Savings and Deposits common questions

Yes. The Depositor Compensation Scheme (DCS) covers eligible depositors up to $100,000 held in DCS-protected accounts. Find out more

Yes. Existing customers can open our Call, Savings, Term Deposit, and PIE accounts through Heartland Digital or the Heartland Mobile App. New customer can open an account online, through our website application.

Yes. An individual, company or trust can specify the income tax rate at which tax is deducted from the credit interest paid on their savings accounts (including the new 39% top rate of income tax). If you have not told us which tax rate to apply, we will generally apply the default rate of 33% to individuals and trusts and 28% to companies. However we have to apply a tax rate of 45% if we do not have your IRD number (even if you choose a lower rate). Further details can be found at www.ird.govt.nz/income-tax/withholding-taxes/resident-withholding-tax-rwt/using-the-right-rwt-tax-rate

If you would like to update your tax details, please send us a secure message in the Heartland Mobile App or internet banking, email our team or call us on 0800 85 20 20. We are here to help.

In October 2025 Fitch Ratings affirmed Heartland Bank's credit rating at BBB with outlook "Stable". A rating of BBB from Fitch Ratings is ‘investment grade’. You can read more about our rating here.

No, Heartland Bank became a registered bank in December 2012. We were the first New Zealand registered bank to be listed on the NZX Main Board.

No, you don’t need to visit an office to open an account. All banking activities can be done online and over the phone.

The Heartland Digital Saver has been designed for customers who are after a competitive interest rate that is accessible via self-service digital tools.
Fees are charged on all staff-assisted withdrawals, and therefore the account is better suited to customers who are able to self-service through the Heartland Mobile App and Heartland Digital.

No fees are charged on digital self-service withdrawals. All staff-assisted withdrawals will incur a $10 fee. Refer to our Account and Service Fee Guide for more information about the fees.

A staff-assisted withdrawal is when a Heartland staff member is asked to assist with a transfer or withdrawal that is able to be performed via a self-service digital platform (including the Heartland Mobile App and Heartland Digital). Please note that a staff member will inform you before you are charged this fee.

You can manage your Digital Saver account via our self-service platforms (including the Heartland Mobile App and Heartland Digital) including:

• View your balance
• Generate and download statements
• Make payments to a nominated account
• Set up automatic payments and transfers

For more useful tips check out our mobile app how-to guides here.

There is no minimum requirement to open a Digital Saver account.

Yes, you can open a Digital Saver account without any other Heartland account.

A nominated account is one dedicated account of your choice that provides safety when making withdrawals. Once it is set up, any withdrawals from your Digital Saver account will go into this chosen account.

Yes, a nominated account can be an account with Heartland or another bank.

Yes, you can open a Digital Saver account as a trust or a business by following the steps below.

If your trust or business is already a Heartland customer, you can open your new Digital Saver account in seconds through the Heartland Mobile App.

If your trust or business is new to Heartland, submit your application under the name of your trust or business by clicking here. Our team will contact you to collect documents related to your trust or business to finalise your account.

There are no minimum contribution requirements.

There are no penalties and no fees for withdrawing funds from your Direct Call account.

When setting up your Direct Call account you can choose to set up a nominated account – this can be another Heartland account, or an account with another bank. Your nominated account is useful when making large transfers (up to $1 million), though you can also make transfers of up to $5,000 to non-nominated accounts. Transfers take one day to clear.

There are no monthly fees or transaction fees.

There are no minimum contribution requirements.

There is no minimum deposit required to open a Direct Call account.

Yes, you can open a Direct Call account without any other Heartland account.

A nominated account is one dedicated account of your choice that provides safety when making withdrawals. Once it is set up, any withdrawals from your Direct Call account will go into this chosen account.

Yes, a nominated account can be an account with Heartland or another bank.

Check out our full fee schedule, rates and terms.

We will order you a card. It will take one to two weeks to arrive, but don’t fear we’ll deliver your card straight to your door. You won’t even need to change out of your PJs.

Great question! Interest is calculated daily and either charged or paid to your account monthly. Our overdraft interest rate is floating, meaning it is subject to change from time to time. Our savings interest rate is subject to change from time to time, without notice. Our current interest rates will always be available on our website.

Check out our full fee schedule, rates and terms.

To make it even easier for you, your card comes preloaded with a PIN. Although if you’d like to make this something a bit more personalised, just pop into any Heartland or Westpac branch with your ID.

Bad or good we want to hear it. At Heartland, we are proud to offer our customers a high level of customer service, and your satisfaction is very important to us. If you would like to make a complaint or offer a compliment, please contact us here.

Yes, we sure do. Find out more about making a compliment or complaint.

You can deposit funds directly into your account from any New Zealand bank account by entering your Notice Saver account number, or you can transfer funds from another Heartland Bank account.

When you’re ready to access the funds in your Notice Saver account, simply open the ‘Make a payment’ screen in the Heartland Mobile App (or Heartland Digital) and complete the details required. It will automatically select a date 32 or 90 days in the future, depending on which rate you’ve chosen. If this falls on a weekend or a public holiday, the payment will be made on the following business day.

Yes, you can choose to withdraw any amount to your nominated account, as long as you give us your chosen 32 or 90 days’ notice. There’s no limit to the amount of withdrawals you can make from your Notice Saver account, provided the notice period is met each time.

There are no set-up, transaction or maintenance fees.

If Heartland agrees to a request for early withdrawal from a Notice Saver account, an Early Withdrawal Fee will be payable on the total funds withdrawn, subject to a minimum fee of $12.00.

Depending on the account type, customers are required to provide either 32 or 90-days’ notice for every withdrawal. Heartland may agree to a withdrawal request without the required notice in certain circumstances, such as the death of the customer or unforeseen financial hardship, but is not required to do so.

If Heartland agrees to such a request, an Early Withdrawal Fee is payable on the total funds withdrawn, subject to a minimum fee of $12.00.

The Early Withdrawal Fee is calculated by multiplying the ‘early withdrawal adjustment rate’ by the amount to be withdrawn and the number of days remaining on the notice period, subject to a minimum charge of $12.00.

The ‘early withdrawal adjustment rate’ is the difference between your Notice Saver account’s interest rate and the Direct Call interest rate, as at the date of the early withdrawal request, plus an additional 1%.

For example:

Early withdrawal adjustment rate = (Notice Saver rate − Direct Call rate) + 1%

Early withdrawal fee = Amount to be withdrawn × (‘early withdrawal adjustment rate’ ÷ 365) × Days remaining on notice period

Subject to a minimum fee of $12.00

There is no limit on the number of Notice Saver accounts you can have, but there is a limit of $5 million per customer that can be held across all Notice Saver accounts.

No, interest can only be credited to the Notice Saver account. Payments out of the account require 32 or 90 days’ notice and can only be made to your nominated account. If you’d like to change your nominated account, please contact our team on 0800 85 20 20.

Yes, you can.

No, it is not.

Interest is calculated daily and paid monthly. You are able to provide notice for any available funds, including interest that has been paid, but you can’t give notice for accrued interest that hasn’t yet been paid (monthly) to your account.

No, get in touch with our team and we will be happy to help you move your funds into a Term Deposit immediately.

When setting up your Business Call account you’ll choose a nominated account. This will be the one account you can withdraw funds to. It can be another Heartland account, or an account with another bank. Transfers take one day to clear.

There is no minimum deposit required to open a Business Call account.

There are no monthly fees or transaction fees.

There are no minimum contribution requirements.

Yes, you can open a Business Call account without any other Heartland account.

There are no penalties for withdrawing funds to your nominated account, and no fees.

Yes, a nominated account can be an account with Heartland or another bank.

A term deposit is a fixed term investment. However, Heartland understands that people’s circumstances do change. Heartland may accept written requests for early repayment in certain circumstances such as the death of an investor or unforeseen financial hardship (but is not required to do so). If Heartland does agree to an early repayment, the interest rate payable in respect of your term deposit will be reduced. You can request an early, full or partial break by contacting our Retail Investments team on 0800 85 20 20 or [email protected].

If the funds have been invested for less than one month, Heartland will return the requested amount but will not pay you interest on that amount.

If the funds have been invested for longer than one month, the standard process is for the interest rate payable in respect of the funds that you are withdrawing to be reduced by 2.00% p.a. over the term of the investment. However, Heartland may from time-to-time reduce the interest rate payable by a larger amount, up to a maximum of 3.00% p.a., or a smaller amount. Your final return will not be reduced below zero.

For terms of 12 months or longer with a minimum deposit of $50,000, interest can be paid out monthly to a Heartland bank account of your choice.

Prior to the maturity date of your Heartland Term Deposit, Heartland will give you notice to tell you that your investment is about to mature. This maturity notice will give you the option to pay the funds to a Heartland bank account in your name, reinvest the full balance or reinvest part of the balance.

Yes. For terms 4 months or longer, interest will be paid every 3 months. For terms less than 4 months, interest will be paid at maturity.

No, interest must be paid to a Heartland bank account of your choice.

Yes. As part of the onboarding process we will also set you up with a Direct Call or a Business Call account to accompany your new Term Deposit. These flexible savings accounts have no account fees, unlimited withdrawals, and offer a competitive interest rate.

Yes, you must deposit at least $1,000 to open a Term Deposit account. The maximum balance of each Term Deposit account cannot exceed $5,000,000.

Yes, we will send a maturity notice prior to your Term Deposit maturing.

The fund invests exclusively in Heartland Bank deposits, ranking equally with all other deposits.

There are no fees with a Heartland Term PIE.

A Term PIE is a fixed term investment, but we understand that people’s circumstances do change. We may accept written requests for early repayment in certain circumstances, such as the death of an investor or unforeseen financial hardship (but we’re not required to do so). If we do agree to an early repayment, the interest rate payable in respect of your term deposit may be reduced. You can request an early, full or partial break by contacting our Retail team on 0800 85 20 20 or [email protected].

Withdrawal requests made through digital banking before 3.00pm on business days will be processed that evening. Withdrawal requests made through digital banking after 3.00pm, or on weekends, will be processed the following business day. Withdrawal requests made by phone call, email or secure message must be received by 3.00pm in order to be processed the following business day.

You can manage your Cash PIE via our self-service platforms (including the Heartland Mobile App and Heartland Digital) including:

• View your balance
• Generate and download statements
• Make withdrawals to your nominated account

For more useful tips check out our mobile app how-to guides here.
You can also make a withdrawal to your nominated account by getting in touch with our investments team by phone call, email or secure message.

Quarterly distributions are made on the Units held in your Term PIE, along with a final distribution at the end of the agreed term. Quarterly distribution dates align within the end of each standard financial quarter, being 31 March, 30 June, 30 September and 31 December.

A PIE, standing for portfolio investment entity, is an entity which invests the contributions from its investors in different types of passive investment. Heartland’s PIE accounts invest exclusively in Heartland Bank deposits, ranking equally with all other deposits.

A PIR, standing for prescribed investor rate, is the tax rate that your portfolio investment entity (PIE) uses to calculate the tax on the income from the investment of your contributions.

Your PIR is based on your taxable income, such as salary, wages and any other sources of income you would include in your income tax return. Use the PIR tool on the IRD website to determine yours. For more information, see the PIR page on the IRD website.

Yes. As part of the onboarding process we will also set you up with a Direct Call or a Business Call account to accompany your new Term PIE. These flexible savings accounts have no account fees, unlimited withdrawals, and offer a competitive interest rate.

Prior to the maturity date of your Term PIE, Heartland will give you notice to tell you that your investment is about to mature. This maturity notice will give you the option to pay the funds to a Heartland bank account in your name, reinvest the full balance or reinvest part of the balance.

If the funds have been invested for less than one month, Heartland will return the requested amount but will not pay you interest on that amount.

If the funds have been invested for longer than one month, the standard process is for the interest rate payable in respect of the funds that you are withdrawing to be reduced by 2.00% p.a. over the term of the investment. However, Heartland may from time-to-time reduce the interest rate payable by a larger amount, up to a maximum of 3.00% p.a., or a smaller amount. Your final return will not be reduced below zero.