Heritage Bank

Heritage head office in Toowoomba

Heritage Bank is the largest mutual bank in Australia. It is independent - owned by its members, not shareholders. Heritage operates mainly in the Darling Downs geographical area. The Bank has over 130 retail outlets across Queensland and has broker services in Queensland, New South Wales, Victoria, and South Australia. With over 700 staff, the Bank manages total assets of more than $8 billion as of June 30, 2011. Heritage head office is located in Toowoomba, Queensland. In 2010, Heritage scored a 90.9% customer satisfaction rating – the highest in Australia. The 90.9% rating is significantly ahead of the average of all banks, which sat at just 75.8%. Heritage Building Society was formed in 1981 by the merger of Toowoomba Permanent Building Society (founded 1875) and the Darling Downs Building Society. In December 2011, Heritage Building Society officially changed its name to Heritage Bank.

In 2008, The Federal Government has announced a scheme to guarantee deposits for all Authorised Deposit-taking Institutions (ADIs) including Australian banks, building societies, credit unions and Australian subsidiaries of foreign owned banks. Some Australian branches of foreign banks are also covered by the guarantee.Retail deposit balances of up to $1 million are automatically guaranteed by the Australian Government.