Heritage Bank brands themselves as putting 'People First' for over 135 years.
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.
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 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?
Image Source: App Store| Login page | Account balance | Transfer funds |
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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.
- Cash Management. With no monthly account keeping fee, this account also comes with your choice of debit card with fee free transactions at Heritage Bank ATMs. You can earn interest on your balance as well, with the rates getting progressively higher as your balance does.
- Money Manager. This is a hybrid account where you can earn competitive interest rates on your balance if you keep it in the account for three full months. You get access to your account online or over the phone along with your choice of debit card.
- 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.
- Community Saver. Interest paid on your balance is not as high as with other savings options, but a portion of the difference is paid to a community group of your choosing every three months at no cost to you.
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.
Back to topWhat 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
- Term deposit interest payments. Without the option to have interest paid monthly, you are missing out on the chance to grow your savings faster with compound interest.
- Accessibility. The Heritage Bank ATM network is not nearly as extensive as what you find with larger banks and you are charged a fee each time you use an ATM outside of their 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.
