Interest rate 12 months interest rate: Up to 5.62% p.a.
Minimum opening deposit: $10,000
Account keeping fee: $0
Maximum deposit: $1,000,000

Summary

Earn up to 5.62% 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 5.62% 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 $10,000 required

Details

Key details

Product Name	Heartland Bank Term Deposit
3 month interest rate	4.95%
6 month interest rate	5.45%
9 month interest rate	5.47%
12 month interest rate	5.62%
24 month interest rate	5.25%
36 month interest rate	5.15%
48 month interest rate	5.25%
60 month interest rate	5.35%
Minimum Opening Deposit	$10,000
Minimum age requirement	14
Government guarantee	Yes

Eligibility

Minimum Age Requirement	14
Joint account availability	Yes
Min Deposit	$10,000
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 $10,000 and $1,000,000.

New customers need to deposit at least $10,000 to open a Heartland Bank Term Deposit, and can invest up to $1,000,000. If you want to invest more than $1,000,000, you'll need to download and complete Heartland Bank's paper application form. 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 products from Heartland Bank

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Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Heartland Bank Term Deposit information page
2. Heartland Bank Term Deposit TMD

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Alison Finder

Editorial Manager, Money

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Ken

November 04, 2026

Is the deposit subject to the Federal Governments $250,000.00 deposit guarantee?

Angus Kidman Finder

November 05, 2026

Yes, Heartland Bank is an authorised deposit taking institute and so is covered by the FCS guarantee. Note that the $250,000 is in total per bank, not per account.

Peter

October 19, 2026

As I no longer have a license or valid passport but I am getting an RTA photo card and I have a medicare card is that enough

The Finder Team

October 20, 2026

Hi Peter,

Finder is a comparison site, so we don’t process applications or verify identity documents directly. Heartland Bank is required by law to verify your identity to open an account. A government-issued photo card and a Medicare card are standard forms of identification for the 100-point identity check required by Australian financial institutions and these are typically enough to satisfy the requirements.

Final approval depends on Heartland Bank’s specific application process, so you’d need to confirm with the bank directly that these documents satisfy their requirements. Our term deposits guide will help you compare options.

Hope this helps!

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John

October 05, 2026

Can I open a 6 month Term Deposit with 2 transfer of $5000 or does it have to be 1 lump sum of $10000.

Angus Kidman Finder

October 07, 2026

Hi John, Typically, you do need to set up a term deposit with a single transfer.

Patrick

September 14, 2026

Can i open a deposit in my family trust structure & if so what types of ID are required ?

Sarah Megginson Finder

September 15, 2026

Hi Patrick,

Yes this is possible, and you’ll need to provide at least two of the following documents:

• Australian driver’s licence containing your photograph, or

• Australian passport containing your photograph and signature, or

• a Medicare card.

This section must be completed by the following individuals:

• Each person nominated as either an authorised representative or an account signatory in section 3

• Primary/Sole Director and Second Director/Secretary (of company or company trustee) if relevant

• Each substantial shareholder (of company or company trustee)

• Primary Individual Trustee of the unregulated trust

• Second Individual Trustee of the unregulated trust, if relevant

• Each substantial trust beneficiary of the unregulated trust

• Other individuals controlling the entity.

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March 18, 2026

Can I open a 12 month 5% Term Deposit account under my company name?

Richard Whitten Finder

April 16, 2026

Hi TL,

Yes you can. The rate for a 12-month “non-personal” i.e. business term deposit is 5.40%.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. 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 $10,000 and $1,000,000.

Interest calculated daily

Joint accounts available

Options at maturity

How to apply

Eligibility

Documentation

Compare other products from Heartland Bank

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