Bank First

Bank First is a mutual bank located in Victoria, Australia, and is owned by its customers. It is different from banks like ANZ which are designed for the benefit of shareholders and is therefore focused on providing services to the local community. The bank's website (www.bankfirst.com.au) allows customers access to their range of retail banking products and digital banking services, and also includes advanced security features designed specifically for day-to-day users in Australia.

As a result of its combination of a mutual ownership structure and cutting-edge digital banking technology, Bank First is able to offer a high level of security and trustworthiness. Its product offerings include Savings Accounts, Term Deposits, Loans, and Insurance products, all supported by an easy-to-use online banking platform and mobile application.

History

Bank First's status as a customer-owned bank means that it serves the Victorian community and does not publicly disclose its founding year or founders on its website. Instead of corporate history, the bank prefers to focus on the benefits and services it currently provides to customers and the level of transparency it can offer as a mutual bank.

Although the bank operates throughout Australia, it does not publicly advertise a physical headquarters. Instead, it encourages customers to contact them via phone or email using the tools provided on their website and provides a branch locator to assist customers in finding the nearest branch.

Retail Banking Products

Bank First offers a variety of retail banking products and services for everyday financial needs including:

Saving Accounts – The Online Saver account provides competitive interest rates with no monthly account-keeping fees.

Term Deposits – Attractive interest rates for Fixed-Term investments.

Loans – Home loans and a variety of Personal loans.

Bank First has partnered with CGU to offer insurance products through the Bank First Australian Financial Services License (AFSL).

Digital Banking & Security

Digital convenience and the security of customers’ accounts is a high priority for Bank First, and therefore, Bank First provides access for customers through Internet banking and its own mobile app, while also providing key features for security and onboarding, including the following:

Online identity verification for new customers using either an Australian driver’s licence or passport

Confirmation of Payee to assist in avoiding erroneous or fraudulent payments

SecureNow to validate devices and create one-time passwords to further enhance customers’ protection

Compliance and Licensing

Within the Australian Financial System, Bank First operates according to the regulations that govern all authorised deposit-taking institutions (ADIs). Bank First is licensed as an AFSL for the purposes of arranging insurance products for customers. The specific AFSL licence number is not made public. Insurance products can be underwritten by Insurance Australia Limited, who holds AFSL 227681.

Regulator/Licence Holder/Licence Number/Status

Australian Securities and Investments Commission (ASIC)/ Bank First (a customer-owned mutual bank)/Not made public/Active

ASIC/ Insurance Australia Limited (The insurer/provider of CGU products)/227681/Active

Conditions of Trading and Platform Technology

As a retail mutual bank, Bank First is not a trading financial broker; therefore, it does not provide trading-type features such as available spreads, leverage, margin accounts, or commissions related to trading. The technology on Bank First’s platform is solely for the purpose of providing customers with secure and efficient retail banking services.

Platform Features

Feature Description

Internet Banking Secure online portal to manage accounts; transfer money; and pay bills

Mobile Banking App-based banking, with real-time transaction alerts

SecureNow Verifying device, plus one-off access to additional security codes for all online transactions

Confirmation of Payee Preventing fraud by verifying a payee before sending money to them

Online Identity Verification Allows customers to come onboard via an Australian ID during registration

Fee Structure

Bank First's focus is on being transparent about the fees applied to its savings products, such as Online Saver accounts. However, it does not provide a consolidated list of fees charged for each type of savings product in detail, nor the exact amount of each type of fee.

Fee Type Details Amount(s)

Account Maintenance Fee N/A for Online Saver account None

Deposits No set fee invoices available Unknown

Withdrawals No set fee invoices available Unknown

Inactive Accounts No set fee invoices available Unknown

Insurance Commissions Commissions from CGU products Unknown

Customer Experience and Market Reputation

Bank First has created a wealth of educational material to support customers, including FAQs that cover identity verification, fraud prevention tips and “how to” guides for receiving SMS alerts. The fact that the bank offers these types of resources reflects its belief in maintaining customer security and assisting customers to develop their financial literacy.

While customer reviews and ratings from independent, third-party sources are not shown on the Bank First official site, the bank's mutual structure and the emphasis placed on security for customers provide a positive response from customers that want a trust-based and community-focused banking solution.

Recent Developments

A new digital banking platform has been launched since then, along with Confirmation of Payee, to improve usability and security of online transactions. The recent updates are indicative of Bank First's commitment to investing in the future direction of digital innovation.

While mention of merger (coming soon) does exist elsewhere, the official website directs focus only towards technological advancements, rather than changes to regulation/structure, in relation to 2024/2025.

Conclusion

Bank First is a mutual bank owned by customers for customers in Victoria providing secure, modern and easy access to retail banking. It is positioned as a great alternative to bank shareholders while still offering the advantage of mutuality, digital innovation and security with features such as SecureNow and Confirmation of Payee.

Although the company does not publish detailed historical data, full fee schedules, or specific AFSL Numbers, it has demonstrated transparency in product offerings, is digital-first in approach and has a customer commitment ethos that provide customers in Australia looking for a secure, community-based financial partner an attractive alternative.