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.
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.
- Online application is available
- $0 establishment fee applies
- 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.