Compare Heritage Bank Savings Accounts
Heritage Bank brands themselves as putting "People First" for over 135 years.
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In 1981, two of Australia’s oldest building society’s merged to form the Heritage Building Society. It has grown over the last three decades to become one of the largest customer-owned banks in Australia.
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Who is Heritage Bank?
As a customer-owned bank, Heritage Bank doesn’t charge any account keeping fees, and allow for minimum balances from $1. To help with those who need an incentive to save, it even offers bonus interest savings accounts for meeting certain terms.
With rates that are competitive in the savings account market, Heritage Bank could be worth considering to help meet your financial goals.
- Heritage Bank SWIFT code: HBSLAU4T
What about the mobile app?
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What transaction accounts are offered by Heritage Bank?
- Simply Access. The Simply Access account makes no monthly account keeping charges to your account, and comes with free internet and phone banking transactions. You are offered the choice of an EFTPOS card, Visa Debit card, chequebook or passbook, but be advised that there are fees for using these products.
- Pension Plus. For Australians aged 55 years or older who are on a government pension or retired, the pension plus works just like your transaction account except your money is earning a competitive interest rate. Get ATM access with a Visa debit or EFTPOS card, while paying no monthly fees.
What high interest savings accounts are offered by Heritage Bank?
- Online Saver. An interest rate comparable to what you get with big banks is calculated daily and paid monthly on balances as low as $1. This monthly fee free account is online only, with access to the money only available through a linked account that you nominate.
- Target bonus. For savings balances of at least $5,000, you will earn bonus interest only when you are able to make at least one deposit and no withdrawals into the account. This is an account that is free from any monthly fees, with access provided over the counter, over the phone, or online.
- Christmas Club. You are not charged any fees for this account, but it does require a $10 opening balance, and any withdrawal requests made before 1 November or after 31 January will require that the account be closed.
What term deposits are offered by Heritage Bank?
If you are interested in long term savings that doesn’t allow you to access your savings, Heritage Bank has term deposits that range from one month to five years. The minimum balance to open this type of high interest savings account is $1,000, with interest being tiered depending on how much your balance is and how long the terms are. Interest for these accounts is either paid to you at maturity or once a year for longer terms.
What are the pros and cons to banking with Heritage Bank?
Pros
- Flexibility. With savings products to suit specific needs, you can easily find one to meet yours.
- Bonus incentives. For Australians who need help with saving, having the incentive to save wisely to earn higher interest could offer the right incentive.
- No fees. With no special terms to meet, none of the savings accounts offered by Heritage Bank charge a monthly fee.
Cons
- Limited ATMs. The Heritage Bank ATM network is not nearly as extensive as what you find with larger banks. You may be charged a fee by the ATM operator each time you use an ATM outside of the Heritage Bank network.
How do I apply for an account with Heritage Bank?
If you think that Heritage Bank has what you need to help you save and manage your money, you can apply for any one of their savings accounts online.
- Become a member. In order to apply for any savings account with Heritage Bank, you must first become a member. This requires filling out a separate application.
- Membership fee. The bank will deduct $1 from your initial savings deposit to cover the cost of your share in the bank.
- Identity details. Be prepared to offer proof of identity documentation in order for Heritage Bank to confirm your identity and open your account.
Compare the differences between the accounts provided by Heritage Bank carefully with those that are offered by both banks and other credit unions. For your savings, you want to make sure that the accounts available to you are giving you ways to grow your savings quickly.
Read more on this topic
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Heritage Bank Term Deposit (minimum investment of $5,000)
Invest $5000 or more in a Heritage Bank Term Deposit for terms between one month to five years and earn a fixed interest rate on your money.
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Heritage Bank Farm Management Deposit
Primary producers can prepare ahead for those not-enough rainy days with a specialised account that also can provide a tax break on your earnings.
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Heritage Bank Target Bonus
Accelerate your savings growth with easy to meet terms that help you earn bonus interest every month.
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Heritage Bank Club Cheque
Let your charitable contributions go further with an account that minimises your fees yet provides you with easy access to the collected funds.
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Heritage Bank Christmas Club
Avoid shopping with credit the next holiday season by starting to save and earn interest at the start of the new year.
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Heritage Bank Body Corporate
With the Body Corporate Account you choose the best way in which your organisation can benefit from its banking account.
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Heritage Bank Online Saver
Watch your savings grow online with a high interest savings account that allows you to make withdrawals and deposits at call.
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Heritage Bank Simply Access
Multiple methods of access and no conditions to meet make the Simply Access Account a transaction account worth looking into.
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Heritage Bank Mortgage Crusher
You can save thousands of dollars by maintaining a balance in your 100% offset account.
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Heritage Bank Pension Plus
The Pension Plus account provides retired Australians with a simple way to manage their money while earning an interest income on the balance.
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