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 leadersING'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.
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.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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Denise Raward
Harry O'Sullivan
Harrison Astbury
Emma Duffy
