Heritage Bank Savings Accounts

Heritage Bank is a provider of savings accounts, everyday banking, credit cards, general insurance, term deposits, home loans, and personal loans.

 What savings accounts does Heritage Bank offer?

At the time of writing Heritage Bank offers five savings accounts:

  • Online Saver – An online savings account with no fees and a tiered interest rate
  • Target Bonus – Earn bonus interest when you make a deposit and no withdrawals in a month
  • Christmas Club – A fee-free savings account that only lets you access your funds from 1 November to 31 January
  • Community Saver – an interest-earning account where Heritage Bank also pays a ‘Community Grant’ to a community group of the account holder’s choice every three months. The grant is based on a nominated percentage of the account balance.
  • Pension Plus – An account for those who are either receiving a pension or are aged 55 years or older and retired

You can view the current interest rates on some of Heritage Bank savings accounts in Canstar’s comparison tables.

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Do Heritage Bank savings accounts require a linked transaction account?

Heritage Bank does not state whether you are required to have a linked transaction account to open a savings account. 

If you do require a transaction account, you can compare transaction accounts with Canstar to potentially find one that suits your requirements.

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Does Heritage Bank charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, Heritage Bank says it does not charge any fees on its savings accounts.

What does Heritage Bank offer in terms of mobile banking for savings accounts?

Heritage Bank’s mobile banking app is available on both iPhone and Android devices, and can be downloaded from both the Apple and Google stores. Notable features of Heritage Bank’s mobile banking include:

  • Receive real-time payments from participating banks by using PayID
  • Find Heritage Bank ATMs and branches on the go
  • Activate and cancel cards
  • Transfer money between accounts and pay other accounts

How do I apply for a Heritage Bank savings account?

Before applying for a Heritage Bank savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. 

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You can then apply for a Heritage Bank savings account online, provided you have the correct documentation.

For example, to apply for a Heritage Bank savings account you may need to:

  • Be over 18 years old and a resident of Australia
  • Have a valid email and Australian residential address
  • Provide a Tax File Number (TFN)

Once your account is opened, Heritage Bank may require you to transfer in a minimum amount before your account can be activated – check the PDS for more information on how much you might need to deposit.

About Heritage Bank

Heritage Bank was founded in 1981 following the merger of the Toowoomba Permanent Building Society (established 1875) and the Darling Downs Building Society (established 1897). It has a history of more than 140 years in Australia. In 2011, Heritage Building Society officially changed its name to Heritage Bank.

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Written by: James Hurwood | Last updated: July 25, 2019