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Summary

Save your money all year long and be prepared to have Christmas all wrapped up with no dent in your everyday money.

Heritage Bank offers members a convenient way to be well prepared for the financial hit that the Christmas season can bring. By putting away some money each month during the year, you can have enough saved by the holidays to make everyone’s Christmas wishes come true. This is also an interest earning account, giving you a bit more at the end of the terms for the wrapping paper and bows.

Pros

No monthly fee
Interest calculated daily
Access available between 1 Nov - 31 Jan

Cons

Terms quite inflexible if funds are required for an emergency

Details

Key details

Product Name	Heritage Bank Christmas Club
Maximum Variable Rate	2.00% p.a.
Standard Variable Rate	2.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$10
Minimum Age	18

Key features

Monthly fees

You will not be charged a monthly account keeping fee with the Heritage Bank Christmas Club account.

Minimum balance requirement

In order for the account to remain active you must be able to maintain a minimum balance of one dollar.

Interest rates

Your daily balance is calculated and a competitive interest rate applied. The interest owed to you is deposited into the account monthly, allowing you the added benefit of earning compound interest for the length of time the account is active.

Account terms

From 1 February until 31 October you are only permitted to make deposits into the account. This can be done electronically or at a branch and will incur no fees. Beginning on 1 November you can begin making transfers out of the account without any fees or penalties.

Early withdrawals

If you do need to access any part of the money saved in your Christmas Club account before the 1 November you will have to visit a branch and close the account completely.

How to apply

Eligibility

Heritage Bank is a credit union, requiring that before you use any of their products you first pay $1 for your share and apply for membership. This can be done at the same time online. Before proceeding however, check first to make sure that you qualify for this account:

Minimum age. While there is no minimum age stipulation made for the Christmas Club account, new members will need to be at least 18 years of age to apply online.
Residency requirements. You must be an Australian permanent resident or citizen with an Australian residential address to apply for this account.

Depository requirements. There is a minimum opening deposit requirement of $10 with the Christmas Club account.

Documentation needed

Tax file number. Heritage Bank is required to deduct withholding tax from certain interest earnings from their customer's bank accounts. You can avoid this by providing them with your tax file number (TFN) or exemption code.
Identification. Acceptable identification documents include photo IDs such as your passport, driver's licence, Medicare card or student identification.

What happens after I submit my application?

Once completed, you will submit your application electronically to Heritage Bank for review. After its acceptance, your account will be activated and you will receive instructions on how to continue to make regular deposits that will help to make your next Christmas a joyful one.

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Letitia

October 30, 2016

When are the checks from this account mailed out.

May Finder

October 31, 2016

Hi Letitia,

Thanks for your inquiry. Please note that you’ve come through to finder.com.au, not actually Heritage Bank.

If you wish to know when you can receive the checks from the bank, please contact Heritage Bank directly.

Cheers,

May

Heritage Bank Christmas Club

Pros

Cons

Key features

Monthly fees

Minimum balance requirement

Interest rates

Account terms

Early withdrawals

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

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