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

• Heritage Bank Online Saver offers introductory rates of 2.50% p.a. for the first four months.
• RaboBank High Interest Savings Account offers introductory rates of 2.50% p.a. for the first four months.
• AMP Saver Account offers introductory rates of 2.36% p.a. for the first four months.
• HSBC Serious Saver offers introductory rates of 2.35% p.a. for the first four months, so long as no withdrawals are made.

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.