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Summary

Earn up to 5.35% on a 12 month term deposit with Heartland Bank.

The Heartland Bank Term Deposit offers fixed interest rates on term lengths between one month and five years. Customers can enjoy a rate of up to 5.35% on a 12 month term. Different rates apply for different term lengths, as shown in the table below.

Pros

Competitive, fixed interest rates
No set-up fees

Cons

Minimum deposit of $25,000 needed for new customers and $5,000 for existing customers

Details

Key details

Product Name	Heartland Bank Term Deposit
3 month interest rate	5.00%
6 month interest rate	5.30%
9 month interest rate	5.25%
12 month interest rate	5.35%
24 month interest rate	4.80%
36 month interest rate	4.20%
48 month interest rate	4.10%
60 month interest rate	4.10%
Minimum Opening Deposit	$25,000
Minimum age requirement	14
Government guarantee	Yes

Eligibility

Minimum Age Requirement	14
Joint account availability	Yes
Min Deposit	$25,000
Available to children	Not available for children under 14 years of age

Key features

Competitive fixed interest rates

You'll benefit from a fixed interest rate when you lock your money into this term deposit, so you can have peace of mind knowing the interest rate won't change for the life of the term.

Terms from one month to five years

You can choose between term lengths of 31 days, 3 months, 6 months, 9 months, 12 months, 24 months, 36 months, 48 months or 60 months.

No account fees

There are no set-up fees or monthly account-keeping fees.

Invest between $25,000 and $1,000,000.

New customers need to deposit at least $25,000 to open a MyLife MyFinance Term Deposit, and can invest up to $1,000,000. For deposits above $500,000, you'll need to contact MyLife MyFinance's call centre to discuss account application options. Existing customers have a $5000 minimum deposit requirement.

Interest calculated daily

Interest is calculated on the balance daily and paid into the account on maturity.

Joint accounts available

You can open this term deposit account as a joint account with another person.

Options at maturity

You can elect to have your interest payments reinvested into your term deposit account at maturity or paid into any Australian bank account.

How to apply

You can apply online in 10 minutes. Make sure you meet the account eligibility requirements and have the following information ready before you start the application.

Eligibility

Minimum age. You need to be 14 years or older to apply for this account.
Residency. You need to be an Australian resident with an Australian residential address.

Documentation

Identification. You'll need to verify your identity using your driver's licence, Medicare card, birth certificate or passport details.
Tax file number. Providing your tax file number ensures that you'll be taxed at the correct marginal tax rate.

Compare other term deposit accounts

1 - 8 of 181

Name	3 Mths p.a.	4 Mths p.a.	5 Mths p.a.	6 Mths p.a.	7 Mths p.a.	12 Mths p.a.	24 Mths p.a.
Newcastle Permanent Term Deposit $1,000 min. deposit	3 Mths p.a. 3.50%	4 Mths p.a. 3.50%	5 Mths p.a. 3.50%	6 Mths p.a. 5.05%	7 Mths p.a. 3.80%	12 Mths p.a. 4.80%	24 Mths p.a. 4.00%	Go to site More Info Compare	Lock in a rate as high as 5.05% for 6 months with a minimum $1,000 deposit.
Newcastle Permanent Term Deposit $1,000 min. deposit	3 Mths p.a. 3.50%	4 Mths p.a. 3.50%	5 Mths p.a. 3.50%	6 Mths p.a. 5.05%	7 Mths p.a. 3.80%	12 Mths p.a. 4.80%	24 Mths p.a. 4.00%	Go to site More Info Compare
ING Term Deposit $10,000 min. deposit	3 Mths p.a. 4.90%	4 Mths p.a. 4.90%	5 Mths p.a. -	6 Mths p.a. 5.10%	7 Mths p.a. 4.65%	12 Mths p.a. 5.10%	24 Mths p.a. 4.60%	Go to site More Info Compare
BCU Term Deposit $1,000 min. deposit$999,999 max. deposit	3 Mths p.a. 4.60%	4 Mths p.a. 5.00%	5 Mths p.a. 3.40%	6 Mths p.a. 4.70%	7 Mths p.a. 4.00%	12 Mths p.a. 4.50%	24 Mths p.a. 4.40%	Go to site More Info Compare
Bankwest Term Deposit $1,000 min. deposit$10,000,000 max. deposit	3 Mths p.a. 3.75%	4 Mths p.a. 3.00%	5 Mths p.a. 3.00%	6 Mths p.a. 4.25%	7 Mths p.a. 4.00%	12 Mths p.a. 5.00%	24 Mths p.a. 4.40%	Go to site More Info Compare
Australian Unity Term Deposit $5,000 min. deposit	3 Mths p.a. 4.90%	4 Mths p.a. 1.15%	5 Mths p.a. 1.15%	6 Mths p.a. 5.10%	7 Mths p.a. 1.50%	12 Mths p.a. 4.80%	24 Mths p.a. 4.20%	Go to site More Info Compare
Great Southern Bank Platinum Plus 55+ $5,000 min. deposit$1,000,000 max. deposit	3 Mths p.a. -	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. -	7 Mths p.a. -	12 Mths p.a. 4.95%	24 Mths p.a. 4.50%	Go to site More Info Compare
Great Southern Bank Term Deposit Account $5,000 min. deposit$1,000,000 max. deposit	3 Mths p.a. 4.65%	4 Mths p.a. 2.95%	5 Mths p.a. 5.10%	6 Mths p.a. 4.90%	7 Mths p.a. 3.05%	12 Mths p.a. 4.85%	24 Mths p.a. 4.40%	Go to site More Info Compare

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Alison Finder

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Tash Parker

July 15, 2024

I see that Heartland Bank is a New Zealand owned bank. Can Australians still use it for term deposits in our own currency or does it go by the NZ dollar?

Sarah Megginson Finder

July 16, 2024

Hi Tash,

Yes, the rates advertised on this page are applicable for Australian currency. In Australia, Challenger Bank Limited is trading as Heartland Bank. It is part of the Heartland group of companies, which has more than 145 years of experience in financial services and is listed on the New Zealand and Australian stock exchanges (NZX/ASX: HGH).

Hope this helps!

Hope this helps@

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Rick

May 29, 2024

Do you pay interest monthly on a 12 month TD?

Sarah Megginson Finder

July 17, 2024

Hi Rick,

Heartland calculate interest on the balance daily and pay it into the account on maturity, so if you take out a 12-month product, it will be paid at the 12-month mark.

If you wish to receive monthly interest, a high interest savings account might be a better fit for you right now. The interest rates are as high as term deposits, but the interest is paid monthly.

Hope this helps!

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tony

April 03, 2024

how long will the 5.25 rate remain open. i have 100 -200 k to invest from august

Sarah Megginson Finder

May 17, 2024

Hi Tony,

There’s no way of knowing how interest rates will change over time, so it would be a good idea to review what the rates are when you get your funds and find the best rate at the time. It might be worth checking this page closer to the time to review some of the latest rates.

Best of luck!

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philip

March 26, 2024

We have a little over $300000 do we have to open two term deposits or have the term deposit in two names to be guaranteed by the govt.

Sarah Megginson Finder

March 26, 2024

Hi Philip,

The gov. guarantee covers $250,000 per person, per organisation. So if your balance is $300,000 for one person, you would want to put $50,000 with a different institution. If its in the name of 2 people, you can have $250k each.

Hope this helps!

peter goonewardene

August 25, 2023

the money we deposit is guaranteed by government?

Alison Banney Finder

September 21, 2023

Hi Peter, yes this bank is included in the government guarantee scheme.

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

Heartland Bank Term Deposit

Pros

Cons

Key features

Competitive fixed interest rates

Terms from one month to five years

No account fees

Invest between $25,000 and $1,000,000.

Interest calculated daily

Joint accounts available

Options at maturity

How to apply

Eligibility

Documentation

Compare other term deposit accounts

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