What is a customer-owned bank

Customer-owned banks, such as Heritage, operate on a different business model to other banks. The customer-owned model focuses on delivering great value to customers, not on profits for shareholders. Here are three main differences you’ll find with a customer-owned bank:

  1. Customer-owned banks are not affected by the recent proposed bank levy announced by the federal government. For us, this means we can continue to put value back into our customers’ pockets (by offering better rates and fees) and by giving back to the communities we are a part of.
  2. Customer-owned banks do not have shareholders. They are owned by their members. That means customer-owned banks answer to our customers, not shareholders. When somebody opens an account with Heritage they become a member and part-owner, with an equal stake in the organisation.
  3. Other banks may listed on the ASX and owned by shareholders. One of their top priorities is  to maximise the dividends they pay to shareholders. Because customer-owned banks don’t have shareholders, we don’t have to pay out dividends. We can then leverage this to benefit customers in many ways. These include:
  • Fair pricing
  • Competitive fees and charges
  • Flexible products
  • More staff to give a higher level of service

With the uncertainty concerning the proposed bank levy coming into effect on 1 July 2017 now is a great time to look at your options. Find out why and how people are switching to Heritage today. 

Still a little confused? Or want to know more? Check out this great video which explains the Heritage difference. 


The information provided to you is general and may not be appropriate for you. Conditions, criteria and fees apply to products. Please consider the Guide to Heritage Deposit Products or the Guide to Heritage Credit Card Products (available in-branch, by phoning 13 14 22 or at www.heritage.com.au) before you decide whether a product is right for you.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

The information provided is intended as general information only. Blogs have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision.  Please consider the Guide to Heritage Deposit Products and Guide to Heritage Credit Card Products (available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. All loans and credit cards are subject to application and approval. Conditions, criteria and fees apply and are subject to change without notice.