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Mini meca 2024

Heartland Bank Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
5.35% p.a.1 year ($25,000 to $1,000,000)
Minimum Deposit
$25,000.00
Interest paid to another bank?
yes

Mozo editorial review Heartland Bank Term Deposit - last updated: 28 May 2024

binocular icon
What's hot
  • 5.35% p.a. interest rate for a 1 year term
  • No account keeping fees
What's not
  • Interest rate reduction applies for early withdrawal
Mozo snapshot

Looking for somewhere to park your rainy day fund? Why not check out this term deposit from Heartland Bank. There are no account keeping fees, and you'll be able to deposit as little as $25,000 or as much as $1,000,000 for up to five years.

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Key features

With Heartland Banks' term deposit you can stash away amounts between $25,000 and $1,000,000. Terms range from as short as one month to as long as one year, and you can opt to have your interest paid annually or at maturity, or monthly (in which case you'll be offered slightly lower interest rates). 

Another thing to keep in mind is that early withdrawals from a term deposit usually incur a fee or penalty, a $40.00 early redemption administration fee. This term deposit is no exception, and you will have to give Heartland Bank 31 days written notice of your decision.

Withdrawing early will also incur an interest rate reduction - according to Heartland Banks' terms and conditions your interest accumulated may be reduced up to 90%. If your money has been in the term for less than one month, you may not receive any interest at all. 

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Who is it good for

Heartland Banks' term deposit could be a good option for someone looking to get serious with their savings, while at the same time earning a tidy sum of interest on their stash.

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Any catches

If you need to access your funds early, there will be an interest rate reduction.

Details

Rates and fees information correct as at 13 June 2024. 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

3.85% p.a. ($25,000 to $1,000,000)

5.00% p.a. ($25,000 to $1,000,000)

5.30% p.a. ($25,000 to $1,000,000)

5.25% p.a. ($25,000 to $1,000,000)

5.35% p.a. ($25,000 to $1,000,000)

4.80% p.a. ($25,000 to $1,000,000)

4.20% p.a. ($25,000 to $1,000,000)

4.10% p.a. ($25,000 to $1,000,000)

4.10% p.a. ($25,000 to $1,000,000)

Other financial bits

$25,000.00

$1,000,000.00

Features

yes

yes

For deposits of $500,000+ please contact Challenger. Interest is calculated daily and paid on maturity.

none

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

Customer Reviews

How are Heartland Bank term deposits rated by the Mozo community?

Overall
4.7/10
Price
7.0/10
Features
8.0/10
Customer service
8.0/10
Trust
8.0/10
Based on 1 Heartland Bank term deposit reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

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