Term Deposit

Lock in your savings with a term deposit and know exactly what your investment is worth ahead of time. View our higher term deposit rates and select a term from 1 month up to 5 years.

4.95 % PA
6 month term deposit for $1,000 or more About this rate Open my term deposit
% PA
Term deposit rates


  • Investments from as little as $1,000
  • Terms from 1 month up to 5 years
  • No set up or establishment fees^

All term deposit rates shown are on a per annum basis, calculated on daily balances with interest paid at maturity. For terms greater than 12 months interest must be paid at least annually.
Interest Rate
1 month
2 months
3 months
4 months
5 months
6 months
7 months
8 months
9 months
10 months
11 months
12 months
24 months
36 months
48 months
60 months
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Interest Rate
Rates Effective From 14/06/2024

Can I access my term deposit early?

Yes. If you decide to withdraw or transfer part or all of the account balance of your term deposit after the grace period has expired but before the maturity date, you can discuss this request with one of our specialists at your local branch or call us on 13 14 22. Any withdrawal outside the grace period or before maturity will be subject to the conditions outlined in our Guide to Heritage Deposit Products.

When you withdraw part or all of your deposit before the end of the term, we will pay a reduced rate of interest on the withdrawn amount. This reduced rate is called the early withdrawal rate. The effect of the early withdrawal rate is to reduce your interest return, on the amount withdrawn, to the early withdrawal rate. 

Early withdrawal rate

The early withdrawal rate is currently 0.10% p.a.

For further information and examples of how the early withdrawal rate will affect your investment refer to the Guide to Heritage Deposit Products.

Can I change when interest is paid on my term deposit?

When you open a new term deposit, or your term deposit reaches the maturity date, you can choose to have your interest paid at a different interval.

A reduced rate of interest will be paid for interest payment methods other than at maturity and yearly.

Interest rate adjustments

Interest paid

Deduction from quoted interest rates

Up front
Only available for terms up to 12 months
0.15% p.a.
Only available if you are 55 years or over and retired or eligible for a pension or hold a seniors card.
0.10% p.a.
Monthly or quarterly 0.10% p.a.
Half yearly 0.05% p.a.

How can I open a term deposit?

You can open a term deposit online now, at your local branch or by calling us 24/7 on 13 14 22.

What happens when my term deposit ends?

The day your term deposit ends is known as the maturity date. Prior to the maturity date we will send you an email or letter reminder that your term deposit is renewing.

At this time, you will be able to review the maturity instructions you provided when you first set up your term deposit.

If you’d like to change the instructions, you can let us know by completing and returning the change to term deposit maturity instructions form.

Want to skip the paperwork? You can edit the details of your term deposit maturity instructions in Heritage Online at any time

What is the grace period on term deposits?

All Heritage term deposits have a grace period of 7 calendar days from the start date of your term deposit.

This means if your term deposit reinvests and you wish to change the term of your investment or withdraw it, you will have 7 calendar days to do so after your renewal date.

To make a change to your term deposit, manage your term deposit in Heritage Online, visit your local branch or call us on 13 14 22.

Research tools
Term deposit calculator
Compare a term deposit and savings account
Budget planner
Are term deposits worth it?
How to choose the best savings account
Ways to bank with Heritage
Interest rates for accounts
More interest rates

Our specialists are available to answer any of your questions, so you can choose the product that best suits your needs.

They can also help with internet banking, card management and lots more.  Tap here for live assistance.