Bank Australia offers their members a flexible term deposit with a competitive return on your investment of as little as $5,000 . This allows you to plan for a future expense, no matter how big or small it may be. With choices in length of terms and interest payments, you have control over how your savings grows.
What are the features of the Bank Australia Term Deposit?
Minimum investment of $5,000
The minimum required to open this term deposit is $5,000. There is no maximum limit to how much you can invest.
A short term investment
This term deposit requires that you invest your money for at least a period of 3 months.
Competitive interest rate of 2.95% p.a. paid at maturity
The money you invest through the Bank Australia Term Deposit earns 2.95% p.a. interest for 3 years. The bank pays interest at maturity.
$0 account keeping fees
This term deposit does not attract any ongoing account keeping fees.
A range of maturity options
At the time of opening the account you can choose whether you want to renew the term deposit upon maturity or withdraw funds into a bank account. This bank account can be with Bank Australia or another Australian financial institution.
You’ll get a notification before maturity
Bank Australia sends you a renewal advice letter two weeks before your term deposit matures. You can then get in touch with the bank to make any changes to instructions you’ve previously provided.
If you don’t provide any instructions about what do when the deposit matures, the bank reinvests it for the same term. The advertised interest rate at the date of maturity applies on the renewed deposit, which may be lower than the rate of the original deposit.
Grace period after renewal
Upon the renewal of your term deposit you get a grace period of 14 days, during which you can transfer or withdraw funds without paying any penalty.
Withdrawing funds before maturity
If you wish to withdraw funds from your term deposit before it matures you have to provide the bank 31 days notice. Approval of a request for a complete or partial redemption is at the discretion of the bank. If it approves your request for early withdrawal of funds it would apply an early release adjustment to the accumulated interest.
Access to account information
You can access account related information 24 hours a day, seven days a week, using Bank Australia’s online and phone banking platforms.
Financial claims scheme
The Australian Government’s Financial Claims Scheme covers up to $250,000 of your combined deposits with Bank Australia. This includes money you invest in the Term Deposit.
- Competitive interest rate of 2.95% for 3 years
- Terms from three months to three years
- Interest paid at maturity
- Minimum investment of $5000
How do I apply for the Bank Australia Term Deposit?
You can apply for the Term Deposit by visiting any Bank Australia branch, you can get started over the phone or you can submit an online application. Existing customers can simplify the process by applying via the bank’s Internet banking platform. If you wish to apply online, simply click on the ‘Go to Site’ button.
Eligibility to apply online
The eligibility criteria linked to this term deposit are as follows:
- Minimum age. In order to begin your application online you must be at least 13 years of age.
- Residency requirements. Australian residents can apply online. If you’re not a resident of Australia you can get in touch with a Bank Australia representative over the phone to find out the requirements.
- Depository requirements. You need a minimum of $5,000 to open a Bank Australia Term Deposit.
Documentation to apply online
To complete the application successfully you have to provide different kinds of information, which includes:
- Identification. If you’re not an existing Bank Australia customer you’ll have to go through a legally mandated ID check. You can complete this process online using an acceptable form of ID such as your Australian driver’s licence or passport.
- Tax file number. Providing your tax file number ensures that the bank does not deduct withholding tax from the interest you earn. You can submit it at the time of applying or later.
- Other information. This includes your name, date of birth, email address, phone numbers, residential address and postal address.