Interest rate 12 months interest rate: Up to 4.75% 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 choose what happens at maturity online or in the app.

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.

Special rate: Existing customers can get 5.50% p.a. for 12 months when you open or renew a term deposit online. T&Cs apply.

Pros

Maximum deposit of $2,000,000
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

Details

Key details

Product Name	Bank of Melbourne Term Deposit
3 month interest rate	3.25%
4 month interest rate	3.40%
6 month interest rate	3.40%
7 month interest rate	3.55%
9 month interest rate	3.65%
11 month interest rate	3.75%
12 month interest rate	4.75%
24 month interest rate	4.50%
36 month interest rate	4.00%
48 month interest rate	4.00%
60 month interest rate	4.00%
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

Invest from $1,000

The minimum you need to open a Bank of Melbourne term deposit is $1,000, and you can invest as much as $2,000,000.

Choice of 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.

Special offers on some terms

Longer terms don't always earn higher rates with Bank of Melbourne. It may offer special rates on selected terms, and existing customers who open or renew online can get an online bonus rate on top, so check the current offers before you choose a term.

When your term deposit matures

Bank of Melbourne lets you know by mail or email when your term deposit is about to mature, and it gives you seven grace days to decide on your next course of action. You can set up instructions in advance in Internet Banking or the app and change them at any time. You can withdraw some or all of your funds, or reinvest them and change the term, amount or interest payment option. If you don't give any instructions, your term deposit is reinvested for the same term at the rate on offer at the time, which may be different.

Accessing funds before maturity

If you need your money before the term ends, you have to give Bank of Melbourne at least 31 days notice, unless you're in hardship. An interest rate adjustment usually applies if you withdraw early.

How your interest is paid

You can have your interest paid into a Bank of Melbourne account or an account with another financial institution, or reinvested at maturity. If you choose monthly interest payments, you'll need an at-call account that Bank of Melbourne accepts for the interest to be paid into.

Interest can be paid at maturity, annually, half-yearly or monthly.

Manage it online or in the app

If you bank online with Bank of Melbourne, you can open, renew and manage your term deposit and set up maturity instructions in Internet Banking or the Bank of Melbourne app, without calling or visiting a branch.

No ongoing fees

You don't have to pay any ongoing account keeping fees to maintain a Bank of Melbourne term deposit, and you don't have to pay any setup fees.

Compare more Bank of Melbourne products.

Launch term deposit calculator

How to apply

If you already bank online with Bank of Melbourne, you can open a term deposit in your name through Internet Banking or the app. If you're new to Bank of Melbourne, you can call 13 22 66 or visit a branch, or open an everyday account first so you can open and manage your term deposit online. Joint term deposits and term deposits for a trust or self-managed super fund have to be opened in a branch.

Eligibility

To apply, select 'Go to site' and check you meet these criteria.

You're over 18 years old.
You can provide the ID Bank of Melbourne needs to verify who you are.

You're investing between $1,000 and $2,000,000.

Documentation needed

Have this information ready when you apply.

If you're new to Bank of Melbourne, your personal details, such as your full name, residential address, phone number, email address and date of birth
Details of the Bank of Melbourne or other bank account you want your interest paid into
Your tax file number (TFN) or exemption, if you don't want tax withheld from your interest

What happens after I submit my application?

If you're new to Bank of Melbourne, you'll need to verify your identity first. Once your term deposit is opened and funded, Bank of Melbourne sends you an Account Confirmation that sets out your interest rate and how often your interest is paid.

Compare other products from Bank of Melbourne

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Bank of Melbourne term deposit account information page
2. Bank of Melbourne term deposit account TMD

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Alison Finder

Editorial Manager, Money

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Bob Canty

October 23, 2022

do you accept SMSF

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!

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Bank of Melbourne term deposit account

Pros

Cons

Key features

Invest from $1,000

Choice of terms

Special offers on some terms

When your term deposit matures

Accessing funds before maturity

How your interest is paid

Manage it online or in the app

No ongoing fees

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other products from Bank of Melbourne

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