Savings account vs term deposit
Heartland Bank MySavings account vs term deposit
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Interest over 1 year on $50,000
$2,275
4.55% a year
$2,775
5.55% a year · paid at maturity
Over 1 year on $50,000, Heartland Bank MySavings account pays $2,275; Heartland Bank's 12-month term deposit pays $2,775.
Worked out on $50,000 until you pick a balance
Heartland BankMySavings account
Heartland BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,275
nothing to do each month
$2,775
paid at maturity
+$500 · More interest over the term
Rate over the term
a year, on $50,000
4.55%
5.55%
fixed for the term
+1.00 · Higher rate over the term
Asked of you each month
Nothing
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$5,000
Who can open it
Anyone 14 or over
Anyone
How they differ
- A savings rate can change at any time. Heartland Bank MySavings account's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at Heartland Bank shares that one $250,000.
Heartland Bank Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
1 monthPaid at maturity2.10%$88
9 monthsPaid at maturity5.40%$2,025
1 yearPaid at maturity5.55%$2,775
3 yearsPaid annually5.15%$7,725
4 yearsPaid annually5.25%$10,500
5 yearsPaid annually5.35%$13,375
As of 2 November 2026, over 1 year on $50,000, Heartland Bank MySavings account pays $2,275 with nothing to do each month; Heartland Bank's 12-month term deposit pays $2,775 at 5.55%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.