Interest rate changes effective 1 November 2021

1 November 2021

Heritage Bank has made changes to deposit interest rates effective Monday 1 November 2021.

The rate changes are as follows:

DEPOSITS

• Decrease Target Bonus – Bonus Rate by 0.05% from 0.45% to 0.40%
• Decrease Loan Offset (no longer for sale) interest rates by 0.05%

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.