Heritage Bank Online Saver

Mozo snapshot:

The Heritage Bank Online Saver Account is all about banking convenience, providing easy access to your money through unlimited online and phone deposits. The maximum interest on balances under $100,000 is 2.20% p.a. (paid monthly), and with no monthly or transaction fees, you’ll be well on your way to reaching your savings goals in no time!

The account was named a 2020 Mozo Experts Choice Award winner in the best Kick Start Savings category, as well as multiple 2019 Mozo People’s Choice Awards in the Outstanding Customer Satisfaction, Excellent Customer Service, Highly Trusted, Staff Friendliness and Most Recommended awards categories.

Key features:

Searching for an easy-access online savings account? Then look no further than the Heritage Bank Online Saver Account! The competitive interest rates, lack of strenuous ongoing requirements and online and flexible phone banking options make this a great set and forget option for savers.

The account comes with a tiered interest rate system, with higher balances earning higher base interest rates. You can earn:

• 2.20% p.a. introductory bonus interest rate on balances up to $100,000 for the first 4 months: This includes a 0.80% p.a. base rate, plus, a bonus introductory rate of 1.40% p.a. To qualify for the introductory rate, you'll need to be a new customer and link your new Online Saver Account to an eligible transaction account. After the first 4 months, your rate will go back down to the standard interest rate of 0.80% p.a.

• 0.90% p.a. standard interest on balances over $250,000.

Because it’s an online account, the Heritage Online Saver must link to a transaction account or banking product in order to move your money in and out of your account. The account can only be accessed through the internet and phone banking, which has been made an easy process with the Heritage Bank App which gives customers full access to their account to check their balance and make electronic transactions.

Savers aren't charged any regular account keeping fees, however, there is a minimum ongoing balance of $1, which must be maintained in the account for it to stay active

Who it's good for:

This account is potentially a great set and forget account option for savers, and is suitable for Aussie savers who want the convenience of an online account without the hassle of having to meet any major ongoing account requirements. The bonus offer makes it a particularly good account option if you're looking to really boost your savings, or have a large chunk of money to put away.