People First Bank

What People First Bank does

People First Bank is an Australian customer-owned mutual bank formed in 2024 through the merger of People's Choice Credit Union (founded 1870) and Heritage Bank (founded 1870), combining over 150 years of heritage and a customer base exceeding 700,000. The legal entity, Heritage and People's Choice Ltd (ABN 11 087 651 125), holds Australian Financial Services Licence and Australian Credit Licence 244310, and operates dual head offices in Adelaide and Toowoomba with a satellite Brisbane office. The bank maintains physical branches across New South Wales, Northern Territory, Queensland, South Australia, and Victoria, supported by an Australian-based 24/7 contact centre and digital channels. During a transition period it trades under both the Heritage Bank and People First Bank brands.

The product portfolio spans core retail banking: transaction accounts (Everyday Account with no monthly fees), savings accounts, home loans (no upfront or ongoing admin fees), personal loans, car loans, and Visa credit cards, plus add-on insurance products (home, vehicle, landlord) distributed via referral commission. Digital services include the People First Bank mobile app (covering fast payments, digital card management, recurring repayments, and branch/ATM locator), online banking, and digital wallet payments supporting Apple Pay, Google Pay, and Samsung Pay. Distribution combines the branch network, contact centre, mobile app, and community/event sponsorships (Gold Coast SUNS, Adelaide Strikers, Western Bulldogs, Toowoomba Carnival of Flowers and Royal Show).

Revenue is generated primarily through net interest margin on the lending portfolio, transaction and account fees, and insurance referral commissions. The bank is differentiated as a 100% customer-owned mutual, with profits recycled into better rates and lower fees rather than distributed to shareholders. ESG credentials are material: B Corp certification since August 2022, Climate Active carbon neutral certification, and Science Based Targets initiative (SBTi) validation of emissions reduction targets including 95% Scope 1/2 reduction by 2030. Headcount and revenue figures are not publicly disclosed.

Name

People First Bank

Legal name

Heritage and People's Choice Ltd

Website

https://peoplefirstbank.com.au

Company type

Private

Founded year

1870

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

People First Bank is an Australian customer-owned mutual bank formed in 2024 from the merger of People's Choice Credit Union and Heritage Bank, serving 700,000+ retail customers with home loans, transaction accounts, savings, credit cards, insurance, and digital banking across five states and territories.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Credit Card Issuing (522210)

SIC

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

akta.pro primary industry

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

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Retail banking services
• Mortgage lending
• Consumer loans
• Transaction accounts
• General insurance

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest spread on home loans, personal loans, and other lending products
2. Fee Income: Banking fees including account fees, transaction fees, and service charges
3. Insurance Products: Commission revenue from home, vehicle, and landlord insurance products offered through the bank

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

People First Bank is an Australian customer-owned (mutual) bank providing retail banking, lending, and insurance products to individual consumers. Its core offering includes everyday transaction accounts, savings accounts, home loans, personal loans, car loans, Visa credit cards, and home, vehicle and landlord insurance. Services are delivered through a regional branch network, an Australian-based 24/7 contact centre, online banking, and a mobile app, with digital wallet payments supported via Apple Pay, Google Pay, and Samsung Pay.

Product overview

People First Bank is an Australian customer-owned bank offering a unified banking platform with core deposit and lending products, insurance offerings, and digital banking services. The product portfolio includes transaction accounts (Everyday Account), savings accounts, home loans, personal loans, car loans, credit cards (Visa), home insurance, vehicle insurance, and landlord insurance. Digital services include the People First Bank App, Online Banking, and Digital Wallet Payments supporting Apple Pay, Google Pay, and Samsung Pay. The bank operates alongside legacy brands Heritage Bank and People's Choice Credit Union during a transition period following the merger of these two organizations.

Differentiator

Problem solved

Functional benefit

Named customers1 record

Segments3 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

Partnerships

Nine partnerships are on record, tiered core and minor.

• Gold Coast SUNS AFL and AFLWcoreGTM or Marketing Partner · 1 January 2026People First Stadium, based on the Gold Coast in Queensland, is home to the Gold Coast SUNS AFL and AFLW teams. This sponsorship connects the bank with sports enthusiasts and local communities.
• Adelaide StrikerscoreGTM or Marketing Partner · 1 January 2026Sponsorship bringing two community-focused organisations together to support women and men's cricket across Australia.
• Western BulldogscoreGTM or Marketing Partner · 1 January 2026Partnership with Melbourne's western suburbs AFL club aligning two like-minded organisations with common goals and values.
• Norwood Football ClubminorGTM or Marketing Partner · 1 January 2026Proud sponsor of the Norwood Football Club, engaging with Redlegs members.
• Toowoomba Carnival of FlowerscoreGTM or Marketing Partner · 1 January 2026Sponsorship of the annual Toowoomba Carnival of Flowers, a month-long celebration of flowers, flavours and fun. The partnership includes the People First Bank Parkland Entertainment program.
• Toowoomba Royal ShowcoreGTM or Marketing Partner · 1 January 2026The annual People First Bank Toowoomba Royal Show includes activities and entertainment for the whole family, including the People First Little Farmyard interactive site.
• Science Based Targets initiative (SBTi)coreOthersSBTi has validated the bank's emissions reduction targets, aligning with climate science and the Paris Agreement's temperature limits.
• Business Council of Cooperatives and Mutuals (BCCM)coreStrategic or Co-development PartnerThrough BCCM's Declaration of Climate Action, the bank has committed to a just transition toward net-zero carbon emissions alongside other customer-owned organisations.
• B LabcoreOthersB Lab provides independent, third-party verification of the impact created across five stakeholder areas: Customers, People, Community, Environment, and Governance.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• ING Australia: Major digital-first retail bank in Australia competing aggressively on savings rates and unsecured lending. Comparable as a challenger to Big 4 with strong digital UX but no branch network.
• Bendigo and Adelaide Bank: Listed regional Australian bank with mutual heritage, serving retail and SME customers across regional areas. Comparable in regional/community positioning but operates at much larger scale and as a listed entity.
• Macquarie Bank: Australian bank with strong retail deposit and home loan franchises plus a growing digital wallet (Macquarie Bank, formerly ING White Label). Comparable as a tech-forward incumbent in home loan and savings markets.
• Commonwealth Bank of Australia: Australia's largest bank and the dominant retail banking incumbent across deposits, home loans, and credit cards. Sets the competitive benchmark for pricing, digital capabilities, and brand spend that People First Bank must respond to.
• Suncorp Bank: Major Australian regional bank competing for retail deposits and home loans in QLD and east-coast markets. Comparable in regional footprint and product mix but operates as a larger listed incumbent.

Direct peers

• Bank Australia: Australia's largest customer-owned bank with a similar values-driven, B Corp-certified positioning and full retail banking suite. Comparable in product breadth, ESG focus, and customer-owned model.
• Teachers Mutual Bank: Australian customer-owned bank (Teachers Mutual Bank Limited) serving ~210,000 members across NSW and surrounding regions with banking and lending products. Comparable mutual structure and east-coast regional focus.
• Beyond Bank Australia: Australian customer-owned bank with community-impact focus, B Corp certified, offering banking, lending, and insurance. Strong functional overlap in values-driven positioning and product set, though smaller in scale.
• Great Southern Bank: Australian customer-owned bank (formerly CUA) serving ~400,000 members with retail banking, home loans, and insurance. Directly comparable as a regional mutual bank competing for similar consumer segments across eastern Australia.

Emerging players

• UBank (NAB subsidiary): Digital-first Australian neobank owned by NAB offering home loans and savings. Comparable as a low-fee digital alternative targeting the same value-conscious consumers People First Bank pursues.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

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

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

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 People First Bank