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.
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
- Go to heartland.co.nz
- Apply entirely online — takes 10–15 minutes
- Verify identity digitally (NZ driver licence or passport)
- Provide IRD number
- 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
- Best savings accounts NZ — current rate comparison including Heartland
- Term deposits guide NZ — how to use Heartland term deposits effectively
- How to get a better interest rate NZ — broader savings strategy
- Best term deposits NZ — live term deposit rate comparison