Switch To Heritage before the proposed bank levy comes into effect
With the Federal Government’s proposed new bank levy coming into effect on 1 July now is a great time to make the switch to Heritage. The proposed bank levy will affect the biggest Australian banks, leaving customer-owned banks such as Heritage safe from the significant tax charges.
What is the proposed bank levy?
- The proposed bank levy was announced in the latest Federal Budget as a fair contribution from the major banks and a way to help even the playing field for smaller banks
- The proposed bank levy will apply only to our five largest banks – Commonwealth, Westpac, ANZ, NAB and Macquarie
- In submissions received by the Federal government the big banks have suggested costs associated with the levy may be passed onto customers
- The proposed bank levy does not apply to customer-owned and mutual banks, such as Heritage Bank.
How does the proposed bank levy affect Heritage customers?
Heritage Bank is not affected by the proposed bank levy – it only applies to the country’s five largest banks. As Australia’s largest customer-owned bank, we’ve been in the business of putting people first since 1875. With no shareholders to please, and with no bank levy to pay, we can provide extra value back to our customers and communities. This means better rates that go back to your wallet, and millions of dollars in grants that go back to local communities.
Now is a great time to switch
Our customers are important to us and we go to great lengths to help them save money. Because we are a customer-owned bank we won’t be affected by the newly announced proposed bank levy, meaning a large part of our profits will continue to go straight back to our customers and community. This means it’s a great time to switch over. You can open an account online right now and be banking with Heritage in minutes – OR, visit one of our 64 branches and mini branches around Queensland.
Visit our switch for cash page to find out more, plus what people did agree to switch for cash when Sam Mac hit the streets of Brisbane.
Whether you’re looking for a value-packed everyday transaction account that can save you money, or a savings account to help get you closer to your goal, Heritage can help. Open one of our four most popular transaction and savings accounts, or you can read more and compare all 12 of our personal bank accounts here.
Other handy forms to help you switch
To help you move your existing direct credit or direct debit authorities to Heritage yourself, we have developed a simple letter generator. Fill out your details in the online letters below then choose “Create Letter”. A letter will automatically generate that you can print and send to third parties to advise of your new Heritage account details.
What you'll need:
- Your new Heritage account details
- Details of your regular direct debits and credits
- Your old account details