Heartland Bank Australia launched MySavings on Monday, adding a savings account product to its Australian term deposit products.

The New Zealand-owned bank is arguably best known for its highly competitive term deposit rates, regularly among the market leaders, as well as its reverse mortgage products.

Heartland's MySavings accounts pay daily interest according to three variable interest rate tiers:

  • 4.75% p.a. for amounts $0 to $300,000
  • 3.75% p.a. for amounts $300,000.01 to $2 million
  • 2.00% p.a. for amounts greater than $2 million

The online accounts require no minimum balance or monthly deposit and have no monthly account-keeping fees.

How do Heartland's savings rates compare?

The top rate is not as eye-catching as the rates for current market leaders ING's Savings Maximiser (5.50% p.a.), Ubank Save Account (5.50% p.a.), and Rabobank's High Interest Savings Account (5.60% p.a.).

However, ING and Ubank's offerings have conditions attached to achieve their rates while Rabobank's rate is a four-month introductory rate that reverts to 4.35% p.a. with no monthly fees or minimum balance requirement.

See also: The different types of savings account interest rates

Macquarie Bank also offers a 5.35% p.a. introductory rate for four months that reverts to 5.00% p.a. with no fees or monthly deposit conditions.

MySavings fine print

MySavings accounts are open to Australian residents (for tax purposes) who are 14 years or older with an Australian residential address, mobile number, and a valid email address.

Non-personal entities, such as companies, trusts, or SMSFs, aren't eligible to open MySavings accounts.

Heartland Bank CEO Michelle Winzer said its MySavings product was created to help people build their wealth in a way that's simple and easy.

"[It comes] without restrictions and hurdles to achieve the advertised interest rate," she said.

"MySavings is about providing options which make savings more accessible - because everyone should have the opportunity to save and grow their hard-earned money."

Heartland is listed on both the New Zealand and Australian stock exchanges, and is the tenth-largest bank in Australia in terms of market cap.

It acquired Challenger's banking arm to launch banking services in Australia in 2024.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
More details
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Savings Account

    More details
    Disclosure
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 16, 2025. View disclaimer.

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