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.
Savings account comparisons on Mozo - last updated 18 September 2021
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Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.50% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. 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. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account
CompareCompareBoost Saver with Go Account
Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account
- Maximum rate
- 1.50% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app. Bonus introductory interest rate of 1.50% available for accounts opened by 30 Nov 2021.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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Mozo experts choice awards won:
- Regular Saver - 2021
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.10% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus 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.
CompareCompareBonus Saver Account
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
- Maximum rate
- 1.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
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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 $250,000Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
CompareCompareOnline Saver
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
- Maximum rate
- 1.10% p.a. (for $0 to $500,000)
- standard interest rate
- 0.35% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account.
Read our Mozo Review to learn more about the Online Saver
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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 $250,000Make 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.
CompareCompareGrow Saver
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.
- Maximum rate
- 0.65% p.a. (for $0 and over)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Grow Saver
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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 $250,000Ongoing 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.
CompareCompareFast Track Saver 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.
- Maximum rate
- 1.05% p.a. (for $1 to $250,000)
- standard interest rate
- 0.05% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Bonus interest rate criteria is effective from 1 February 2020.
Read our Mozo Review to learn more about the Fast Track Saver Account
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WebSavings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.00% p.a. (for $2,000 and over)0.05% p.a.(for $2,000 and over)Yes up to $250,000Bonus rate for the first 4 months from account opening on balances over $2,000 only, available to new customers only.
A high interest savings account that still lets you access your cash, no monthly account keeping fees and top up as many times as you like.
CompareCompareWebSavings Account
A high interest savings account that still lets you access your cash, no monthly account keeping fees and top up as many times as you like.
- Maximum rate
- 1.00% p.a. (for $2,000 and over)
- standard interest rate
- 0.05% p.a.(for $2,000 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening on balances over $2,000 only, available to new customers only.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
Read our Mozo Review to learn more about the WebSavings Account
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Savings Maximiser
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $100,000)0.05% p.a.(for $0 and over)Yes up to $250,000For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance.
No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.
CompareCompareSavings Maximiser
No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.
- Maximum rate
- 1.35% p.a. (for $0 to $100,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance higher at the end of the month (excluding interest) than it was at the end of the previous month.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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High Interest Savings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,001)0.25% p.a.(for $0 to $250,001)Yes up to $250,000Bonus rate for the first 4 months from account opening
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
CompareCompareHigh Interest Savings Account
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
- Maximum rate
- 1.35% p.a. (for $0 to $250,001)
- standard interest rate
- 0.25% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
^See information about the Mozo Experts Choice Savings Account Awards
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