In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Heritage Bank Term Deposit

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Updated
Heritage Bank Term Deposit
Interest rate 6 months interest rate
Up to 4.9% p.a.
Minimum opening deposit
$1,000
Account keeping fee
$0
Maximum deposit
$4,999

Summary

Invest from as little as $1,000 with some of the best term deposit rates in the market.

The Heritage Bank term deposit guarantees a fixed interest rate so you know what your investment is worth. You can invest from as little as $1,000. You can choose to have your interest paid on maturity, up-front, fortnightly (for aged pension receivers), monthly, quarterly, half-yearly or yearly.

Pros

  • Low minimum investment of $1,000
  • $0 Account keeping fees
  • Wide ranges of terms from from 1 month to 5 years

Cons

  • A reduced interest rate will apply if you withdraw a portion or all of your investment before maturity

In this guide

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

Details

Key details

Product Name Heritage Bank Term Deposit
3 month interest rate 3.95%
4 month interest rate 3.60%
6 month interest rate 4.90%
7 month interest rate 3.95%
9 month interest rate 4.80%
12 month interest rate 4.75%
24 month interest rate 4.20%
36 month interest rate 4.00%
48 month interest rate 4.00%
60 month interest rate 4.00%
Minimum Opening Deposit $1,000
Minimum age requirement 18
Government guarantee Yes

Eligibility

Minimum Age Requirement 18
Joint account availability Yes
Min Deposit $1,000
Available to children Not available for children

Key features

$0 Monthly account keeping fees

There are no monthly fees, nor are there any establishment fees charged when you set up a term deposit with Heritage Bank.

Small minimum investment of $1,000

You must be able to deposit at least $1,000 for a term deposit with Heritage Bank.

Launch term deposit calculator

How to apply

Heritage Bank is a customer owned financial institution, where you must first become a member in order to take advantage of their banking products. Any Australian is invited to apply for membership, which also includes paying a shareholder fee of $1. After becoming a member, you can visit Heritage bank website and start an online application for a term deposit.

Eligibility

There are some other eligibility requirements you will have to meet in order to be able to proceed with the application:

  • Minimum age. There is no age requirement stated for the Heritage Bank term deposit.
  • Residency requirement. You must be able to provide a verifiable residential address in Australia.

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First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Intro Period
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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Bob

May 25, 2017

What is the best term deposit rate for 12 months for a smsf for $200,000 current term deposit due 2nd of June?


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Harold Jacob Finder

May 26, 2017

Hi Bob,


Thank you for your inquiry.


Please check our list of SMSF term deposits. You’ll find a list of SMSF term deposits on our comparison table. The same page also comes with a guide about how to apply for an SMSF term deposit online.


I hope this information has helped.


Cheers,

Harold


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Avatar

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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