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.

* Based on a $150,000 loan over 25 years. 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.