In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Ask a question

Heritage Bank Target Bonus

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Updated
Fact checked
Heritage Bank Target Bonus
7.4
Finder Score
Great

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Compare other options
Maximum variable rate
4.15% p.a.
Base interest rate
0.01% p.a.
Minimum deposit
$1

Summary

Keep working towards your savings target and Heritage Bank will reward you with a competitive bonus rate on your balance.

The Target Bonus savings account from Heritage Bank provides you with a good incentive to keep up with your monthly deposits. With terms that are easy to meet you can accelerate your earnings with an interest rate that is competitive for a savings product. Yet for those months when an unexpected expense pops up, you can still access your money without any penalty.

Pros

  • Earn bonus interest for meeting the conditions
  • Interest calculated on minimum monthly balance
  • Passbook and statement access

Cons

  • Minimum balance required

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Ask a question

Details

Key details

Product Name Heritage Bank Target Bonus
Maximum Variable Rate 4.15% p.a.
Standard Variable Rate 0.01% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 18

Key features

Monthly fees

With Heritage Bank's Target Bonus account you will not be charged a monthly account keeping fee.

Interest rates

You will receive a base interest rate on balances of $5,000 or more, but when you are able to meet the bonus interest terms you receive a competitive rate on your entire balance.

How to apply

Eligibility

If you are an existing member of Heritage Bank you are able to apply for this savings product through your online banking platform. If not, you can apply for both at the same time online. Before you proceed you should first check that you are able to meet the eligibility requirements:

  • Minimum age. No age stipulation is made for who is eligible for the Target Bonus account.
  • Residency requirements. You must be a permanent Australian resident or citizen with a residential address in order to apply for this account.

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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources
  1. Heritage Bank Target Bonus information page
  2. Heritage Bank Target Bonus TMD

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Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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