7 Months Term Deposit 5.70% p.a. / 11 Months 6.10% p.a. @ Heartland Bank

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ksp2020 on 27/04/2023 - 08:58 heartland.co.nz (160 clicks)
Last edited 27/04/2023 - 13:20 by 1 other user

ECTD7ECTD11

Received the exclusive offer via email - could be targeted to certain Heartland customers only, but the promo code looks generic. Minimum deposit $1,000.

As a thanks for being a valued Heartland customer, we've given you access to special rates on our 7-month and 11-month Term Deposits. But be quick - this offer is ending soon on 28 April 2023.

To apply, use the link below or through your Heartland app:
7 Months 5.70%: https://www.heartland.co.nz/special-offer?promo=ECTD7
11 Months 6.10%: https://www.heartland.co.nz/special-offer?promo=ECTD11

Fine Prints: Minimum deposit of $1,000, maximum deposit of $5,000,000. Offer is exclusive to Heartland customers and is valid between 3 - 28 April 2023.

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heartland.co.nz

• 

  eXDee on 27/04/2023 - 10:40

  Comparison:
  https://www.interest.co.nz/saving/term-deposits-1-to-9-month…

• 

  kaminokyoku on 27/04/2023 - 10:50

  is it safe? a bit concerned

  • 

    Alan6984 on 27/04/2023 - 10:53

    How are you assessing 'safety'?

    Compared to what?

    You can lookup any registered bank's credit ratings, and assess them for yourself.

    In my opinion, compared to putting it under your mattress, or investing it in, say, gold, it is very safe, and you get a return, whereas gold offers no return unless you make a capital gain, but I could be wrong of course - if you go looking, you will be able to find some periods when the opposite has been true. Maybe the NZ dollar crashes (so your mattress and bank savings both take a big hit), and gold falls through the floor, but by even more. In that scenario, you lost out, but the bank deposit ended up safer than the gold, so was the bank deposit 'safe'?

    • 

      kaminokyoku on 27/04/2023 - 11:06

      I mean comparing to deposit in another bank - maybe ANZ or ASB, but thank you anyway

      • 

        Alan6984 on 27/04/2023 - 11:08

        Yep - as I said above, you can check their credit ratings, and assess them for yourself.

        • 

          NovaAlpha on 27/04/2023 - 12:27

          @Alan6984: Their credit rating is only BBB though

          • 

            Alan6984 on 27/04/2023 - 17:44

            @NovaAlpha:

            Their credit rating is only BBB though

            Okay, so if that rating gives you reason to be concerned (nothing wrong if you feel that way), then you might feel 'safer' lending your funds to ANZ with an 'AA-' rating.

            In general, the better the rating, the less they have to pay to borrow (which is the interest you receive for lending to them) - exactly the same as when you want to borrow, and prospective lenders look at your credit rating.

      • 

        ttt on 27/04/2023 - 11:47

        Here is the credit rating explanation: https://www.interest.co.nz/credit-ratings-explained

    • 

      limepanda on 28/04/2023 - 09:26

      Gold generally maintains purchasing power across time, and has done for thousands of years. We are currently in a high inflation environment, official CPI is 6.7% but real world inflation is likely even higher. This term deposit is paying 5.7-6.1%. At the end of the term you will be able to buy less than you could now with your money. Granted it would be even worse if you just held the money, but either way you lose purchasing power. This effect stacks year on year which is why asset prices always go up over time. But the asset which has held it's value the most over time is gold. From the ancient Egyptians till now an ounce of gold buys you roughly the same amount of stuff.

      If you zoom out on the timeline and wish to preserve wealth then gold is one of the best ways to do it. Putting money under your mattress is literally the worst.

      • 

        Alan6984 on 28/04/2023 - 12:43

        Is your gold under the mattress?

        Just wondering.

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  NovaAlpha on 27/04/2023 - 12:28

  Does anyone know if it's possible to put some money into terms deposit to lock in the rates now, then topup the amount later while maintaining the same rate?

  • 

    bigcheese on 27/04/2023 - 12:33

    No you can’t do that unfortunately.
    When you take out a term deposit for a set rate it is locked in for the amount and period of time agreed when it’s loaded.

    • 

      NovaAlpha on 27/04/2023 - 13:08

      +1

      Yeah, I figured that'd be the case. Thanks for the confirmation, appreciate it.

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  NovaAlpha on 27/04/2023 - 12:59

  +1

  I just downloaded their Heartland app on my Android and opened a new Terms Deposit account and chose 11 months. It shows 6.10% interest rate. At the end of the application process, you also have an option to enter the promo code, but I didn't have to do that. I think you can just open a new account with them (if you don't already have one).

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  gooddeals on 28/04/2023 - 00:39

  PIE option and quarterly compounding available as well.
  Do note there is another OCR review next month.

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  jackvdbuk on 29/04/2023 - 10:38

  6.10 percent is still available today probbaly may go this Monday at business open