Heritage Bank Term Deposit (minimum investment of $5,000)
Invest $5,000 or more for a term length between one month to five years and earn a fixed interest rate.
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 the below term deposit rates when you invest $5,000 or more and you meet the interest payment conditions outlined below.
Up to 0.8% p.a.
24 months interest rate
Minimum opening deposit
Account keeping fee
|Product Name||Heritage Bank Term Deposit ($5000)|
|3 month interest rate||0.50%|
|4 month interest rate||0.50%|
|6 month interest rate||0.50%|
|7 month interest rate||0.50%|
|9 month interest rate||0.50%|
|12 month interest rate||0.65%|
|24 month interest rate||0.80%|
|36 month interest rate||0.80%|
|48 month interest rate||0.80%|
|60 month interest rate||0.80%|
|Minimum Opening Deposit||$5,000|
|Minimum Age Requirement||18|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
High minimum investment amount of $5,000
Deposit $5,000 or more to take advantage of the Heritage Bank fixed term deposit rates.
How is my interest paid?
- For terms 12 months and less: Interest is paid at maturity.
- For terms more than 12 months: Interest is paid annually.
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.
How to applyYou can apply online for the Heritage Bank Term Deposit and it takes less than 15 minutes to complete.
The following eligibility requirements apply:
- Minimum deposit. Deposit at least $5,000 to receive the above Heritage Bank 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.
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 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.