Increased returns on savings accounts and term deposits
We've increased the rates on our savings accounts and term deposits following the Reserve Bank's recent decision to lift the official cash rate.
Heritage Bank has further increased returns for a range of savings products and term deposits, following the Reserve Bank’s recent decision to lift the official cash rate.
These include higher interest rates for our most popular savings accounts:
- Online Saver – lifted to 4.60% p.a. (Base + Bonus)
- Target Bonus – lifted to 4.00% p.a. (Base + Bonus)
At the same time, Heritage Bank has also increased or maintained rates on all term deposit products from 1-month to 2-year terms.
Among the increases, returns on a 3-month term deposit have been lifted by 0.50% p.a. to 3.25% while 6-month deposits have been increased to 4.00% p.a.
All changes for term deposits and savings accounts will come into effective on 1 June 2023.
For any member feeling financial pressure, we have a range of policies and processes to assist. To find out more, please visit our financial hardship page.