Heartland Bank term deposits

3.5
Based on 1 Heartland Bank term deposit product review.
Fact Checked
Last updated

Overview

Heartland Bank carves out a distinct niche with its customer-centric approach and innovative offerings. Focusing on a blend of digital convenience and personal touch, customers can access tailored financial solutions without complexity. This balance allows them to cater to a diverse range of customers, from everyday savers to those looking for specific investment opportunities.

When it comes to term deposits, Heartland Bank provides a mix of competitive interest rates and flexible terms. Their term deposit offerings range from short terms of just 31 days to longer commitments of up to five years, giving customers the ability to choose a duration that aligns with their financial plans. With no account-keeping fees and the option to receive interest payments monthly or at maturity, savers can manage their investments while benefiting from straightforward, hassle-free banking.

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Editor's review: Heartland Bank Term Deposit

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Term Deposit

Interest rate
5.15 % p.a.
9 months
Minimum deposit
$25,000
Govt deposit guarantee
Yes
Up to $250,000
No Partner link
  • Interest on terms 12 months or more can be paid monthly

  • No account fees

  • Substantial minimum deposit required

  • Reduced rates on monthly interest payments

Our verdict

A Heartland Bank Term Deposit could benefit those seeking a reliable way to grow their savings, offering fixed returns over a set timeframe. You can choose a term duration ranging from 31 days to five years, with investments starting from $25,000 up to $1,000,000. For larger deposits, you’ll need to fill out a special application form and contact the bank for rates.

Heartland Bank doesn’t charge any account fees. You may withdraw your deposit before the end of the term by providing 31 days notice. However, you will receive a lower interest rate for the period your funds were actually deposited. Be aware that your funds automatically roll over into a new term deposit at maturity unless you advise otherwise.

Heartland Bank term deposits require a relatively substantial minimum deposit. Interest on terms 12 months or more can be paid monthly but you’ll have to accept a lower rate than that paid at maturity.

While Heartland Bank term deposits can be a helpful savings option, it might be worth considering alternatives that could offer better returns.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 term deposits using the filters.
Last updated 21 December 2024 Important disclosures

Heartland Bank term deposits

  • Term Deposit

    Interest rate
    5.15 % p.a.
    9 months
    Minimum deposit
    $25,000
    Govt deposit guarantee
    Yes
    Up to $250,000
    No Partner link

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Heartland Bank term deposit ratings

Overall customer rating for Heartland Bank term deposits

3.5
Based on 1 product review.

Customer reviews

Important disclosures

FAQs

Is Heartland Bank a safe place to keep my savings?

Heartland Bank is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). This means your deposits are protected under the Australian Government's Financial Claims Scheme, guaranteeing up to $250,000 is secure.

What do I need to open a term deposit?
  • You must be at least 14 years old
  • Be an Australian resident for taxation purposes
  • Australian mobile number and a valid email address
  • Australian residential address
Can I open a term deposit without being an existing customer?

Yes, you can open a Heartland Bank term deposit without being an existing customer. You can link your term deposit to an external account at a different bank or financial provider.

How do I apply?

Apply online through the bank’s website, via the bank’s app or over the phone.

How many term deposits can I open?

You can open as many term deposits as you like. The combined total across all your term deposits is not permitted to exceed $1 million, whether the accounts are in individual or joint names.

What is the minimum deposit?

The minimum opening deposit for all Heartland Bank term deposits is $25,000.

How do I set up online banking?

To set up online banking for a Heartland Bank term deposit, visit the institution’s website and register for online banking. Provide your personal details. Once registered, you can manage your account via your digital profile on the bank’s website or app.

Are there any fees?

While the bank doesn’t impose any account fees, withdrawing your funds before the term ends will incur penalties. A minimum 31-day notice period and early redemption administration fee will apply. You’ll receive a reduced rate of interest based on how much of the term has elapsed.

How does the grace period work?

Unless specified, your term deposit funds will automatically be reinvested on the maturity date into a new term deposit for the same term at the current interest rate. Be aware that this new rate may be lower than your current one. 

A grace period of seven calendar days from the date of maturity applies. During this period you can close your term deposit when it matures without incurring any fees.

How do I request an early withdrawal?

You’ll need to contact the bank and provide 31 calendar days notice. If your request falls within 31 calendar days of the term’s duration, you’ll need to wait until maturity to access your funds.

If you’re experiencing financial hardship, contact the bank to discuss your options.

How do I close my term deposit?

To close your term deposit, you contact the bank. Be prepared to provide your account details, and note that an administration fee and reduced interest penalties will apply if you close the account before maturity.

Heartland Bank products

Term deposit quick links


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

^See information about the Mozo Experts Choice Term Deposit Awards

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