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Heritage Bank Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
0.85% p.a.1 year
Minimum deposit
$1,000.00
Interest paid to another bank?
no

Mozo editorial review Heritage Bank Term Deposit

Last updated: 19 November 2020.

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What's hot
  • 0.85% p.a. interest rate on one year term
  • Flexible interest payment options
What's not
  • Interest not payable to another bank
Mozo snapshot

With the Heritage Bank Term Deposit, you have the option to have interest paid up front, fortnightly or monthly (subject to rate reductions), and investment terms spanning one month to five years. If you opt to lock away your savings for one year you’ll receive an interest rates of 0.85% p.a. or have your pick of terms between one month and five years.

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Key features

With the Heritage Bank Term Deposit you’ll be able to invest as little as $1,000 for between one month and five years. You’ll also be looking at rates of between 0.30% p.a. and 1.00% p.a. across those terms, with the exception of the one year investment option which currently offers 0.85% p.a. 

Interest is typically paid at maturity on terms of up to twelve months and yearly on terms of between two and five years. However, you’ll have the option to change that if you’re willing to sacrifice part of your interest. 

  • Interest paid up front: available on terms up to 12 months. A deduction of 0.15% p.a will apply to the quoted rate.

  • Interest paid fortnightly: only available if you are 55+ and retired, eligible for a pension, or hold a seniors card. A deduction of 0.10% p.a will apply to the quoted rate.

  • Interest paid monthly or quarterly: A deduction of 0.10% p.a will apply to the quoted rate.

  • Interest paid half yearly: A deduction of 0.05% p.a will apply to the quoted rate.

When it comes to receiving your interest, you can opt to have it credited directly to your Heritage account or you can request a cheque to be sent to you. Unfortunately, interest is not payable to another bank.

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Who is it good for

If you’re hoping to secure a competitive interest rate but are unwilling to part with your savings for an extended period of time, the 0.85% p.a. available on one year terms should appeal. The option to change how frequently you receive your interest payments is also sure to be appreciated, especially considering how uncommon it is for a term deposit to offer this kind of flexibility.

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Any catches

It’s important to note that 0.80% p.a. offered on the eight-month term is a promotional rate, and can change without notice. If you allow your term deposit to be automatically renewed, it may do so at a much lower interest rate, so make sure you inform Heritage Bank what you plan to do with your money before it reaches maturity.

When you open your term deposit, you’ll get a seven day grace period during which you’ll be able to cancel it, change it to a different term, or withdraw all or part of it without charge. Once the grace period is over, any withdrawals to your term deposit before it reaches maturity will be subject to an interest rate reduction. 

Details

Rates and fees information correct as at 29 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.30% p.a. ($1,000+)

  • 0.50% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.70% p.a. ($1,000+)

  • 0.85% p.a. ($1,000+)

  • 1.00% p.a. ($1,000+)

  • 1.00% p.a. ($1,000+)

  • 1.00% p.a. ($1,000+)

  • 1.00% p.a. ($1,000+)

Other financial bits
  • $1,000.00

  • none

Features
  • no

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • Interest paid up front available on terms up to 12 months with deduction of 0.15% p.a from listed interest rates.

Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

This product is not currently reviewed.

Heritage Bank

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