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Heartland Bank Review New Zealand 2026 — Best for Savings and Reverse Mortgages

Updated

Heartland Bank consistently offers the best savings and term deposit rates in New Zealand. It’s a legitimate, NZX-listed NZ bank — not a fringe finance company. Here’s a complete review.

Quick answer

Heartland Bank is best for NZers who want the highest savings and term deposit rates — consistently 0.25–0.75% above the big 4. It's digital-first with minimal branch access. Also the market leader in NZ reverse mortgages. Not ideal as a primary everyday bank.

What Is Heartland Bank?

Heartland Bank is a NZ-owned, NZX-listed bank (NZX: HGH) — fully licensed by the Reserve Bank of New Zealand. It was formed in 2012 through a merger of several South Island building societies and finance companies, and has since grown into a focused digital bank.

Feature Detail
RBNZ registration Yes — fully registered NZ bank
NZX listing Yes (NZX: HGH) — listed company with annual reports publicly available
NZ-owned Yes
Deposit guarantee Yes — covered up to $100,000 per depositor
Head office Auckland
Business model Digital-first, niche lending (savings, reverse mortgages, business/rural)

Heartland Products

Savings Accounts

Heartland’s Direct Call Account is one of the highest-rate savings accounts in NZ — consistently near the top of the Canstar NZ rate tables.

Feature Detail
Account type Instant access savings (call account)
Rate Typically 4.5–5.0%+ p.a. — check Heartland directly for current rate
Conditions No conditions on the standard rate in most configurations
Access Online only
Minimum balance Low minimum

Open entirely online — no branch visit required.

Term Deposits

Heartland’s term deposits are among the most competitive in NZ, typically 0.25–0.75% above the big 4 for equivalent terms.

Term Heartland typical rate Big 4 typical rate
3 months Higher Lower
6 months Higher Lower
12 months Higher Lower

Check Heartland’s website or Canstar NZ for current rates — they update with OCR changes.

Reverse Mortgages

Heartland is New Zealand’s market leader in reverse mortgages — a product for homeowners aged 60+ who want to access equity in their home without selling it.

How it works:

  • Borrow against your home equity; no repayments while you live in the home
  • Interest accrues and is added to the loan balance
  • Loan is repaid when you sell the home, move to aged care, or die
  • NZ-specific rules: Heartland’s Reverse Mortgage includes a “no negative equity guarantee” — you’ll never owe more than the value of the home

Heartland wrote approximately 80% of new NZ reverse mortgages in 2025. This is a specialist product — seek independent financial and legal advice before proceeding.

Business and Rural Lending

Heartland provides business loans, asset finance, and rural lending throughout NZ. These are growth areas for the bank.

Motor Vehicle Finance

Heartland has a strong motor vehicle lending business — online application for car loans at competitive rates.

Heartland Pros

Pro Detail
Highest savings rates Consistently near or at the top of NZ savings rate tables
Best term deposit rates Regularly beats big 4 by 0.25–0.75%
NZ-owned and NZX-listed Transparent — public company with audited accounts
Deposit guarantee covered RBNZ registered — $100,000 per depositor covered
Full online banking No branch required — manage everything online
Reverse mortgage leader Most trusted NZ provider for this niche product
No account fees Savings and term deposits have no account fees

Heartland Cons

Con Detail
Very limited branch access Digital-only — no standard branch network
Limited product range No home loans, no KiwiSaver, limited everyday banking
Not suitable as primary bank No everyday transaction account, no debit card
Online-only customer support No branch to walk into with a problem
Savings rates can change The competitive rate advantage narrows when OCR falls steeply

Who Should Use Heartland?

Heartland is ideal for:

  • Anyone who wants the highest possible savings or term deposit rate
  • Retirees or near-retirees looking for reverse mortgage information
  • Savers who want a NZ-owned institution
  • Those comfortable with fully digital banking

How most NZers use Heartland: They keep their main ANZ/ASB/BNZ/Westpac account for everyday banking, and open a separate Heartland Direct Call Account or term deposit to hold their savings at a better rate. The two accounts work together — transfer from your main bank to Heartland when saving, transfer back when needed.

How to Open a Heartland Account

  1. Go to heartland.co.nz
  2. Apply entirely online — takes 10–15 minutes
  3. Verify identity digitally (NZ driver licence or passport)
  4. Provide IRD number
  5. Transfer funds from your main NZ bank account

No branch visit required. No minimum balance on savings accounts to open.

Is Heartland Safe?

Yes. Heartland is a RBNZ-registered bank, meaning it’s subject to the same regulatory oversight as ANZ, ASB, BNZ, Westpac, and Kiwibank. It’s also NZX-listed — its financial position is publicly disclosed each quarter.

The NZ deposit guarantee scheme covers up to $100,000 per depositor per institution. If you have more than $100,000 in savings, split across multiple registered banks.

Heartland vs the Big 4 for Savings

Feature Heartland ANZ ASB Heartland advantage
Savings rate (typical) Higher Lower Lower +0.25–0.75%
Deposit guarantee ✅ ✅ ✅ Same
Everyday banking ❌ ✅ ✅ Use big 4 for this
Branch access ❌ ✅ ✅ Use big 4 for this

Next Steps