With the goal of being the trusted bank of choice for Tasmanians, Bank of Heritage Isle functions as a mutual organisation that services the wider Tasmanian community. With branches throughout Tasmania, Bank of Heritage Isle is a full service financial institution that offers a wide range of financial products and services including home loans, personal loans, savings accounts, term deposits, financial planning, insurance and credit cards.
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A mutual bank is owned by its members rather than external shareholders. Decisions are made by members and carried out by a board of directors, with no outside shareholders influencing the bank’s direction. This structure allows profits to be reinvested into the bank to benefit members through better services, lower fees, and more competitive rates.
Proud of its mutual status, Bank of Heritage Isle has a clear purpose: to promote the principles of member-owned financial institutions and to meet members’ financial needs with dignity, honesty, and integrity. While small, it is fully regulated and supervised by the Australian Prudential Regulation Authority (APRA), the same body that oversees Australia’s major banks.
Originally a credit union, the organisation was founded in 1965 by a group of Comalco employees. In 2018, Heritage merged with Sydney-based Police Bank to form Bank of Heritage Isle. The merger grew its membership from 6,667 to 73,000 and increased total assets to over $1.9 billion. It also enabled the bank to introduce new products—such as its credit card—and implement new technology for members.
Taking pride in its values, Bank of Heritage Isle promotes:
Like most mutuals, Bank of Heritage Isle also gives back to the community it serves. It sponsors local events and causes important to its members, helping the community grow.
As a mutual organisation, you must become a member to apply for its credit card. Membership is free, can be completed online in minutes, and may also give you access to the bank’s other financial products.
What exactly does the Bank of Heritage Isle have to offer in the way of credit cards? Keeping to its value promoting simplicity, the bank only offers one credit card. But, while this card does keep things pretty basic, it still has plenty to offer.
In fact, this little card has been recognised within the industry, receiving a number of awards, including the Money magazine 2018 award for Cheapest Balance Transfer Credit Card, and Mozo’s Experts Choice 2017 for Balance Transfer Credit Card and Low Rate Credit Card.
To find out more, check out the full details and our review on the card’s page.
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