Heritage lowers minimum balance for high interest savers to $1

Australia’s largest building society Heritage has announced changes to a number of its high-interest savings accounts that are designed to give members more incentive to save.

Heritage has reduced the opening balance required to open its On-lines@ver, Cash Management and Money Manager account to $1.

Heritage has also adjusted the interest rate tiers on its On-lines@ver, Cash Management and Money Manager account to incorporate paying interest from the new opening balance of $1. This means that members can access competitive interest rates for every dollar they deposit.

Heritage CEO Mr John Minz said that these are positive changes for members who will have greater access to the accounts with the lower balance requirement.

“The On-lines@ver, Cash Management and Money Manager accounts are ideal for members who are looking for a high interest rate plus ready access to their savings,” he said.

He added that in the current economic environment, high interest accounts provide practical cash management flexibility for members needing access to manage their funds .

“Unlike other high-interest earning account types, these accounts do not lock your money away for a period of time but still provide some capacity for interest to accumulate,” he said.

“This essentially enables members to freely access their savings on a day-to-day basis at a competitive interest rate.”

He added that Heritage is focussed on putting People first and continues to be a strong competitor in the financial services sector, offering a better service and pricing structure in comparison to its larger banking competitors.

Deposits at Heritage are protected under the terms of the Australian Government guarantee, together with the depositor protection provided by the Banking Act.

For access to Heritage’s interest rates please refer to our interest rates section on our website Heritage Bank Interest Rates or at your local Heritage Branch.

* Home loan comparison rate based on a $150,000 loan over 25 years.  Fixed loan comparison rate applies only for loans with an LVR of 80% or less and a loan amount of $150,000 to $249,999.  WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Interest rates are on a per annum basis. Rates are correct as stated and subject to change without notice. Rates shown are for new loans and do not apply to switches or internal refinances.

Home Advantage Variable rates include discounts shown from the Standard Variable rate. Home Advantage Living Equity rates include discounts from the Living Equity rate. Discounts are based on total lending in the package. Discount Variable LVR rates are for new lending and include discounts from the Discount Variable Loan Rate.  Discounts are not available in conjunction with any other interest rate discount or special offer. All fixed rates are fixed for the period stated and revert to the variable rate applying at expiration of the fixed term. To approved applicants only. Conditions, criteria and fees apply.

Loan to Value Ratio (LVR) is the loan amount divided by the value of your security property (determined by Heritage Bank at assessment), multiplied by 100. Owner Occupied loans have a maximum LVR of 95%, Investment loans have a maximum LVR of 80% and Living Equity has a maximum LVR of 80%. Heritage is not accepting any new investment applications until further notice.

This advice has been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs.

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