Heritage Bank Online Saver
This account pays a competitive bonus interest rate to new customers for the first four months after opening the account.
The Online Saver is a fee free account with easy access to your money via Internet and your mobile banking. It's a flexible account; you can make withdrawals from your savings when needed, while still earning interest.
Earn 1.3% p.a. for 4 months
This account offers bonus interest up to 1.3% p.a. for 4 months on balances up to $100,000. This introductory bonus rate is offered to new customers only. You must open the account within 60 days of becoming a member.
Ongoing rate of 0.65%
After the introductory period you'll get an ongoing, variable rate of 0.65% on balances up to $249,000.
Easy 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.
The bonus intro rate only applies to new members who open an Online Saver account with a linked eligible Heritage Bank transaction account within 60 days of membership opening.
No 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 will be calculated on the daily balance and the payment made into the account once a month.
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.
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.
How to apply
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.
What happens after I submit my application?
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.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Earn a really competitive bonus rate of 1.3% p.a. for the first 4 months after opening the account. There's no monthly deposit condition to meet and you can make withdrawals while still earning interest, making this account super flexible.