basic bank information
Heartland Bank is like an old friend of the New Zealand community, always striving to provide customers with simple and fast financial services. Its full name is Heartland Bank Limited, which was established in 2011 through the merger of four financial institutions (CBS Canterbury, Southern Cross Building Society, MARAC Finance Limited, and PGG Wrightson Finance) and is headquartered in Auckland, New Zealand. Heartland Bank is a publicly listed commercial bank, and its parent company, Heartland Group Holdings Limited, is listed on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX) with over 13,000 shareholders, demonstrating its broad public shareholding base. With a nationwide service span and around 450 staff, the bank focuses on the household, business and rural sectors, providing reverse mortgages, car loans, business loans and savings products. As of 2023, the bank has major offices in Auckland, Tauranga, and Christchurch, but the exact number of branches and ATM distribution are not publicly disclosed.
In terms of regulation, Heartland Bank is regulated by the Reserve Bank of New Zealand (RBNZ) under license number BS11/2012 (registered under RBNZ on 12 December 2012). In addition, banks are required to comply with the relevant regulations of the New Zealand Financial Markets Authority (FMA). New Zealand does not have a statutory deposit insurance scheme, but RBNZ's Open Bank Resolution (OBR) mechanism provides some protection for depositors. As of Q4 2023, Heartland Bank has a strong compliance record with no major breaches.
financial health
Heartland Bank's financial performance is solid, and it is like a prudent steward, maintaining a healthy financial position. According to Fitch Ratings, the bank has a credit rating of BBB (Stable Outlook), reflecting its stable ability to operate. As of 2023, Heartland Bank has financing receivables of NZ$5.1 billion and customer deposits of NZ$4.4 billion, with approximately 44,000 depositors. Banks are subject to RBNZ's capital adequacy requirements, which are a minimum total capital adequacy ratio of 8% and an additional 2.5% common equity buffer. Specific capital adequacy ratios, non-executive loan ratios, and liquidity coverage ratios are not disclosed in publicly available information, but its credit rating and regulatory compliance indicate that it is financially sound.
Deposit & Loan ProductsDepositsHeartland
Bank offers a wide range of deposit products to meet the needs of different customers:
demand deposits: Individual daily account rates are tiered according to balances, ranging from 0.05% p.a. (less than NZ$10,000) to 0.20% p.a. (NZ$250,000 and above). The interest rate for the Child & Youth Account (under 21 years old) is 0.50% p.a., with interest paid monthly.
Term Deposits: Minimum deposits of NZ$1,000 and maximum of NZ$5 million, with the option of monthly direct transfer interest for maturities of 12 months and above, with the exact interest rate not publicly disclosed.
The High Yield Savings Account :D igital Saver offers an interest rate of 3.00% p.a. for customers who have flexible access to funds.
Large Certificate of Deposit (CD): Available through the Heartland Term PIE and Cash PIE products, with a minimum investment of NZ$1,000 and interest rates fluctuating based on market conditions.
LoansHeartland
Bank's loan products include:
mortgages: As of March 18, 2025, banks will no longer offer mortgages to new customers, but existing customers can continue to manage loans at fixed rates ranging from 5.89% p.a. to 6.25% p.a. (exact type not disclosed). Variable rate and revolving credit mortgages are still available, allowing for additional payments without penalty.
Car Loans: For personal and business customers, interest rates start at 8.50% p.a., depending on credit profile.
Personal Line of Credit: Unsecured loans range from 13.95% p.a. to 20.95% p.a. with a fixed interest rate for short-term funding needs.
Repayment options: Flexible repayment options such as no penalty for early repayment, variable rate loans with a minimum prepayment of NZ$100 and a fixed interest rate of NZ$1,000.
list of common fees
account management fee: There are usually no monthly or annual fees for daily accounts, However, a small fee may apply for less than the minimum balance.
Transfer fee: Domestic transfers are free of charge, while cross-border transfers are subject to charge, the specific amount is not disclosed.
Overdraft Fee: Unscheduled overdraft rate is 26.70% p.a.
ATM interbank withdrawal fee: NZ$2 per trip, but a certain number of free withdrawals are offered.
Hidden Fee Reminder: Customers should be aware of the minimum balance requirement to avoid additional fees.
digital service experience
Heartland Bank's digital services act like an intimate assistant for the convenience of customers at all times. Its mobile banking app (Heartland Mobile App) is available on the App Store and Google Play and supports features such as facial recognition or fingerprint login, real-time transfers, bill management, and account nickname settings. User reviews are mixed, with some praising the ease of use, but there are also reports of functional issues, such as account verification errors. The bank introduced AI customer service and robo-advisory services, and supported open banking APIs to allow third-party developers to extend their capabilities. As of 2023, the app's specific ratings are not publicly disclosed, but user feedback shows that its digital services are continuing to improve.
customer service quality
Heartland Bank offers a variety of service channels, including phone support during business hours, online chat, and social media response. Customer feedback shows that complaint handling is mediocre, with some users reporting a long response time on Trustpilot, but others praising the personalized service. The bank supports multilingual services to meet the needs of cross-border customers. As of 2023, the specific complaint rate or average resolution time is not publicly disclosed.
safety and security
measuresHeartland Bank ensures the safety of funds through RBNZ's supervision. There is no statutory deposit insurance in New Zealand, but the Open Banking Solutions (OBR) mechanism provides some protection for depositors. The bank uses a real-time transaction monitoring system to prevent fraud and an automatic account locking feature to prevent unauthorized access after multiple password errors.
Featured Services and Differentiation
Student Account: No fees, suitable for young customers to build financial habits.
Seniors' Finance: The market-leading reverse mortgage has helped more than 25,000 retirees retire comfortably.
Green financial products: Supporting ESG (Environmental, Social and Governance) investments to promote sustainable development.
High-net-worth services: Provide private banking services and tailor-made financial solutions for high-net-worth customers.
market position and honors
Heartland Bank occupies a significant position among New Zealand's mid-sized banks, with assets of approximately NZ$5.1 billion (as of 2023). The bank has received several awards for its innovation and customer service, including Canstar's "Savings Bank of the Year Award" (2018-2024 for seven consecutive years) and Consumer Trusted certification (for seven consecutive years). Its reverse mortgage lending is the market leader in New Zealand, helping more than 40,000 customers.
