Heritage Bank Online Saver

Heritage Bank Online Saver

Maximum Variable Rate


Standard Variable Rate


With the convenience of saving online comes higher returns on your deposit.

  • No account fees
  • Minimum required balance of only $1
  • Access your money using your phone or online banking

Product details

Heritage Bank provides you with great incentive to bank online by paying you a higher rate of interest on your savings deposits. The Online Saver is a fee free account with easy access through the Internet and your mobile phone. This is ideal for Australians who like the convenience of online banking and who still want at call access to their money.

Product Name
Heritage Bank Online Saver
Maximum Variable Rate
2.25% p.a.
Standard Variable Rate
2.25% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
Minimum Opening Deposit
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Heritage Bank Online Saver?

A high interest savings account that still allows you complete access to your money can make a big difference in reaching your savings goals. When making comparisons of these types of accounts amongst various banks, look closely at the features Heritage Bank provides:

  • Account access. You are able to access this account through phone and online banking only. Electronic transfers can be made, as well as Pay Anyone and BPAY transactions.
  • Linked account. In order to be able to move money in and out of your savings account, it will need to be linked with another banking product. This can be done using an eligible Heritage Bank account or with an account held by another Australian financial institution if approved by Heritage Bank.
  • Monthly fees. You will not be charged any monthly account keeping fees with the Online Saver.
  • Minimum ongoing balance. You must be able to maintain at least $1 in the account in order for it to stay active.
  • Interest rates. Interest is applied to every dollar in the account at a competitive variable rate. It is tiered so that you are rewarded for a higher balance with a higher rate of return, progressively getting higher once you have accumulated over $100,000 in savings.
  • Interest calculation. Interest will be calculated on the daily balance and the payment made into the account once a month.
  • SMS services. This Heritage Bank feature provides an extra level of security for your accounts by requiring a second level of authentication when you are making certain types of transactions. You will charged $0.25 per SMS alert sent to your phone, but enquiries and security are free services.
  • Mobile app. Available for android and iPhone devices, the Heritage Bank mobile app gives you access to your account, allowing you to make transactions and check your balance.


  • No transaction or account keeping fees
  • Competitive interest rate
  • Access to funds through online and phone banking


  • Account is online-only

How do I apply for the Heritage Bank Online Saver?

A customer owned financial institution in Australian, you must first become a member before you are able to apply for the Online Saver or any other Heritage Bank product. There are no restrictions on who may become a member so long as you are able to pay the $1 shareholder fee. You can apply for your membership and savings account online and at the same time. Before you apply online, ensure that you are able to meet their eligibility requirements:

  • Minimum age. Heritage Bank makes no stipulations for how old an applicant must be.
  • Residency requirements. Only Australian residents with a residential address are able to open an Online Saver.
  • Depository requirements. In addition to your $1 shareholder fee, you will also need to be able to deposit $1 into the account in order for it to be activated.

As you make your way through the application you will find it easier to fill out if you have the following documentation ready:

  • Tax file number. As this is an interest earning account, providing your tax file number (TFN) or exemption code will enable Heritage Bank to withhold taxes on the interest paid to you at the correct amount.
  • Identification. Your identity must be verified before an account can be open in your name. This can be done in most cases by using information found on your driver’s licence, passport or Medicare card.
  • Linked account. The account name and number for the banking account you intend to link with your online saver. If held in another financial institution you will also need to provide the BSB.

Once you have submitted the application it will be reviewed by Heritage Bank. If any additional information is required you will be notified of your next steps, but if not than the details of your new savings account will be sent to you so that you can begin to making your deposits and earning interest at a competitive rate.

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2 Responses to Heritage Bank Online Saver

  1. Default Gravatar
    Vera | June 1, 2017

    Who are the other approved financial institutions to whom you can transfer funds?

    • Staff
      Rench | June 1, 2017

      Hi Vera,

      Thanks for reaching out to us.

      Basically, most of the everyday transaction accounts can actually be used to send and receive money from a third party account.

      With the Heritage Bank Online Saver, it may not be possible to directly send money to a third party bank account, so you might have to transfer funds from your online saver to your Heritage Bank account first and then the third party one.

      Hope this helps.


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