Bankvic
BankVic is a 100% member-owned mutual bank (Police Financial Services Limited) headquartered in Melbourne that provides home loans, deposits, credit cards, personal/car loans, and insurance to Australian police, emergency services, and health workers and their families.
- Company typePrivate
- Founded1974
- HeadquartersMelbourne, Australia
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Bankvic does
BankVic, legally Police Financial Services Limited (ABN 33 087 651 661), is a 100% member-owned mutual bank and Authorised Deposit-taking Institution (AFSL/ACL 240293) headquartered in Melbourne, Victoria. Founded in 1974 as Police Credit, the institution serves serving and former police officers, emergency services personnel, health workers, and their families across Australia, with operating gravity in Victoria. The product portfolio spans everyday transaction accounts, a tiered savings range (Bonus Saver, EasyInvest, Little Copper Club for under-18s, Pension Plus, SMSF Saver), term deposits, owner-occupier and investor home loans (variable and fixed, with offset variants), personal and secured car loans, two Visa credit cards (Low Rate and a Qantas-points co-brand), and home, vehicle, travel, and personal accident and sickness insurance.
Technology and distribution are operated through an in-house loan origination platform and AML transaction monitoring system, an iOS/Android mobile banking app, Open Banking endpoints compliant with the Australian Consumer Data Right, plus a physical and partner channel mix of branches, phone banking (13 63 73), Bank@Post, mortgage brokers via a Broker Hub, and dedicated relationship managers. Marketing emphasises community partnerships (Crime Stoppers Victoria, Victoria Police Amateur Sports & Welfare Society, NTPA, Monash Health) and a Financial Wellbeing Hub content platform.
Revenue is generated through net interest margin on loans funded by deposits, fee income (loan establishment, switching and discharge fees, credit card annual/late fees), and commission from insurance referrals and the Qantas co-brand card. As a mutual, surplus is returned to members via competitive rates rather than distributed to external shareholders; the bank is B Corp certified and recently secured five 2026 Canstar Outstanding Value home lending awards.
Bankvic firmographics
Firmographics- Name
- Bankvic
- Legal name
- Police Financial Services Limited
- Website
- https://bankvic.com.au
- Company type
- Private
- Founded year
- 1974
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- BankVic is a 100% member-owned mutual bank (Police Financial Services Limited) headquartered in Melbourne that provides home loans, deposits, credit cards, personal/car loans, and insurance to Australian police, emergency services, and health workers and their families.
- Ownership category
- akta.pro rank
Bankvic industry classification
Industry- Product category
- Mutual Banking
- NAICS
- Credit Unions (52213), Commercial Banking (52211)
- SIC
- State Commercial Banks (6022), Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)
- akta.pro secondary industry
- Credit Cards & Revolving Credit (FSABAAAC)
Keywords
Where Bankvic is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Bankvic business model
Business model- GTM type
- B2C
- Offering type
- Services
Revenue model
- Net Interest Income: Primary revenue stream from the spread between interest earned on loans (home loans, personal loans, credit cards) and interest paid on deposits (savings accounts, term deposits). As a mutual bank, profits are returned to members through competitive rates.
- Fee Income: Various fees including establishment fees for home loans ($300), loan switching fees ($200), discharge fees ($295), credit card fees (annual fees, late payment fees), and transaction fees. Fee-based revenue from banking services.
- Commission Revenue: Commission income from insurance product referrals and potentially Qantas rewards program from co-branded credit card
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Variable Rate Home Loan (Owner Occupier) - 6.10% p.a. |
| Subscription | Monthly | Offset Variable Rate Home Loan - 6.14% p.a. |
| Subscription | Annual | 1-Year Fixed Rate (Owner Occupier) - 6.49% p.a. |
| Subscription | Monthly | Bonus Saver Account - up to 5.10% p.a. |
| One time/ perpetual license | Multi-year contract | 12-Month Term Deposit - 5.40% p.a. |
| Subscription | Monthly | Personal Loan - 11.95% p.a. |
| Subscription | Monthly | Car Loan - 8.99% p.a. |
| Subscription | Monthly | Low Rate Visa - 13.95% ongoing variable rate |
| Subscription | Monthly | Qantas Visa - 18.95% ongoing variable rate |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels6 records
Bankvic product offering
Product offeringCore offering
BankVic is a 100% member-owned mutual bank headquartered in Melbourne, Australia. It provides everyday transaction accounts, credit cards, personal and car loans, savings accounts, term deposits, home loans, and insurance products. Its customer base is focused on police, emergency services, and health workers and their families.
Product overview
BankVic is a 100% member-owned mutual bank serving police, emergency services, and health workers in Australia. The company operates as Police Financial Services Limited ABN 33 087 651 661 (AFSL 240293). The product portfolio includes: (1) Banking products - Everyday Account with 0.01% p.a. variable rate, Qantas Visa (0 annual fee, 18.95% ongoing rate) and Low Rate Visa (13.95% ongoing rate) credit cards, Personal Loan ($3k-$50k at 11.95% variable), Car Loan ($10k-$85k secured at 8.99% fixed); (2) Savings products - Bonus Saver (up to 5.10% p.a.), EasyInvest (2.90% p.a.), Term Deposits (up to 5.50% p.a. for 12 months), Pension Plus, Little Copper Club, SMSF Saver; (3) Home Loans - Owner-occupier variable (6.10% p.a.) and fixed rates (6.49-6.79% p.a.), Investor variable (6.30% p.a.) and fixed rates (6.59-7.10% p.a.); (4) Insurance - Home, Vehicle, Travel, and Personal Accident & Sickness; (5) Financial Wellbeing Hub - educational resources. The company also provides Open Banking APIs under the Australian CDR framework for data sharing with accredited service providers.
Differentiator
Problem solved
Functional benefit
Brands
- Police Credit: Former name of BankVic, used until rebranding.
- The Co-op
- SuperFuture
- Little Copper Club
Products and services
- Everyday transaction accounts Day-to-day transaction banking accounts for members to manage deposits and payments.
- Credit cards Credit card products offered to individual members for consumer credit needs.
- Personal loans Unsecured personal loan products for individual borrowing needs.
- Car loans Secured vehicle finance products for members purchasing cars.
- Savings accounts Interest-bearing savings accounts for members to grow deposits.
- Term deposits Fixed-term deposit products offering a set interest rate over a defined term.
- Home loans Mortgage lending products for members purchasing or refinancing residential property.
- Insurance products General insurance products distributed to members through the bank.
Quantifiable outcome
- 5 Canstar Outstanding Value awards in 2026 for home lending products
Companies that use Bankvic
Customer profileNamed customers4 records
Segments6 records
Ideal customer profiles1 record
Bankvic technology and API
TechnologyTechnology focussed No
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Bankvic partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Crime Stoppers VictoriacoreStrategic partnership focused on raising awareness about scams and protecting community members. BankVic collaborates with Crime Stoppers Victoria on education initiatives including information about fake online shops and fraud prevention. This partnership demonstrates BankVic's commitment to community safety beyond traditional banking services.
- Victoria Police Amateur Sports & Welfare Society (APSWS)coreMajor partner and sponsor of Victoria Police Amateur Sports & Welfare Society. BankVic presents awards at the annual Victoria Police Sports Awards and supports police welfare initiatives. This partnership reinforces BankVic's positioning as the bank for police and their families.
- Monash HealthminorMonash Health employees have been extended access to BankVic's special Police Term Deposit offer, expanding the bank's reach beyond police to include healthcare workers at Monash Health.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Bankvic competitors and assessment
Company assessmentDirect peers
- P&N Bank: P&N Bank (formerly Police & Nurses Bank) is a Western Australian mutual bank founded for police and health workers — the closest direct peer to BankVic's police/health vertical model, with a near-identical employer-led GTM and product mix.
- Police Bank: Police Bank (NSW) is a mutual bank dedicated to serving NSW Police Force members and their families, mirroring BankVic's core proposition of dedicated community banking for law enforcement personnel in a different state.
- Queensland Police Credit Union: Queensland Police Credit Union serves Queensland police officers and their families with a similar mutual/community-led banking model, representing direct head-to-head competition in the police vertical outside Victoria.
Broad incumbents
- Great Southern Bank: Great Southern Bank is one of Australia's largest customer-owned banks with a full retail product suite and national deposit and mortgage reach, competing for the same everyday-banking and home-loan customers as BankVic.
- Heritage Bank: Heritage Bank is a major Australian customer-owned bank with a comparable mutual structure and full retail product suite, competing head-on for owner-occupier and investor mortgage customers that BankVic also targets.
- Beyond Bank Australia: Beyond Bank is a B Corp-certified, customer-owned mutual bank offering retail banking, lending, and insurance — directly comparable in mutual ethos, certification, and product breadth.
- Australian Mutual Bank: Australian Mutual Bank is a customer-owned mutual offering full retail banking products nationally — a comparable mutual-bank incumbent competing for the same retail deposit, lending, and card customers.
- People's Choice Credit Union: People's Choice is one of Australia's largest customer-owned mutual banks offering full retail banking, savings, and lending products — a broad incumbent mutual that competes for the same consumer deposits and home-loan customers in the broader retail market.
Emerging players
- Judo Bank: Judo Bank is an Australian challenger bank with a relationship-led SME and consumer lending proposition; while it serves a broader market, it competes for the same member-led, mutual-ethos segment that BankVic targets — and shares a board connection via Jacqui Colwell.
- Up: Up is a mobile-first Australian neobank (backed by Bendigo and Adelaide Bank) targeting younger and digitally native consumers — an emerging competitor for everyday banking, savings, and card wallet share within BankVic's younger family-member segment.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Bankvic social profiles
Digital presenceBankvic compliance and trust
Trust signalCompliance3 records
Bankvic financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bankvic leadership team
Management profileNumber of profiles
Bankvic funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bankvic M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bankvic
What does Bankvic do?
BankVic is a 100% member-owned mutual bank headquartered in Melbourne, Australia. It provides everyday transaction accounts, credit cards, personal and car loans, savings accounts, term deposits, home loans, and insurance products. Its customer base is focused on police, emergency services, and health workers and their families.
Is Bankvic a public or private company?
Bankvic is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Bankvic founded?
Bankvic was founded in 1974. It employs 1 to 10 people.
Where is Bankvic based?
Bankvic is headquartered in Melbourne, Australia, in the Oceania region.
How does Bankvic make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are fee Income and commission Revenue.
Who are Bankvic's main competitors?
Direct peers on record are P&N Bank, Police Bank and Queensland Police Credit Union. Broad incumbents are Great Southern Bank, Heritage Bank, Beyond Bank Australia, Australian Mutual Bank and People's Choice Credit Union. Emerging players are Judo Bank and Up.
Does Bankvic have an API?
Yes. BankVic provides Open Banking APIs under the Australian Consumer Data Right (CDR) framework. The API endpoints available are: 1) https://ib.bankvic.com.au/openbanking/cds-au/v1/banking/products - provides a list of current BankVic products; 2) https://ib.bankvic.com.au/openbanking/cds-au/v1/banking/products/{productid} - provides detailed information for specific BankVic products. These are public-facing Open Banking APIs compliant with Consumer Data Standards Australia. Data sharing supports one-off exercises (e.g., loan applications) or ongoing sharing for up to 1 year. Authorization is via SMS one-time password authentication. Developer documentation is at consumerdatastandardsaustralia.github.io/standards/#introduction.
What industry is Bankvic in?
Bankvic's product category is Mutual Banking. Its primary akta.pro industry code is FSAKAAAL, Bank & Credit Union Personal Loans (Unsecured Installment), with a secondary code of FSABAAAC, Credit Cards & Revolving Credit. Its NAICS code is 52213 and its SIC code is 6022.