Heritage Bank Term Deposit Rates

If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about Heritage Bank’s term deposits.

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What terms are available on Heritage Bank term deposits?

According to Heritage Bank, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on Heritage Bank term deposits?

Heritage Bank’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Fortnightly (only for those 55 or over)
  2. Monthly
  3. Quarterly
  4. Semi-annually
  5. Annually
  6. At maturity

Heritage bank also advertises the option to have your interest paid up-front, but this option is only available on terms up to 12 months.

It’s worth remembering that the interest payment option you select may have an impact on the rate of interest you earn. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does Heritage Bank have a notice period and charge an early withdrawal fee for withdrawals?

Heritage Bank says it may requires you to provide 31 days’ notice if you need to access your money early.

Heritage Bank does not charge an early withdrawal fee but applies an interest rate adjustment if you withdraw your money before the end of the term.

Heritage Bank’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does Heritage Bank charge any other fees for term deposits?

At the time of writing, no additional fees were listed by Heritage Bank in relation to its term deposits. 

For current information on fees and how they apply, please check the Product Disclosure Statement or contact Heritage Bank.

How to apply for a Heritage Bank term deposit

Before applying for a Heritage Bank term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

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If applying, consider Heritage Bank’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s license or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

You cannot apply for a Heritage Bank term deposit online – you must call its Queensland-based Contact Centre on 13 14 22.

Eligibility criteria

According to Heritage Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be at least 18 years old
  • You must be an Australian resident
  • You must be investing a minimum deposit of $1,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a Heritage Bank term deposit when it reaches maturity?

According to Heritage Bank, when a term deposit reaches the end of its term, if no instructions have been provided the money will be reinvested at the same term, and the current interest rate at that time would apply.

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). The bank has a history of more than 140 years in Australia. In 2011, Heritage Building Society officially changed its name to Heritage Bank.

Written by: Maddie Clarey | Last updated: November 8, 2018