4 banking players make moves: What does it mean for you?

couple looking at their banking

This week Heritage Bank and People’s Choice Credit Union merged to create Heritage and People’s Choice Limited. 

At the same time, Newcastle Permanent Building Society and Greater Bank have merged with Newcastle Greater Mutual Group.

But how do these moves affect you as a banking customer?

What is a bank merger?

A bank merger happens when at least two banks merge under a single name. Typically it's a more prominent financial institution taking over a smaller one. But in some cases, like the mergers mentioned above, the merged banks create a whole new institution.

When the two companies unite in this way, their products and services will be unified under the new name. However, this doesn’t happen overnight – it could take months or even years to complete the transition. 

To fully understand how these mergers will affect you, it's best to call your bank. But we’ve also included some official bank statements from their website below.

Newcastle Greater Mutual Group says:

“Newcastle Permanent and Greater Bank confirmed there will be no change to customers’ bank account details on merging, although customers will be able to use their Greater Bank or Newcastle Permanent card to access both brands’ ATM network for free.”

Heritage and People’s Choice Limited says:

“The new entity will continue trading under the existing brand names of Heritage Bank and People’s Choice for an interim period of approximately 12 months.”

Is it time to switch banks?

Choosing your bank requires some research, with or without mergers occurring. 

However, if you’re still unsure after these latest moves, plenty of other options are available. To aid you in your search, Mozo expert judges regularly analyse the best banks and crown them winners of the Mozo Experts Choice Australia’s Best Banking Awards^.

In the meantime, don’t forget to stay updated with the latest Australian banking news here at Mozo.

Bank account comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 168 bank accounts.
Last updated 19 May 2025 Important disclosures
  • Everyday Account

    $0.00

    Apple Pay, Google wallet

    0% p.a.

    In addition to $0 monthly account-keeping fees and 24/7 real human support, you can turn your everyday banking into Qantas Points. Link your Qantas Frequent Flyer account to your AMP Bank Everyday Account, in the new AMP Bank app and earn 1 point for every $10 on your average monthly balance. T&Cs apply.

    Compare
    Details
  • Mozo Expert Choice Badge
    Everyday Edge Account

    $0.00

    Apple Pay, Google Pay, PayID, Samsung Pay

    0% p.a.

    This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.

    Compare
    Details
  • Choice

    $5.00

    Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Digital Card

    0% p.a.

    Enjoy no monthly account-keeping fees for the first 12 months, for deposits of $2,000 a month or for eligible customers. No withdrawal fees at branded and select non-branded ATMs. No international transfer fees when sending foreign currency overseas via Online Banking or the Westpac App. Unlimited free transactions and account enquiries.

    Compare
    Details
  • Everyday Global Account

    $0.00

    Apple Pay, Google Pay

    0% p.a.

    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2025 winner for Exceptional Everyday Account.^

    Compare
    Details
  • Orange Everyday

    $0.00

    Apple Pay, Google Pay, PayID, PayTo

    0% p.a.

    ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

    Compare
    Details

^See information about the Mozo Experts Choice Bank Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.