There are no set up or establishment fees on Heritage term deposits. However, a reduced rate of interest will be paid for early maturity and for interest payment methods other than at maturity and yearly.
- For interest paid up front - deduct 0.15% p.a from quoted interest rates (available only for deposits up to 12 months)
- For interest paid fortnightly - deduct 0.10% p.a from quoted interest rates (only available to age pension recipients)
- For interest paid monthly or quarterly - deduct 0.10% p.a from quoted interest rates
- For interest paid half yearly - deduct 0.05% p.a from quoted interest rates
- For terms greater than 12 months, interest must be paid at annually
- For early maturity - all or a portion of the term deposit may be withdrawn prior to maturity but will attract a reduced rate of interest (0.10%p.a)
Heritage sometimes offers term deposits which are priced higher than our standard term deposit. Because these term deposits often automatically renew at maturity for the same period but at a different interest rate, there is a risk you may move from a high to a low interest rate. Interest is calculated on daily balances. Please read the Guide to Heritage Deposit Products (available in branch, by phoning 13 14 22 or here) and consider whether this product is right for you.