Term Deposits

Yes. If you decide to withdraw or transfer part or all of the account balance of your term deposit after the grace period has expired but before the maturity date, you can discuss this request with one of our specialists at your local branch or call us on 13 14 22. Any withdrawal outside the grace period or before maturity will be subject to the conditions outlined in our Guide to Heritage Deposit Products.

Should you decide to withdraw or transfer part or all of the account balance of your term deposit account after the grace period has expired but before the maturity date, you can ask us. Heritage generally requires 31 days' notice of your intention to withdraw funds early and has the discretion to delay the withdrawal or transfer of the funds until the end of the notice period (but not beyond the next maturity date). However, we may reduce or waive this notice period in the event you are experiencing financial difficulty. We encourage you to contact us as soon as possible if you’re considering early withdrawal or transfer of your funds so we can discuss these implications with you.

Early withdrawal rate

The early withdrawal rate is currently 0.10% p.a.

For further information and examples of how the early withdrawal rate will affect your investment refer to the Guide to Heritage Deposit Products.

When you open a new term deposit, or your term deposit reaches the maturity date, you can choose to have your interest paid at a different interval.

A reduced rate of interest will be paid for interest payment methods other than at maturity and yearly.

To have your interest paid at monthly intervals, a 0.10%p.a. deduction will be applied to the quoted interest rate.

You can open a term deposit online now, at your local branch or by calling us 24/7 on 13 14 22.

The day your term deposit ends is known as the maturity date. Prior to the maturity date we will send you an email or letter reminder that your term deposit is renewing.

At this time, you will be able to review the maturity instructions you provided when you first set up your term deposit.

If you’d like to change the instructions, you can let us know by completing and returning the change to term deposit maturity instructions form.

Want to skip the paperwork? You can edit the details of your term deposit maturity instructions in Heritage Online at any time

All Heritage term deposits have a grace period of 7 calendar days from the start date of your term deposit.

This means if your term deposit reinvests and you wish to change the term of your investment or withdraw it, you will have 7 calendar days to do so after your renewal date.

To make a change to your term deposit, manage your term deposit in Heritage Online, visit your local branch or call us on 13 14 22.