Heritage Australia’s largest building society and is a mutual organisation which means instead of having shareholders, it has members. These members are the customers, meaning that you can actually become a Heritage member with a share in ownership and be able to put your views forward on the way in which they operate if you become a customer.
As a result of this structure, Heritage can focus on remaining financially strong and ethical, as opposed to directing its efforts to making the highest possible profits from customers to pay shareholders. This means Heritage is able to provide its members with fair products that carry lower fees and charges and more flexibility. The extra benefits used to improve Heritage are clear, with several million dollars each year used to support and maintain the society that would otherwise have been paid to shareholders.
All deposits amounting up to $1 million per individual held with Heritage are protected by the Federal Government Compensation Scheme, giving investors peace of mind in knowing that in the unlikely event of the society encountering any problems, their money is safe.