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 $250,000 is 2.50% p.a., and with no monthly or transaction fees you’ll be on the way to reaching your savings goals in no time. Heritage Bank was also named a winner of a 2018 Mozo People’s Choice Award for Outstanding Customer Service.

Key features:

Searching for an easy access, fee-free online savings account? Look no further than the Heritage Bank Online Saver Account! The competitive interest rate, lack of strenuous ongoing requirements and online and phone banking options makes 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:

• 2.50% p.a. interest on balances up to $250,000 for the first 4 months. This includes a 1.10% p.a. base rate, plus at the moment, 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 regular rate of 1.10% p.a..

• 1.20% p.a. 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 internet and phone banking, and this 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 are not charged monthly 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 a great set and forget account option for savers, and is good for anyone who wants the convenience of an online account without the hassle of meeting monthly requirements. The bonus offer means it's particularly good if you're looking for a boost to your savings, or have a large chunk of money to put away.