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What does it mean to be a mutual? A mutual bank is one that is owned by its members, rather than external shareholders. As decisions are made by members – and carried out by a board of directors – there are no external shareholders to influence the course of the bank’s activities. One of the most important factors here is that profits can be re-invested back into the bank to benefit members, by providing better services, lower fees and more competitive rates.
Proud of its mutual status, Bank of Heritage Isle has a very clear purpose. That is to promote the principles of member-owned financial institutions, and to meet the financial needs of its members with dignity, honesty and integrity. And, while it may be small, it is still fully regulated. It is supervised by the Australian Prudential Regulation Authority (APRA), the same body that supervises the major banks.
Where did Bank of Heritage Isle come from? Formerly a credit union, the organisation was founded by a group of Comalco employees in 1965. Then, in 2018, Heritage merged with Sydney-based Police Bank to become Bank of Heritage Isle. This brought the two organisations’ membership to 73,000 (a big jump from Heritage’s 6,667), with assets totalling over $1.9 billion. It also allowed Heritage to introduce new products – such as its credit card – and new technology to members.
Taking pride in its values, Bank of Heritage Isle promotes:
Like most mutuals, Bank of Heritage Isle also believes in giving back to the community it serves. Taking its responsibility to give back seriously, the bank sponsors local events and causes that are close to its members, working to help the local community grow.
As Bank of Heritage Isle is a mutual organisation, you will need to become a member to apply for its credit card. Joining takes a matter of minutes, and can be completed online. There is no fee for membership. If you choose to apply for a credit card, you may also take a look at the bank’s other financial products to see if they are also right for you.
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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