Rather than earn money through interest payments, an offset account saves you money on the interest you are paying on your home loan. With Heritage Bank you have the choice of an offset account that works as your everyday transaction account while reducing your home loan balance by a partial amount. Or you can choose the Mortgage Crusher, a 100% offset account that provides you with all you need to keep up with your daily finances.
What are the features of the Heritage Bank Offset Account?
The offset account from Heritage Bank is designed to work like a transaction, with home loan saving benefits. When you are considering this type of account, it is important to look not only at the offset amount, but the features it contains that will make banking easier for you:
- Monthly account fees. With the offset account that Heritage Bank offers you are not going to be charged a monthly account keeping fee.
- Offset types. You can choose between a partial interest offset account or a 100% offset on your home loan balance. The 100% offset, or Mortgage Crusher, requires you to have a minimum balance of $500 in order to receive the offset. This is the only main difference between your two options.
- Available transaction methods. You can bank through a cheque facility, with a linked Visa debit card, online, on the phone, using direct debits and periodic payments, with BPAY. Bank@Post is also an option but could incur certain transaction fees.
- Sweep facility. This account also offers a sweep facility, where you can allocate funds to be automatically transferred into or out of the account through other Heritage Bank accounts when they reach a preassigned threshold.
- Linked debit card. You have the option of choosing a Visa debit card to link to your account. With this card you are permitted to make ATM withdrawals and online and EFTPOS purchases wherever Visa is accepted.
- Transaction fees. You are not charged any access fees for using internet, mobile or phone banking. For using EFTPOS or network ATMs you are allowed ten free per month before certain fees are applied.
- ATM access. There are over 2,900 ATMs in the Heritage Bank network where you can make withdrawals and balance enquiries from.
- Overseas ATMs. If you use your linked debit card to make an overseas ATM or counter withdrawal you will be charged $5 for each transaction plus a currency conversion fee.
- No account keeping fee
- Internet and phone banking available
- Save on interest payments on your home or personal loan
- Up to 10 fee-free transactions per month
How do I apply for the Heritage Bank Offset Account?
In order to be eligible for either offset account with Heritage Bank you need to be an existing member that carries a home loan with the credit union. You will also need to fill out an Offset Account Link form which you can obtain by clicking on “Go to Site”. After filling in this form you can return it to Heritage Bank so that your home mortgage can be linked to the appropriate offset account.