Instagram, LinkedIn, and YouTube, mobile app store distribution, and community sponsorships. The People First Bank Foundation and Community Lottery underpin community positioning, and the bank positions itself as a customer-owned alternative to the major Australian banks.

Revenue is generated primarily through interest income on the lending book (home, personal, and car loans), commission income from insurance distribution, banking fees on transaction services, and interest and transaction fees from Visa credit card products. The everyday account is offered on a free-tier (no monthly fees) basis, while home loans carry no upfront or ongoing admin fees, indicating a competitive pricing posture supported by the mutual ownership structure that returns profits to members rather than external shareholders.

Name

Peoples Choice Credit Union

Legal name

Heritage and People's Choice Ltd

Website

https://peopleschoicecu.com.au

Company type

Private

Founded year

1949

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

People First Bank is an Australian customer-owned mutual bank formed through the merger of People's Choice Credit Union and Heritage Bank, offering transaction accounts, savings, home/personal/car loans, credit cards, and insurance via digital, phone, and branch channels to individual consumers and families.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

Personal Credit Institutions (6141), National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), Virtual / Digital-First Credit Cards (FSAKABAK)

Keywords

• Retail banking services
• Consumer lending products
• Mortgage home loans
• Credit card services
• General insurance products

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Lending: Revenue generated from interest charged on home loans, personal loans, and car loans. The company offers various loan products with competitive rates and no upfront or ongoing admin fees on home loans.
2. Insurance Products: Commission revenue from insurance products including home insurance, vehicle insurance, and landlord insurance offered to customers.
3. Banking Fees: Fee revenue from banking services. The everyday account offers no monthly fees, indicating a free-tier model with potential fees for additional services.
4. Credit Cards: Revenue from Visa credit card products including interest on revolving balances and transaction fees.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

People First Bank is an Australian customer-owned mutual bank that provides retail banking products including transaction and savings accounts, home loans, personal loans, car loans, and Visa credit cards, along with home, vehicle, and landlord insurance. Services are accessed through the People First Bank mobile app, online banking, phone support, and a physical branch network across Australia.

Product overview

People First Bank is a customer-owned bank formed through the merger of People's Choice and Heritage Bank, offering a comprehensive suite of financial products and digital banking services. The product portfolio spans core banking offerings including transaction accounts, savings accounts, and credit cards; lending products comprising home loans, personal loans, and car loans; insurance solutions including home, vehicle, and landlord insurance; and digital banking channels through the People First Bank App, online banking, and digital wallet payments. The bank positions itself as large enough to challenge major banks but small enough to care, with over 150 years of combined heritage experience. The company also operates community initiatives through its People First Bank Foundation and Community Lottery programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Everyday Account A transaction account with no monthly fees, digital card functionality, and 24/7 real local support, designed for individual consumers and families for everyday banking needs.
• Transaction Accounts
• Savings Accounts
• Home Loans
• Personal Loans
• Car Loans
• Visa Credit Card
• Home Insurance
• Vehicle Insurance
• Landlord Insurance
• People First Bank App
• Online Banking
• Digital Wallet Payments

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Beyond Bank Australia: Australian customer-owned mutual bank with B Corp certification offering deposits, lending, and insurance. Closely aligned with People First Bank on values-based, mutual ownership and ESG positioning.
• Great Southern Bank: Australian customer-owned bank (formerly CUA) offering retail deposits, home loans, personal loans, and credit cards. Direct mutual banking peer with comparable product suite and Australian geographic footprint.
• Newcastle Permanent: Australian customer-owned building society offering transaction accounts, savings, home loans, and personal loans. Direct competitor in the Australian mutual banking space with similar community-focused positioning.
• Bendigo and Adelaide Bank: Australian retail bank with mutual/community heritage offering deposits, home loans, and business banking. Closely comparable to People First Bank in customer-owned positioning and community banking footprint.
• Heritage Bank: Now part of People First Bank following the merger, Heritage Bank was a comparable Australian customer-owned mutual bank offering deposits, home loans, personal loans, and credit cards. Direct overlap in customer base, product suite, and operating model.
• Teachers Mutual Bank: Australian customer-owned mutual bank serving educators and the broader community with deposits, home loans, personal loans, and credit cards. Highly comparable mutual structure and product offering to People First Bank.

Broad incumbents

• Suncorp Bank: Australian retail and SME bank offering transaction accounts, home loans, personal loans, credit cards, and insurance. Comparable mid-tier competitor with broader portfolio than People First Bank's mutual focus.
• Macquarie Bank: Australian challenger bank with strong retail deposits and home loan franchise alongside broader wealth management. Comparable in scale ambition and digital-led retail banking, though operates as a listed entity rather than mutual.
• Bank of Queensland: Australian regional-focused bank providing retail deposits, home loans, and business banking. Comparable in scale and customer segments to People First Bank's mutual banking model.

Emerging players

• ING Australia: Digital-first Australian bank known for fee-free everyday accounts and competitive savings rates. Competes with People First Bank on digital experience and no-fee positioning for digitally-native consumers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@PeopleFirstBankAU
• Facebookfacebook.com/peoplefirstbankau
• LinkedInlinkedin.com/company/people-first-bank
• Instagraminstagram.com/peoplefirstbankau

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Peoples Choice Credit Union