Bank of us

What Bank of us does

Bank of us, trading as B&E Ltd (ABN 32 087 652 088), is Tasmania's only customer-owned bank, operating as a mutual institution founded in 1870 (previously Bass and Equitable) and rebranded to Bank of us in 2017. The bank serves approximately 37,000 customers across Tasmania through a hybrid distribution model comprising seven retail stores spanning Wynyard to Hobart, internet and mobile banking (SmartBanking app), phone support, a dedicated broker portal, and digital wallet integrations (Apple Pay, Google Pay) backed by Osko real-time payments and PayID.

The product suite spans everyday transaction and savings accounts (Go to, Pension Advantage, Spring Load, Save Up), Visa debit and credit cards, a comprehensive home loan range (FlexiDiscount, FlexiChoice MyHome, Topline, FlexiLine, plus investment variants), secured and unsecured personal loans including Savvy Switch Green Loans, term deposits and regular income investments, business accounts (Business Advantage, Business iCash), secured and unsecured business loans, and insurance products. The bank holds exclusive accreditation as the lending services provider for the Tasmanian Government's MyHome shared equity program and participates in the federal Home Guarantee Scheme via Housing Australia.

The revenue model is classic Australian retail banking: net interest income from home loans, personal loans, business lending, and term deposit spreads, supplemented by fee and commission income from credit cards, account fees, and insurance referrals. The bank's competitive differentiation rests on its customer-owned mutual structure (profits retained and reinvested in Tasmania), exclusive government program access, locally-based decision-making, and a multi-generational customer base. Total assets exceed $2.1 billion; revenue is not publicly disclosed.

Name

Bank of us

Legal name

B&E Ltd

Website

https://bankofus.com.au

Company type

Private

Founded year

1870

Operating status

Operating

Headcount range

51–100 employees

Short description

Bank of us is Tasmania's only customer-owned (mutual) bank, serving approximately 37,000 customers across the state with seven retail branches and digital banking, offering home loans, personal loans, savings, credit cards, and business banking, including exclusive Tasmanian Government MyHome lending.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Credit Card Issuing (52221)

SIC

National Commercial Banks (6021), Mortgage Bankers & Loan Correspondents (6162), State Commercial Banks (6022)

akta.pro primary industry

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Credit Cards & Revolving Credit (FSABAAAC), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Customer-owned banking
• Home loan lending
• Business banking services
• Personal lending

Headquarters

HQ city

Launceston

HQ country

Australia

HQ region

Oceania

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income - Home Loans: Interest income generated from residential home loans, including variable and fixed rate products. Bank is predominantly an owner-occupier lender with focus on helping Tasmanians achieve home ownership.
2. Interest Income - Personal Loans: Interest from personal lending products including secured vehicle loans, unsecured general purpose loans, and green personal loans
3. Business Lending: Interest income from business loans, overdrafts, and commercial facilities for business customers
4. Term Deposits / Investments: Interest paid to depositors on term investments and savings accounts; bank uses these deposits to fund lending activities
5. Credit Card Fees: Fees and interest from Visa credit card products
6. Banking Fees and Charges: Various fees including account fees, transaction fees, and other banking service charges

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Bank of us is a customer-owned bank operating as a trading name of B&E Ltd, providing retail banking services to Tasmanian consumers and businesses. Core offerings include everyday transaction and savings accounts, home loans (variable, fixed, and shared equity via the MyHome program), personal loans (secured, unsecured, and green/eco variants), Visa credit and debit cards, term deposits, and business banking products (business accounts, business loans, overdrafts). Distribution is via 7 retail stores, internet banking, mobile app, phone support, and a mortgage broker channel.

Product overview

Bank of us is Tasmania's only customer-owned bank, operating as a trading name of B&E Ltd. The company offers a comprehensive suite of personal and business banking products including everyday transaction and savings accounts (Go to, Pension Advantage, Spring Load, Save Up, Stash n Splash), Visa credit and debit cards, home loans (FlexiDiscount, FlexiChoice MyHome, Topline, FlexiLine), personal loans (secured by vehicle or residential property, unsecured, and Savvy Switch Green variants), term deposits and regular income investments, business accounts (Business Advantage, Business iCash), and business loans. The bank also serves as the accredited lending partner for the Tasmanian Government's MyHome shared equity program and participates in the Australian Government's 5% Deposit Scheme (Home Guarantee Scheme). Digital banking services include Internet Banking, SmartBanking App, and financial calculators. Insurance products are also offered through partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Everyday Banking Accounts Transaction accounts for everyday banking, including pension payments, offsets, and community-focused banking features for Tasmanian residents.
• Savings Accounts Savings products offering competitive interest rates and bonus interest for regular saving behavior, including the Spring Load account at 5.25% p.a. for 4 months on $25K+ new money (Tasmanian residents only).
• FlexiDiscount Home Loan Variable and fixed rate home loan with LVR-based pricing starting from 6.09% p.a. (comparison rate 6.11% p.a.) for owner-occupied residential loans with LVR up to 60%.
• Topline Home Loan Simple variable rate home loan for owner-occupiers and investors with straightforward features and competitive rates.
• FlexiLine Line of credit secured by residential property, providing flexible access to funds as needed.
• Residential Investment Loans Home loan products for investment properties with variable and fixed rate options, including Topline Investment Loan and FlexiChoice Investment Loan.
• FlexiChoice MyHome Home Loan Variable rate home loan at 6.86% p.a. designed for the Tasmanian Government's MyHome shared equity program, enabling eligible buyers to purchase homes with as little as 2% deposit.
• Visa Credit Card Low fee, low rate credit card with 9.99% p.a. variable rate for purchases, cash advances, and BPAY transactions.
• Visa Debit Card Debit card linked to transaction accounts for purchases and withdrawals, accepted worldwide through the Visa network.
• Secured Personal Loans Personal loans secured by vehicle (car, motorcycle, boat, caravan) or residential real estate, with rates from 6.29% p.a. for residential-secured loans (6.99% p.a. variable for new vehicles up to 2 years).
• Unsecured Personal Loans General purpose personal loans without security at 10.99% p.a. variable (comparison rate 11.28% p.a.) for various personal financing needs.
• Savvy Switch Green Personal Loans Eco-focused personal loans (secured and unsecured variants) for green purchases such as electric vehicles, with rates starting from 6.49% p.a. for secured green loans.
• Term Deposits Term investment products with terms from 1 to 36 months, featuring competitive rates up to 5.25% p.a. for 7-month terms. Interest paid at maturity or monthly options available.
• Regular Income Investments 12 and 24-month term deposits with monthly interest payments, suitable for retirees or those requiring regular income streams.
• Insurance Products General insurance products for protecting personal assets and property.
• Business Advantage Account Business transaction account with tiered interest rates based on balance, providing competitive returns for business deposits.
• Business iCash Account Business savings account with higher interest rates for larger balances, earning up to 1.10% p.a. for balances of $500,000 or more.
• Business Loans Business lending including Small Business Loans (secured from 6.99% p.a., unsecured at 11.99% p.a.), Commercial Facilities, and Overdrafts for business financing needs.
• MyHome Shared Equity Program Tasmanian Government initiative in partnership with Homes Tasmania, enabling eligible home buyers to purchase homes with as little as 2% deposit through shared equity ownership with the government. Bank of us is the exclusive accredited lending services provider.
• Australian Government 5% Deposit Scheme (Home Guarantee Scheme) Federal government scheme (First Home Guarantee, Family Home Guarantee, Regional First Home Buyer Guarantee) enabling eligible buyers to purchase homes with 5% deposit without Lenders Mortgage Insurance, with government guarantee backing. Bank of us is a participating lender.
• Internet Banking Online banking platform for account management, transfers, payments (including PayID and Osko), statements, and transaction monitoring accessible via web browser.
• SmartBanking App Mobile banking application for iOS and Android devices enabling 24/7 account access, card management (including instant card blocking), transfers, and fraud monitoring.
• Financial Calculators Online tools including Budget Planner, Home Loan Repayments Calculator, Home Loan Borrowing Power Calculator, Savings Plan Calculator, and Personal Loan Calculator.

Quantifiable outcome

• Supported thousands of Tasmanians into home ownership through MyHome program
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Four partnerships are on record, tiered minor and core.

• University of TasmaniaminorGTM or Marketing Partner · 5 August 2025Bank of us gifted $50,000 to support financial literacy research for young people aged 8-19 on Tasmania's West Coast. The gift enabled researchers to scope the project and successfully apply for Tasmanian Community Fund backing.
• Homes TasmaniacoreStrategic or Co-development PartnerBank of us is the exclusive lending partner for the Tasmanian Government MyHome shared equity program, jointly purchased with Homes Tasmania. This enables eligible home buyers to purchase homes with as little as 2% deposit, with Homes Tasmania co-owning the property.
• Housing AustraliacoreStrategic or Co-development PartnerParticipating Lender for the Australian Government 5% Deposit Scheme and related Home Guarantee Scheme programs (First Home Guarantee, Family Home Guarantee, Regional First Home Buyer Guarantee). Provides government-backed support for low-deposit home buyers.
• State Revenue Office TasmaniaminorOthersReferral pathway for first home buyers to access First Home Owner Grant and duty concessions. Bank provides information and links to State Revenue Office of Tasmania for first home owner assistance.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• MyState Bank: Tasmania-headquartered ASX-listed bank (MyState Limited) offering retail mortgages, deposits, and business banking — directly overlapping Bank of us's core product set, customer segments (Tasmanian consumers), and mutual/customer-focused DNA, with a meaningfully larger balance sheet.
• Bendigo and Adelaide Bank: Australian regional/community-focused bank with comparable retail mortgages, deposit products, and a branch-led model — the closest large-scale analogue to Bank of us's community banking strategy and Tasmanian retail footprint.
• Bank of Queensland: Listed Australian regional bank with multi-channel retail distribution (branches, brokers, digital) and similar product mix including owner-occupier and investment home loans — comparable to Bank of us across product breadth and broker-led origination model.
• Great Southern Bank: Customer-owned Australian bank (formerly Credit Union Australia) offering retail mortgages, savings, term deposits and credit cards nationally — directly comparable ownership structure and product suite to Bank of us.
• Beyond Bank Australia: Customer-owned Australian bank with community-mandate, full retail product suite including home loans, personal loans, and green/EV-aligned personal finance — comparable mutual-ownership positioning and ESG-orientation.
• People's Choice Credit Union: Customer-owned Australian credit union offering retail mortgages, savings, credit cards, and personal loans with multi-state retail presence — highly comparable operating model and product offering.
• Teachers Mutual Bank: Customer-owned Australian bank providing retail mortgages, savings, term deposits, and personal loans with strong community/membership DNA — comparable mutual governance and product set.

Broad incumbents

• Suncorp Bank: Branch of Suncorp Group offering retail mortgages, deposits, credit cards, and business banking across Australia — broad incumbent competitor with overlapping retail products, capital scale, and digital capability materially larger than Bank of us.

Regional players

• RACQ Bank: Mutual bank closely tied to Queensland's RACQ membership base offering retail mortgages and deposits — comparable mutual/community banking DNA but regional concentration in Queensland, an analogue to Bank of us's Tasmania-only focus.
• P&N Bank: Customer-owned bank headquartered in Western Australia serving the regional Western Australian community with retail mortgages, deposits, and personal banking — comparable community-mandate and customer-owned structure in a different state.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BankofusTas
• YouTubeyoutube.com/user/bepersonalbanking
• Facebookfacebook.com/BankofusTas
• LinkedInlinkedin.com/company/bank-of-us
• Instagraminstagram.com/bankofustas

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

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 Bank of us