- Heartland Bank offers a personal savings account with no conditions attached
- Its MySavings account pays a decent interest rate with no minimum balance or monthly deposit requirements
- It also charges no fees for digital transactions and requires no other linked accounts
Heartland Bank has its roots across the ditch in New Zealand, starting out more than 150 years ago.
Heartland was granted its New Zealand banking license in 2011, following the merger of a group of building societies and financial services organisations.
It entered the Australian market soon after, specialising in providing finance to seniors and small to medium sized businesses.
Heartland fun fact
Heartland Bank is Australia's largest provider of reverse mortgages, allowing seniors to access the equity in their homes.
Heartland Bank Australia gained its Australian banking license in 2024 after it acquired Challenger Bank, establishing itself as a fully digital authorised deposit-taking institution (ADI) backed by the federal government's deposit guarantee scheme.
Heartland Bank savings account interest rates
Here are the current rates for Heartland Bank's MySavings account:
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4.55% p.a. | 4.55% p.a. | $929 | – | $0 | $249,999 | $0 | $0 | $0 | |||||||||||
4.55% p.a. | 4.55% p.a. | $929 | – | $250,000 | $99,999,999 | $0 | $0 | $0 |
MySavings account features
- no minimum balance requirement
- no monthly deposit requirement
- no account-keeping fees
- no online transaction fees
- tiered interest rates applied to whole balances:
- up to $300,000
- $300,000.01 to $2 million
- over $2 million
- government guarantee on balances up to $250,000
- online account opening in less than 10 minutes
"With MySavings, our aim was to strip away the fine print that too often complicates savings accounts. By not having account keeping fees and bonus conditions, we’ve created a simple, digital savings account that’s easy to understand and easy to access. “In a market where variable rates and introductory offers can change quickly, simplicity really matters. MySavings rewards the full balance once a tier is reached, so customers earn interest on all of their savings without having to worry about missing out because of a forgotten deposit or a single transaction.”Keeping it simple: Heartland Bank
Pros & Cons of Heartland Bank MySavings account
Pros
- decent interest rate without conditions attached to achieving it
- no minimum balance needed
- no monthly deposit requirement
- no account-keeping fees
- no fees for transactions made via mobile app or internet banking
- no linked accounts required (see also: What's the difference between savings accounts and transaction accounts? )
- interest calculated daily
- simple account opening procedure
- 24/7 access via Mobile App or online banking
Cons
- same day payments depend on transaction cut-off times
- does not come with a debit card
- no branch access
- digital payment default limit of $5,000 (can be increased up to $20,000)
- payments over $20,000 require completing a form
- fees charged for phone-assisted payments
- there are higher no-condition savings account interest rates on the market
Heartland Bank Savings Account Review
"Like the famed flightless bird of the bank’s motherland, Heartland’s ‘MySavings’ account is easily missed in the wilderness that is Australia’s banking marketplace.
Perhaps that’s because Heartland Bank, having only recently traversed the Tasman as a full-fledged ADI, has yet to establish a foothold in the mind of the average Aussie saver.
But given this product’s high base rate, generous balance thresholds and lack of fees, we feel it deserves more attention.
Base is the new black these days, so the absence of a bonus or intro rate is appreciated. No rate hoops, no timeframes, no worries.
The base rate might not be the highest on the market, but it’s up there, particularly for those with bigger deposits since its top rate is available on balances up to $2 million (at the time of writing).
And while Heartland is better known in senior circles (having provided reverse mortgages to older Australians for many years), its savings account is available to savers as young as 14, who may be attracted to the lack of hoops for earning interest.
Young, tech-savvy savers will also appreciate that the account can be managed via Heartland Bank’s app, but may be disappointed it doesn’t offer Osko payments - meaning transfers in and out of the account aren’t instant. Although, as a savings account (as opposed to a transaction account), that’s not a must-have.
All up, Heartland Bank’s MySavings account is a pretty simple, no-fuss savings product. It’s a welcome throwback to a simpler time when banks paid a decent rate of interest on your savings without you having to make transactions or grow your balance each month."
How does Heartland Bank calculate savings account interest?
Heartland has a tiered interest rate structure, paying the applicable interest rate on the whole amount, not the portion that falls within a particular tier.
Interest is calculated on the the account's closing balance using the following formula:
Interest is paid on the last calendar day of the month and reflected on the account statement on the first day of the following month.
Heartland Bank term deposits
Heartland Bank Australia also offers highly competitive term deposit products, with its rates regularly being among the highest on the market.
Heartland accepts a minimum term deposit amount of $10,000 with interest paid either monthly or yearly depending on the term.
Who can open a MySavings account?
To be eligible to open an account, you need to:
- be 14 years or older
- have an Australian mobile number and a valid email address
- have an Australian residential address
- be solely an Australian resident for taxation purposes
Non-personal entities, such as companies, trusts, or SMSFs, are not eligible to apply for a MySavings account.