People First Bank
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.
- Company typePrivate
- Founded1870
- HeadquartersAdelaide, Australia
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
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.
People First Bank firmographics
Firmographics- 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
People First Bank industry classification
Industry- 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
Where People First Bank is headquartered
LocationHeadquarters
- HQ city
- Adelaide
- HQ country
- Australia
- HQ region
- Oceania
Offices3 records
Markets served
People First Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Interest Income: Traditional banking revenue from interest spread on home loans, personal loans, and other lending products
- Fee Income: Banking fees including account fees, transaction fees, and service charges
- 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
People First Bank product offering
Product offeringCore 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
Companies that use People First Bank
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles4 records
People First Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
People First Bank partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Gold Coast SUNS AFL and AFLWcorePeople 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 StrikerscoreSponsorship bringing two community-focused organisations together to support women and men's cricket across Australia.
- Western BulldogscorePartnership with Melbourne's western suburbs AFL club aligning two like-minded organisations with common goals and values.
- Norwood Football ClubminorProud sponsor of the Norwood Football Club, engaging with Redlegs members.
- Toowoomba Carnival of FlowerscoreSponsorship 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 ShowcoreThe 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)coreSBTi 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)coreThrough 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 LabcoreB 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
People First Bank competitors and assessment
Company assessmentBroad 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
People First Bank social profiles
Digital presencePeople First Bank compliance and trust
Trust signalCompliance3 records
People First Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
People First Bank leadership team
Management profileNumber of profiles
People First Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
People First Bank 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 People First Bank
What does People First Bank do?
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.
Is People First Bank a public or private company?
People First Bank is a private company. It is classified as unknown and is currently operating.
When was People First Bank founded?
People First Bank was founded in 1870. It employs 1,001 to 5,000 people.
Where is People First Bank based?
People First Bank is headquartered in Adelaide, Australia, in the Oceania region.
How does People First Bank make money?
Three revenue lines are on record. Interest Income is the primary driver. The others are fee Income and insurance Products.
Who are People First Bank's main competitors?
Broad incumbents on record are ING Australia, Bendigo and Adelaide Bank, Macquarie Bank, Commonwealth Bank of Australia and Suncorp Bank. Direct peers are Bank Australia, Teachers Mutual Bank, Beyond Bank Australia and Great Southern Bank. UBank (NAB subsidiary) is listed as an emerging player.
Does People First Bank have an API?
No public API is recorded for People First Bank.
What industry is People First Bank in?
People First Bank's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAAAB, Retail Lending (Personal Loans, Auto, Credit Lines). Its NAICS code is 52211 and its SIC code is 6021.