Heartland Bank Term Deposit
- Interest rate 9 months interest rate
- Up to 5.15% p.a.
- Minimum opening deposit
- $25,000
- Account keeping fee
- $0
- Maximum deposit
- $1,000,000
Summary
Earn up to 5.1% 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 5.1% 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 | 4.95% |
| 6 month interest rate | 5.09% |
| 9 month interest rate | 5.15% |
| 12 month interest rate | 5.10% |
| 24 month interest rate | 4.70% |
| 36 month interest rate | 4.60% |
| 48 month interest rate | 4.45% |
| 60 month interest rate | 4.45% |
| 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 |
Compare other term deposit accounts
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Your reviews
Alison Finder
Editor
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Sarah Megginson Finder
September 09, 2024
Hi Steve,
Yes, the Financial Claims Scheme is a government-backed safety net for deposits of up to $250,000 per account holder, per ADI.
Hope this helps!
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!
Steve
August 31, 2024
We presently have a term deposit in my wife’s name.
If I set up a second term deposit in my name (with both having been initially funded from our same everyday joint bank account ….will the 250K Government Guarantee be applicable to both of our Heartland Term Deposits ?