Interest rate changes effective 1 December 2021

Heritage Bank is making changes to deposit and term deposit interest rates effective Wednesday 1 December 2021.

The rate changes are as follows:

DEPOSITS

• Decrease Pension Plus interest rates by 0.05%
• Decrease Target Bonus – Bonus Rate interest rate by 0.10% from 0.40% to 0.30%
• Decrease Money Manager $50,000+ (no longer for sale) interest rate by 0.10% from 0.15% to 0.05%
• Decrease Loan Offset $5,000 or more (no longer for sale) interest rate by 0.10% from 0.35% to 0.25%
• Decrease Community Saver (no longer for sale) interest rates by 0.10%
• Decrease Body Corporate $250,000+ interest rates by 0.10% from 0.35% to 0.25%
• Decrease Farm Management Deposit At Call interest rates by 0.10%
• Increase Farm Management Deposit Fixed Term interest rates by 0.05% from 0.65% to 0.70%

TERM DEPOSITS

• Decrease 3-month to 8-month term deposit interest rates by 0.05-0.20%
• Decrease 10-month and 11-month term deposit interest rates by 0.10% from 0.40% to 0.30%
• Increase 9-month term deposit interest rate by 0.15% from 0.40% to 0.55%
• Increase 12-month and longer term deposit interest rates by 0.05-0.10%

These changes have been made to maintain the best interests of our customers overall. Our interest rate changes are implemented to ensure good pricing benefits for depositors and borrowers.

As a customer-owned bank, Heritage puts the best interest of members first. Unlike the big listed banks, we only aim to make a modest profit each year and then reinvest those funds into providing better products and services to all members. None of our profits are paid out to shareholders like the big listed banks.

You can find more information on our rates available at our interest rates page.