Term deposit return increased above Reserve Bank’s latest move

Great term deposit rates

16 March 2023

Heritage Bank has significantly increased returns for its popular term deposits.

In great news for savers, 12-month term deposits will earn 4.50% p.a. under the latest changes. This is an increase of 0.40% p.a., and is well ahead of the Reserve Bank’s recent decision to lift Australia’s cash rate by 0.25% p.a.

Heritage Bank has also lifted returns for 3-, 4-, 5- and 6-month terms, with increases of up to 0.75% p.a. All changes are effective from 21 March 2023.

Due to the Reserve Bank’s decision, Heritage Bank’s existing variable rate home loans will increase by 0.25% p.a., as will variable business loans. The changes will be effective from 22 March 2023.

Rates on all savings accounts remain under review.

For any member feeling financial pressure, we have a range of policies and processes to assist. To find out more, please visit our Financial Hardship page.

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