How to open a bank account with Heritage Bank. The requirements, account types and fees.

Roberto Efflandrin

Heritage Bank is a customer owned Australian bank that offers services to both personal and business customers. This article is going to dive into the personal bank accounts they have on offer, looking at which types of accounts there are, who can open an account and how to do it.

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Types of accounts offered by Heritage Bank

Heritage Bank offers a range of different accounts that come under three main categories.

  • Transaction accounts
  • Savings accounts
  • Term deposits

Each account has a specific purpose, fee structure and set of services available to the people that open them.

Heritage Bank transaction accounts

Transaction accounts are designed to meet your daily spending needs. Currently, Heritage Bank offers three different types of transaction account.¹ Each account has no monthly fees and comes with a Visa debit card.

Simple Access

The Simple Access account is the standard transaction account offered by Heritage Bank and is useful for daily spending in AUD.

Pension Plus

The Pension Plus option is a transaction account that’s been tailored for people who are 55+ years old or who receive a pension from the Australian government.

Mortgage Crusher

If you have an eligible home loan with Heritage Bank then the Mortgage Crusher account can be used to offset your mortgage through daily spending.

Heritage Bank savings accounts

At the moment Heritage Bank has four different types of savings accounts, including their term deposit option. There’s no monthly or transaction fees to worry about on any of them.²

Target Bonus

This savings account currently gives you a flat rate of 4.40% interest PA, plus bonus interest if you regularly deposit money without making withdrawals.

Online Saver

With an Online Saver account you receive a flat rate interest plus a bonus introductory rate when you first sign up.

Christmas Club

To help out with saving for the holiday season there’s the Christmas Club which gives 2.00% PA. Be aware that funds are locked from being withdrawn between February 1 and October 31.

Term Deposit

By using a Term Deposit account you can lock in your savings for a 1 month to 5 year period to get a higher interest rate.

How do you open these account types?

For many new customers the easiest way to open an individual or joint personal bank account with Heritage Bank is through their website.

  • Go to the page of the account you want to open
  • Press the option to open an account
  • Follow the prompts to complete the process

If you don’t want to open the account online you can visit a branch or call them on 13 14 22.

Opening an account as an expat

If you’re moving to Australia or have just arrived you may be able to open an account with Heritage Bank as they don’t require you to be a citizen.³ To complete the process you’ll need to go to a bank branch to be identified and depending on your circumstances you visa may also need to be confirmed through the Visa Entitlement Verification Online (VEVO) system.

Cost, running fees that come with the Everyday account

Despite not having any monthly fees for most of their accounts, there are some other fees Heritage Bank charges that you should know about. Here’s the main fees that apply to the Simple Access account and how they compare to the non-bank online Wise Account.

Fees Heritage Bank Simple Access account⁴ Wise Account
Account monthly fees Free None
International transfer fee (for a sample amount of $1,000 AUD to GBP) Overseas currency conversion fee of 3% of the Australian dollar amount of the transaction + $15 for a telegraphic transfer performed via Heritage Online or the Mobile Banking App OR $30 to $50for staff assisted transfers

The total fees for a telegraphic transfer of $1,000 AUD to GBP would be $45 if done without assistance.

Flat payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.14 AUD) You can make a fee calculation here.
ATM withdrawals Heritage Bank or People’s Choice ATM withdrawals are free

Overseas ATM withdrawals are $5 plus overseas currency conversion fee of 3% of the Australian dollar amount of the transaction

You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here.

**Note: **ATM service providers may charge additional fees. Check their terms of use.

Card maintenance fees None None

*Information last checked on 16 April 2024

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

What do I need to open an account? Requirements, documents and what to know.

Here’s some of the main things you need to know about opening an account with Heritage Bank.

Which documents do I need to open an account?

To know exactly what you’ll be required to provide you need to start the application process with Heritage Bank. Here’s what the Australian banks usually ask for.

  • Valid photo identification following the 100 points system
  • Proof of an Australian residential address
  • Full name and date of birth
  • Australian phone number

Do I need to deposit money to open a Heritage Bank account?

Whether or not you need to deposit funds depends on the type of account you’re opening. For example, you don’t need to for the Simple Access account¹ but if you open a Term Deposit savings account then you’ll need to deposit a valid amount of funds.²

Do I need to go to a bank branch, can I do this online or from abroad?

If you're an Australian citizen or resident you may be able to open an account from abroad as you’ll likely have the necessary documentation to do the process online.

If you’re new to Australia you’ll have to visit a branch for the identity check meaning you won’t be able to open the account from abroad.³

You can find out more by contacting Heritage Bank here.

If you have any questions for Heritage Bank you can call them on 13 14 22 in Australia or on +61 7 4690 9000 from overseas. They also have a chat function on their website.

Alternatives to Heritage Bank

When looking for a new bank account it’s a good idea to investigate a range of different options.

You could check to see what another Australian bank offers, like Commonwealth Bank, Westpac, ANZ Banking Group, or National Australia Bank. Every one of these banks offers daily transaction and savings accounts.

If you want something new, you could try Wise. Wise is an international money specialist that’s authorised to provide financial services in Australia.

The Wise Account

If you’re looking for an option that is great for daily spending in Australia and overseas, the Wise is worth a look.

You can open a Wise Account for free and hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

Sources:

  1. Heritage Bank - Transaction accounts
  2. Heritage Bank - Savings accounts
  3. Heritage Bank - Getting Started with Banking in Australia
  4. Heritage Bank - Fees and Limits Guide

Sources checked on: 16 April 2024


*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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