At the beginning of July 2021, the average one-year term deposit rate on Canstar’s database was 1.17% p.a. and the average savings account (plus bonus rate) was paying 0.29% p.a. Four years on, the average one-year term deposit rate is 6.26% p.a. and the average savings account rate is 4.56% p.a.
And Heartland Bank savers are sharing in these higher returns. As customers of Canstar’s 2024 Savings Award winner, they’re earning some of the best returns in the market across the bank’s range of savings accounts and term deposits.
This is the seventh year in a row that Heartland Bank has won Canstar’s top savings award and, once again, Canstar’s research team noted the bank’s impressive suite of savings accounts and term deposits products, its competitive rates and market-leading savings accounts.
Tom Slee, Canstar Group Manager – Wealth, Health & New Zealand says, “Finding the motivation to save can be hard, especially if budgets are tight, but it’s always important to have savings to fall back on should your finances become squeezed.
“Heartland Bank’s rates and market-leading savings accounts are tools that all Kiwis can use to earn great returns and plan more secure financial futures. That Heartland has won our award for the seventh consecutive year shows that whatever the economic climate, savers can rely on Heartland to deliver market-leading returns. Well done and congratulations to the team at Heartland Bank.”
Keira Billot, General Manager Retail, Heartland Bank, says: “We are delighted to receive this award for the seventh consecutive year. This recognition underscores Heartland Bank’s unwavering commitment to delivering value for our customers, particularly at a time when every dollar counts.”
Canstar’s Bank of the Year Savings Award
Canstar’s expert research team assesses the winner of its
Bank of the Year Savings Award using a bespoke rating methodology. The Savings Award is given to the institution that offers customers the strongest combination of products, features and tools across savings accounts and term deposit offerings.
The award is designed to help consumers make more informed financial choices and sits alongside Canstar’s others awards, covering banking, insurance and KiwiSaver products.
CANSTAR provides Australia and New Zealand’s only fully interactive online research service in retail and business finance. Founded in 1992, CANSTAR Pty Limited (formerly CANNEX) is Australia and New Zealand’s premier researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients.
CANSTAR researches, compares and rates a suite of banking products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories.
