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

By Niko Iliakis ·

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 - last updated February 27, 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • 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.

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    Details
  • 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

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*

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

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    Details
  • Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

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    Details
  • Flexi Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.25% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

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    Details
  • Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

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    Details

^See information about the Mozo Experts Choice Savings Accounts Awards

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