Skip to main content

Heartland Bank Review New Zealand 2026: Savings and Reverse Mortgages

Updated

Heartland Bank is a legitimate, NZX-listed NZ bank, not a fringe finance company. Here’s a complete review.

Quick answer

Heartland Bank offers savings accounts and term deposits. It's digital-first with minimal branch access, and the market leader in NZ reverse mortgages. It has no everyday transaction account or debit card, so most customers use it alongside another 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
Depositor Compensation Scheme 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 an instant-access online savings account.

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 offers term deposits across a range of terms.

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 large motor vehicle lending business, with online application for car loans.

Heartland Features

Feature Detail
Savings rates Direct Call typically 4.5–5.0%+ p.a.
NZ-owned and NZX-listed Public company with audited accounts
Depositor Compensation Scheme RBNZ registered; $100,000 per depositor covered
Full online banking No branch required
Reverse mortgages Wrote approximately 80% of new NZ reverse mortgages in 2025
No account fees Savings and term deposits have no account fees

Heartland Limitations

Limitation Detail
No branch network Digital-only
Product range No home loans, no KiwiSaver, no everyday transaction account or debit card
Online-only customer support No branch to visit
Savings rates can change Rates move with the OCR

Heartland Summary

Heartland’s main features:

  • Savings accounts and term deposits
  • Reverse mortgages for homeowners aged 60+
  • NZ ownership
  • Fully digital banking

How Heartland is used alongside another bank: Because it has no everyday transaction account, customers keep a main account at another bank and hold savings in a separate Heartland Direct Call Account or term deposit. The two accounts work together: transfer from your main bank to Heartland when saving, transfer back when needed.

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.

Since 1 July 2025, the Depositor Compensation Scheme (DCS) covers up to $100,000 per depositor per licensed deposit taker. 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 Difference
DCS cover (up to $100,000) ✅ ✅ ✅ Same
Everyday banking ❌ ✅ ✅ Big 4 only
Branch access ❌ ✅ ✅ Big 4 only

Where to check the latest data

Rates, fees and returns change often. Before deciding, check current figures yourself:

Next Steps