MySavings account

Reach your savings goals with our MySavings account

No minimum balance
No monthly deposit requirements
No account‑keeping fees or online transaction fees

4.55

p.a.

Apply for a MySavings account

Applying takes just a few minutes.

After you apply

You’ll receive your login details.

Our team will email you with a few quick questions.

Once you reply, we’ll complete verification checks (usually 1–2 business days).

Then we will email you to confirm your account is ready to use, and you can start earning interest on every dollar.

How to open a MySavings account

New customers Existing
deposit customers Existing reverse
mortgage customers

1. Open an account
If you’re a new customer, you can apply for an account online here.

2. Set up your login details
We’ll send you a text message with a one-time password, and an email with your user ID. Use these details to log in to Internet Banking or the Heartland Bank Australia app and set your password.

3. When can I start using My Account?
After we get your application we’ll email you a few questions to help us verify your details. Once you reply, we’ll complete our checks (usually 1–2 business days). After that, your account is ready to use and you can start earning interest on every dollar.

4. Start saving
Transfer funds into your new account and watch your savings grow!

1. Open an account
Simply log in to Internet Banking or the Heartland Bank Australia app and open an account in just a few clicks.

2. Start saving
Transfer funds into your new account and watch your savings grow!

1. Open an account
If you have a reverse mortgage with us, you can open a MySavings account online here and select ‘new customer’.

2. Set up your login details
Your MySavings account is managed through a separate Internet Banking platform and mobile app that is optimised for savings accounts and term deposits. This means you'll receive a new login that is independent of your reverse mortgage login.

Once your MySavings account is open, we'll send you a text message with a one-time password and an email with your user ID. Use these details to log in to the new Internet Banking platform or download the Heartland Bank Australia app and update your password.

4. Start saving
Transfer funds into your new account and watch your savings grow!

If you need any assistance, call us on 1300 889 338 or you can complete a paper application form. We’re here to help.

Competitive interest rate tiers

Tier 1

4.55

p.a.

$0 to $300,000

Tier 2

4.55

p.a.

$300,000.01 to $2,000,000

Tier 3

1.50

p.a.

Greater than $2,000,000

Variable rates that apply to the entire balance in your account.

Apply for a MySavings account

Questions? We have answers

Who is eligible to open a MySavings account?

To open an account, you need to:

be 14 years or older
have an Australian mobile number and a valid email address
have an Australian residential address, and
be solely an Australian resident for taxation purposes.

Non-personal entities, such as a company, trusts, or SMSF are not eligible to apply for a MySavings account.

Do you offer same day payments?

Unless making a payment to an account held with us, you should be aware that cut-off times exist. Payments submitted before the cut-off times will be processed on the same business day. Payments made after the cut-off time on a business day, a weekend, or a public holiday will be processed on the next business day.

The cut-off time for payments made to an account held at another Australian bank or to a registered biller via BPAY is 5.00pm AEST/AEDT. Provided you meet the cut-off time, the payment will generally be received within two business days.

Can I increase my daily payment limit?

If you're making a payment through BPAY, your transfer limit will be $100,000.

For all other payments your default limit will automatically be set to $5,000. If you need to increase this limit, you can do so up to $20,000 through Internet Banking or the Heartland Bank Australia app.

To make payments over $20,000 you'll need to complete an external funds transfer form.

How is interest calculated?

Interest is calculated daily based on your account's closing balance using the following formula:

Your daily balance determines which interest rate tier applies. If your balance moves to a different tier, the applicable interest rate will apply to your entire balance for that day - not just the portion within that tier.

For example, if your total balance is $250,000 you'll earn tier 1 interest on the entire balance for that day. If you deposit a further $60,000, your total balance will be $310,000 and you'll earn tier 2 interest on the entire balance for that day.

Interest will be paid on the last calendar day of the month and reflected on your account statement on the first day of the following month.