In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bank of Melbourne term deposit account

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Bank of Melbourne Term Deposit
Interest rate 12 months interest rate
Up to 4.3% p.a.
Minimum opening deposit
$1,000
Maximum deposit
$2,000,000
Maximum balance
$2,000,000

Summary

Open a Bank of Melbourne term deposit with as little as $1,000 and look forward to flexible maturity options.

Bank of Melbourne accepts term deposits of amounts in between $1,000 and $2,000,000, and you can choose from terms in between one month and five years. These term deposits don’t attract any ongoing fees, Bank of Melbourne gives you flexible interest repayment options, and you get various options when your term deposit matures.

Pros

  • Maximum deposit of
  • Automatic renewal on maturity of your account
  • Access your funds via internet and phone banking

Cons

  • $1,000 minimum investment for 1 month term deposit

In this guide

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

Details

Key details

Product Name Bank of Melbourne Term Deposit
3 month interest rate 3.55%
4 month interest rate 3.60%
6 month interest rate 3.80%
7 month interest rate 3.85%
9 month interest rate 4.05%
12 month interest rate 4.30%
24 month interest rate 4.05%
36 month interest rate 4.05%
48 month interest rate 4.05%
60 month interest rate 4.05%
Minimum Opening Deposit $1,000
Minimum age requirement 18
Government guarantee Yes

Eligibility

Minimum Age Requirement 18
Joint account availability Yes
Min Deposit $1,000
Available to children Not available for children

Key features

SPECIAL OFFER: 4.90% for 12-23 months

If you are a new customer and open a new term deposit account or if you are an existing customer and renew your term deposit account, you will enjoy 4.80% for 12-23 months on deposit from $1,000 to $5,000,000 with interest paid on maturity or monthly. This offer is available for a limited time and other terms and conditions apply.

Plus, you can get an additional bonus rate of 0.10% p.a. if you open or renew your term deposit online - bringing your fixed interest rate to 4.90% p.a..

Invest from $1,000

Bank of Melbourne gives you considerable freedom on how much you can invest through its term deposits. The minimum required to open a Bank of Melbourne term deposit is just $1,000, and you can invest as much as $2,000,000.

Variable terms

With a Bank of Melbourne term deposit, you can invest your money for a short term or a long term. You can invest your money for any number of months, up to 12 months, and you can also invest it for two, three, four or five years.

Launch term deposit calculator


How to apply

You can apply for a Bank of Melbourne term deposit online, over the phone, or by visiting any Bank of Melbourne branch.

Eligibility

To apply now, simply click on the 'Go to Site' button, but make sure you meet the following eligibility criteria.

  • You're over 18 years old.
  • You're a permanent Australian resident.

Your reviews

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Bob Canty

October 23, 2022

do you accept SMSF


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Sarah Megginson Finder

March 02, 2023

Hi Bob,


This term deposit is available to individuals rather than SMSFs.


You are eligible for this account if:

You’re over 18 years old.

You’re a permanent Australian resident.


Hope this helps!


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