Interest rate changes effective Tuesday 12 October 2021

12 October 2021

Heritage Bank has made changes to fixed investor mortgage, deposit, term deposit and business banking equipment interest rates effective Tuesday 12 October 2021.

The rate changes are as follows:


  • Decrease Pension Plus $50,200 or more interest rate by 5bps from 0.40% to 0.35%
  • Decrease Online Saver interest rate by 5bps from 0.30% to 0.25%
  • Decrease Online Saver Bonus Intro Rate by 5bps from 0.15% to 0.10%
  • Decrease Money Manager $50,000 or more (no longer for sale) interest rate by 5bps from 0.20% to 0.15%


  • Decrease 3-month interest rate by 5bps from 0.40% to 0.35%
  • Decrease 9-month interest rate by 10bps from 0.50% to 0.40%
  • Increase 8-month, 12-month, 36-month, 48-month and 60-month interest rates by 10bps

MORTGAGES – INVESTOR (new lending, switches and refixes)

  • Increase all Investor Fixed rates by 10bps


  • Decrease Equipment Variable interest rate by 76bps from 4.25% to 3.49%
  • Decrease all Equipment Fixed interest rates by between 51-81bps

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.


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