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Heritage Bank Term Deposit

Best rate (up to 1 year)
1.00% p.a.1 year
Interest paid to another bank?
no

Mozo editorial review Heritage Bank Term Deposit

Last updated: 7 October 2020.

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What's hot
  • 1.00% p.a. interest rate on one year terms
  • Flexible interest payment options
What's not
  • Interest not payable to another bank
Mozo snapshot

The Heritage Bank Term Deposit offers competitive rates, 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 interest rates as high as 1.00% p.a., making it one of the more attractive short term options currently out there.

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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 0.40% p.a. and 1.05% p.a. across those terms, with the exception of the one year investment option which currently offers 1.00% 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 1.00% 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 0.95% 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 24 October 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
  • 0.40% p.a. ($1,000+)

  • 0.60% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.95% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 0.80% p.a. ($1,000+)

  • 1.00% p.a. ($1,000+)

  • 1.05% p.a. ($1,000+)

  • 1.05% p.a. ($1,000+)

  • 1.05% p.a. ($1,000+)

  • 1.05% p.a. ($1,000+)

Other financial bits
  • $1,000.00

  • none

Features
  • direct credit, cheque

  • 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

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

Overall
8.8/10
Price
8.4/10
Features
7.8/10
Customer service
9.2/10
Convenience
8.9/10
Trust
9.2/10

Latest reviews of Heritage Bank Term Deposit

  • Overall 8/10
    Good rates and user friendly service

    Went to Heritage Bank primarily for better term deposit Rates compared to the big main banks. Good user friendly customer service and easy simple access to real people. Online/Internet type services a little limited but not important for my term deposit type needs.

    Read full review

    Went to Heritage Bank primarily for better term deposit Rates compared to the big main banks. Good user friendly customer service and easy simple access to real people. Online/Internet type services a little limited but not important for my term deposit type needs.

    Price
    8/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    5/10
    Trust
    8/10
    Less
    Ken, Queensland reviewed over 6 years ago
  • Overall 10/10
    Customer service is outstanding

    The staff are extremely helpful and honest. Heritage is open even on Saturdays till midday which is extremely convenient if you work 5 days a week. Plus, they are in all the major shopping centers.

    Read full review

    The staff are extremely helpful and honest. Heritage is open even on Saturdays till midday which is extremely convenient if you work 5 days a week. Plus, they are in all the major shopping centers.

    Price
    9/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Mozo community reviewer, Queensland reviewed about 7 years ago
  • Overall 9/10
    Competitive rates

    Up to date rates are always available.

    Read full review

    Up to date rates are always available.

    Price
    8/10
    Features
    -1/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Mozo community reviewer, Queensland reviewed about 7 years ago
  • Overall 9/10
    Best bank ever

    Never experienced any problems, even when we missed informing them we have to deduct cash from the account after it had been reinvested. It was not a problem. Very happy with all facets of our quite long relationship.

    Read full review

    Never experienced any problems, even when we missed informing them we have to deduct cash from the account after it had been reinvested. It was not a problem. Very happy with all facets of our quite long relationship.

    Price
    9/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Barry, Queensland reviewed about 7 years ago
  • Overall 9/10
    Pretty darn good!

    My bank was very helpful/the manager gave me a personal meeting and took time to answer all my questions clearly in a way I could understand. There were NO problems, even when I had to redraw early, and I paid no fees. They made me feel welcome and at ease, and got rid of my worries.

    Read full review

    My bank was very helpful/the manager gave me a personal meeting and took time to answer all my questions clearly in a way I could understand. There were NO problems, even when I had to redraw early, and I paid no fees. They made me feel welcome and at ease, and got rid of my worries.

    Price
    9/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Adam, Queensland reviewed about 7 years ago
Heritage Bank

About Heritage Bank

Heritage is Australia's largest member-owned bank. With a history going back to 1875, Heritage helps Australians realise their financial dreams. Heritage focuses on putting people first, not pursuing massive profits. They offer customers a full range of competitive personal banking products from home loans, saving accounts, term deposits, credit cards and much more.

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