Heritage Bank Term Deposit

Heritage Bank Term Deposit

Min. Opening Deposit

5,000

Account Keeping Fee

0.00

Lock in $5,000 or more for a fixed term and get access to Heritage Bank special term deposit rates

  • Minimum investment of $5,000
  • Choose a terms between one month and five years
  • Interest calculated daily

Product details

Take advantage of the Heritage Bank award winning term deposit and get a fixed rate of return when you invest for an agreed period of time. Heritage Bank offer promotional term deposit rates when you invest $5,000 or more and you meet the interest payment conditions outlined below.

Product Name
Heritage Bank Term Deposit ($5000)
1 month interest rate
2.10%
3 month interest rate
2.45%
4 month interest rate
2.40%
6 month interest rate
2.55%
9 month interest rate
2.45%
12 month interest rate
2.75%
24 month interest rate
2.75%
36 month interest rate
3.00%
48 month interest rate
3.00%
60 month interest rate
3.00%
Min Deposit
$5,000
Joint Application
Yes
Minimum Age Requirement
18
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Heritage Bank Term Deposit?

High minimum investment amount of $5,000

Deposit $5,000 or more to take advantage of Heritage Bank term deposit promotional rates.

How is my interest paid?

You must opt for the Heritage Bank default interest payment option to receive the full promotional term deposit interest rate. If you choose an option which pays you interest less than every 12 months or at investment maturity (for investment terms less than a year), a reduced interest rate applies. Take note of the following: For terms greater than 12 months: Interest must be paid annually or at maturity and you get the full promotional rate.

  • For terms six to 12 months: If you choose to receive interest payments every six months, deduct 0.05% per annum (p.a.) from the promotional rate of interest. If you choose monthly or quarterly interest payments, deduct 0.10% from the promotional interest rate.
  • For terms less than six months: If interest is paid upfront, the promotional rate is reduced by 0.15% p.a.

What are my payment options?

Compound interest by choosing to have interest paid back into your term deposit account. Interest can also be paid into another Heritage Bank account or you can opt to receive interest payments as a cheque.

What happens when my term deposit reaches maturity?

When your term deposit investment matures, you can:

  • Rollover your investment to another term deposit
  • Choose to have your investment paid out or
  • Reinvest a portion of your initial investment.

Can I access my investment early?

If you want to withdraw your term deposit balance before the investment matures, if the investment period is greater than 24 months, Heritage Bank reserve the right to deny your request. You must provide 31 days notice to withdraw your balance early and an interest rate correction of 0.10% may be applied to the portion of your balance you withdraw early.

Is the account covered by the Government Guarantee?

Heritage Bank term deposit investments are guaranteed by the federal government’s Financial Claims Scheme. Investments up to $250,000 in value will be reimbursed by the government if Heritage Bank goes under.

$0 Term deposit fees

Heritage Bank do not charge an establishment fee or account keeping fee.

7 Day cooling off period

You have seven days after you’ve opened your account in which you can cancel your term deposit or change your investment term.

Launch term deposit calculator

Pros

  • Online application is available
  • $0 establishment fee applies

Cons

  • Minimum investment for term deposit starts at

What you need to know before applying

If you want to take advantage of the Heritage Bank promotional term deposit rate for investments greater than $5,000, you can apply online. It takes less than 15 minutes to complete.

Eligibility to apply online

The following eligibility requirements apply:

  • Minimum deposit. Deposit at least $5,000 to receive the Heritage Bank promotional term deposit rates.
  • Minimum age. You must be 18 or older to open this term deposit account.
  • Residency. You must be a resident of Australia to apply for this product.

Documentation for your online application

Have this information on hand to complete the online application.

  • Identification. You’ll have to verify your identity with Heritage Bank before your term deposit account is opened. You can complete the identity verification process online by entering your driver’s licence, Medicare card, proof of age card or passport details.
  • Personal information. You’ll need a valid email address and a mobile or landline phone to complete the online application.
  • Tax. You’re asked to provide your Tax File Number, if you don’t, tax on interest payments will be withheld at the marginal rate until you do.

What happens after I submit my online application?

Once you've opened your term deposit, you'll have the option to deposit funds into straight away. Please note that if you're transferring funds from a non-Heritage Bank account this may take up to 2 business days.

Heritage Bank are offering leading term deposit rates; however, there are conditions. Apply using the links provided on this page or ask us a question if you’d like to know more about this product.

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6 Responses

  1. Default Gravatar
    PatMay 5, 2017

    Do you need to already hold an account with Heritage in order to open up a Heritage Bank term deposit account?

    • Staff
      JasonMay 5, 2017Staff

      Hi Pat,

      Thank you for your enquiry.

      You do not need to be a current account holder with Heritage Bank to open up a Heritage Bank Term Deposit account.

      You may apply online for the term deposit account by going to Heritage Bank’s homepage and verify your identity with Heritage Bank before your term deposit account can be created. You can complete the identity verification process online by entering your driver’s licence, Medicare card, proof of age card or passport details.

      Kind regards,
      Jason

  2. Default Gravatar
    IanApril 19, 2017

    Please advise term deposit interest rate for $650,000 for both 3 months and 6 months

    • Staff
      AnndyApril 19, 2017Staff

      Hi Chris,

      Thanks for your question.

      The interest rate for Heritage Bank term deposit accounts for 3 and 6 months is 6% p.a.

      You may also compare other term deposit accounts here.

      Cheers,
      Anndy

  3. Default Gravatar
    CharlesJuly 18, 2016

    Please advise term deposit rate for $200,000 for 3 months and for 4 months thank you.

    • Staff
      ClarizzaJuly 18, 2016Staff

      Hi Charles,

      Thanks for your question.

      For a 3-month term the interest on your deposit is 2.75%. For a 3-month term the interest on your deposit is 2.65%. You can also view this information in our product details table.

      Hope this helps.

      Clarizza

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