Term deposit return increased above Reserve Bank’s latest move

16 March 2023

Heritage Bank has significantly increased returns for its popular term deposits.

In great news for savers, 12-month term deposits will earn 4.50% p.a. under the latest changes. This is an increase of 0.40% p.a., and is well ahead of the Reserve Bank’s recent decision to lift Australia’s cash rate by 0.25% p.a.

Heritage Bank has also lifted returns for 3-, 4-, 5- and 6-month terms, with increases of up to 0.75% p.a. All changes are effective from 21 March 2023.

Due to the Reserve Bank’s decision, Heritage Bank’s existing variable rate home loans will increase by 0.25% p.a., as will variable business loans. The changes will be effective from 22 March 2023.

Rates on all savings accounts remain under review.

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.