Savers can now earn up to 2.50% interest with Heritage Bank

Dedicated savers have had little to get excited about lately. The RBA has cut the cash rate three times this year, and banks have exercised very little restraint when hacking away at their savings rates. Right now, it’s pretty hard to find an account that promises decent returns.

Enter Heritage Bank, which hopes to buck that trend with a fantastic new intro rate offer. If you sign up for the Heritage Bank Online Saver, you’ll be rewarded with a stellar 2.50% p.a. introductory rate on balances up to $250,000.

Just keep in mind that you’ll need to be a new customer to qualify for the bonus rate, otherwise you'll receive the base 1.10% rate from the start.

The intro rate will apply for the first four months, giving new customers a good chunk of time to see their savings grow. Once those four months are up, the interest rate will revert to a standard variable rate of 1.10% p.a.

As far as ongoing rates go, 1.10% is pretty decent, but it might not be the best place to park your savings long term. That’s why it’s a good idea to keep an eye on the market and switch to a high interest savings account if need be once that intro period is over.

Interest rates have been plummeting for a while now. Thankfully, those looking for refuge still have a few places left to turn. 

Along with Heritage Bank, RaboBank’s High Interest Savings Account offers customers intro rates of 2.50% p.a. for the first four months. Those numbers put the two among the best value intro rates in our database.

Best value introductory savings account rates

If you’re looking for more high interest options for stashing your cash, be sure to visit our savings account comparison page, or browse the selection below for a quick snapshot.

Savings account comparisons on Mozo - rates updated daily

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
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    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Go to site
    Details
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    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Go to site
    Details
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    Grow Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

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    Details
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    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    $0 monthly account fee. Link to any Australian bank account.

    Go to site
    Details
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    Fast Track Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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