What is a customer owned bank?
Heritage Bank is making changes to deposit and term deposit interest rates effective Tuesday 27 April, 2021 that will help maintain the best interests of our customers overall.
The rate changes are as follows:
The following change will also come into effect from Saturday 1 May, 2021.
These changes are coming in to maintain the best interests of our customers overall. Our interest rate changes are implemented to ensure good pricing benefits for depositors and borrowers.
Any savings we make on reduced interest costs on deposit products are reinvested into providing better products and services to all of our members.
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 on our account interest rates page. If you'd like to calculate your interest, our Savings Calculator is a quick online tool that allows you to compare your interest earnings from a savings account and term deposit.Basis points (bps) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a deposit or loan product.