Reserve Bank’s latest increase sees rate move

27 June 2023

Heritage has again lifted interest paid on a wide range of savings products and term deposits, following the Reserve Bank’s latest decision to lift the official cash rate.

Increases up to the full 0.25% has been passed on to our most popular savings accounts: 

• Online Saver– lifted to 4.85% p.a. (Base + Bonus)
• Target Bonus – lifted to 4.25% p.a. (Base + Bonus)

 At the same time, Heritage has also increased or maintained rates on all term deposit products from 1-month to 5-year terms. These include:

• 3-month term – increased by 0.70% p.a.
• 9-month term – increased by 0.50% p.a.
• 1-year term – increased by 0.50% p.a.

All changes for term deposits come into effect on 23 June 2023, with changes to savings accounts effective from 1 July 2023.

For any member feeling financial pressure, we have a range of policies and processes to assist. To find out more, please click here.