Question 1

What is Bank of us?

Accepted Answer

Bank of us is a customer-owned bank operating exclusively in Tasmania, Australia. As Tasmania's only customer-owned banking institution, it serves over 30,000 customers with approximately $1.2 billion in total assets.

The bank operates under the legal entity B&E Ltd and is an authorised deposit-taking institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Unlike traditional banks, Bank of us is owned by its customers rather than external shareholders, meaning profits are reinvested to benefit customers and the local community through better products, services, and community programs.

Question 2

When was Bank of us founded?

Accepted Answer

Bank of us traces its origins back to January 1870, when a group of public-spirited citizens in Launceston launched the Launceston Equitable Building and Investment Society. The founding directors, chaired by then-Superintendent of Police James Coulter, established the society to provide housing finance through a co-operative venture and encourage thrift in the community.

The society's first meeting collected just $235, and it would be 10 years before any directors received remuneration. The first loan of $400 was issued to James Brickhill for land in Brisbane Street, followed by a $1,000 loan to Gustavus Gabriel for a Wellington Street shop and house. The society changed its name to the Launceston Equitable Building Society in May 1877.

In July 1968, a group of eight northwest coast businessmen established the Bass Building Society, believing the coast should have its own building society providing "coastal money for coastal homes." On November 1, 1988, the Equitable Building Society and Bass Building Society merged to form the Bass and Equitable Building Society, creating Tasmania's largest non-bank financial institution with assets exceeding $90 million. In November 2001, the institution rebranded as B&E to reflect its broader financial services focus.

On November 1, 2017, B&E became Bank of us, marking its transformation into a customer-owned bank and emphasizing its community-focused mission.

Question 3

Where is Bank of us headquartered?

Accepted Answer

Bank of us is headquartered in Tasmania, Australia. As the state's only customer-owned bank, the institution maintains a strong local presence throughout the region. The bank's website can be accessed at bankofus.com.au.

Question 4

Where does Bank of us operate?

Accepted Answer

Bank of us operates exclusively throughout Tasmania, Australia. The bank maintains multiple branches across the state, serving communities in northern, northwestern, and other regions of Tasmania.

In addition to physical branches, customers can access banking services through Australia Post locations and digital channels, ensuring comprehensive coverage across the island state.

Question 5

What services does Bank of us offer?

Accepted Answer

Bank of us provides a comprehensive range of financial services including:

Deposit Accounts: Savings accounts, transaction accounts, and term deposits with competitive interest rates.

Lending Products: Home loans (including support for the Tasmanian Government's MyHome initiative), personal loans, business overdrafts, and commercial loans.

Payment Solutions: Credit and debit cards with contactless payment options including Apple Pay and Google Pay, as well as BPAY services and instant payments through PayID.

Insurance: Various insurance products to protect customers' assets and financial wellbeing.

Digital Banking: Mobile banking apps for iOS and Android devices, online banking platforms, and 24/7 account access. Customers can manage their finances digitally or visit branches for personalized service.

As an authorised deposit-taking institution, all deposits with Bank of us are covered under the Australian Government's Financial Claims Scheme, guaranteeing balances up to $250,000 per customer.

Question 6

What makes Bank of us unique?

Accepted Answer

Bank of us distinguishes itself as Tasmania's only customer-owned bank, operating under a "people before profit" philosophy. As a mutual institution, every customer is an equal part-owner with voting rights at Annual General Meetings, giving them a direct say in how the bank operates.

According to recent research, the bank maintains an impressive 97% customer satisfaction rate, significantly exceeding the broader banking sector benchmark. This reflects the institution's commitment to personalized service, with staff often knowing customers on a first-name basis. The bank has also been recognized in the Roy Morgan Bank Trust and Distrust Scores Report, with customer-owned banks ranking 7th out of 27 industries for net trust in Australia.

Bank of us is a member of the Customer Owned Banking Association and adheres to the Customer Owned Banking Code of Practice. The bank contributes extensively to the Tasmanian community through sponsorships, donations, and local initiatives, with customer-owned banks collectively contributing approximately $40 per customer to their communities—significantly more than major banks' average of $2 per customer.

The bank's 155-year history demonstrates remarkable resilience and adaptation, evolving from a small building society with just $235 at its first meeting to a modern banking institution serving tens of thousands of Tasmanians.

Question 7

What type of financial institution is Bank of us?

Accepted Answer

Bank of us is a customer-owned bank (also known as a mutual bank), which is a specific type of authorised deposit-taking institution (ADI) in Australia. This means the bank is owned collectively by its customers rather than external shareholders.

Customer-owned banks operate under a mutual structure where profits are reinvested for the benefit of members rather than distributed to outside investors. This model allows Bank of us to focus on long-term customer value, competitive pricing, and community investment rather than maximizing shareholder returns. The institution is regulated to the same standards as all Australian banks by APRA and holds a full ADI license, ensuring customers receive the same regulatory protections and government guarantees as customers of traditional commercial banks.

Bank of us evolved from a building society background, representing Australia's oldest such institution founded in 1870, and formally became a bank in 2017 while maintaining its customer-owned structure.

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