In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bank Australia Term Deposit Account

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Bank Australia Term Deposit Account
Interest rate 6 months interest rate
Up to 5% p.a.
Minimum opening deposit
$500
Account keeping fee
$0

Summary

A term deposit account locks your money away with a fixed interest rate, to help you meet future financial goals.

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Bank Australia offers members a flexible term deposit with a competitive fixed interest rate and a minimum deposit amount of just $500. You can choose a term length that suits you, as well as choose how often you'd like to receive your interest payments.

Pros

  • Investments are safe and secure
  • There is an unlimited maximum balance for this account
  • A special term deposit is offered to interested applicants which holds a higher rate

Cons

  • Minimum investment of $500
  • Fees apply for early withdrawal prior to maturity date

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Bank Australia Term Deposit Account
3 month interest rate 4.70%
6 month interest rate 5.00%
9 month interest rate 4.80%
12 month interest rate 4.85%
24 month interest rate 4.50%
36 month interest rate 4.40%
Minimum Opening Deposit $500
Minimum age requirement 13
Government guarantee Yes

Eligibility

Minimum Age Requirement 13
Joint account availability Yes
Min Deposit $500
Available to children Not available for children under 13 years of age

Key features

No monthly account-keeping fees

With Bank Australia you will not be charged any setup fees or monthly account-keeping fees on the term deposit.

Minimum investment of just $500

You can invest from as low as $500 into a Bank Australia term deposit so there's no need to wait until you have a larger deposit.


How to apply

If you're not a member of Bank Australia already, you will need to become a member at the same time that you open your account online. You'll also be able to open a new Bank Australia transaction account at the time of applications, which you'll need to receive your interest payments from your term deposit. Before you start the application process, check the following eligibility requirements.

Eligibility

  • Minimum age. In order to begin your application online you must be at least 13 years of age.
  • Residency requirements. Only an Australian citizen or resident can become a member of Bank Australia.

Your reviews

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Alison Finder

Editor

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Beryl

September 13, 2023

Is the Bank of Australia guranteed by the government scheme?


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Alison Banney Finder

September 14, 2023

Hi Beryl, yes it is.


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Jenni

July 21, 2023

If my 14yr-old opens a Term Deposit that earns more than $416 interest in the year, and they don’t have a TFN, what will happen?


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Alison Banney Finder

August 01, 2023

Hi Jenni, we recommend you speak with a tax accountant about this who can give you personalised tax advice. Thanks.


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Kellie

February 19, 2023

Hi,

If opening an account for a 13 year old, must this child have a TFN?

Thanks


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Sarah Megginson Finder

March 02, 2023

Hi kellie,


It is not a requirement for a child to have a tax file number if they are aged less than 16 years; the bank account is in their name; and the account earns less than $416 interest each income year.


However a child is eligible for a TFN from birth, if you wish to get one.


Hope this helps!


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