Bank of Melbourne Term Deposit

Bank of Melbourne Term Deposit

Min. Opening Deposit

1,000

Account Keeping Fee

0
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Open a Bank of Melbourne term deposit with as little as $1,000, and look forward to flexible maturity options.

  • Interest rate of 2.30% p.a. for a 6 month term deposit
  • $0 Account keeping fees
  • Terms of between one to five years
  • Minimum investment of $1,000

Product details

Bank of Melbourne accepts term deposits of amounts in between $1,000 and $5,000,000, 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.

These are also suitable from DIY and SMSFs, but you'll need to apply at your local Bank of Melbourne branch.

Product Name
Bank of Melbourne Term Deposit
1 month interest rate
1.50%
3 month interest rate
2.20%
4 month interest rate
2.00%
6 month interest rate
2.30%
9 month interest rate
2.00%
12 month interest rate
2.60%
24 month interest rate
3.10%
36 month interest rate
3.20%
48 month interest rate
2.80%
60 month interest rate
2.95%
Min Deposit
$1,000
Max Deposit
$5,000,000
Joint Application
Yes
Minimum Age Requirement
18
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Bank of Melbourne Term Deposit Account?

If you’re planning to invest in a Bank of Melbourne term deposit, knowing of its features ahead of time is a good idea and here’s what you can expect.

Invest from $1,000

Bank of Melbourne gives you considerable freedom when it comes to 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 $5,000,000 million.

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.

Special interest rates on offer for some terms

Typically, longer terms offer better rates when compared to shorter terms, but this is not always the case with Bank of Melbourne term deposits. As a result, check if there’s a special ongoing rate on offer for any particular term before you apply.

When your term deposit matures

You can expect Bank of Melbourne to contact you when your term deposit matures, and it gives you seven grace days to decide on your next course of action. One option is to withdraw all the funds. If you want the term deposit to renew automatically, you don’t have to take any action. You can also make changes to the term, amount, and interest payable option at the time of renewal.

Accessing funds before maturity

If you need access to the money in your term deposit before its maturity you have to give Bank of Melbourne at least 31 days notice, but this requirement does not apply in the event of hardship.

Options in getting interest

You can have the interest your term deposit earns credited directly to your bank account, or you can visit a Bank of Melbourne branch and pick it up in the form of a cheque or cash. You can also use it to open a new term deposit.

Easy access to funds

Accessing and managing funds in your term deposit at the time of maturity is easy, and you can do so via Bank of Melbourne’s online and mobile banking platforms.

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.

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Pros

  • Maximum deposit of $5,000,000
  • 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

How do you apply for the Bank of Melbourne Term Deposit Account?

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 online

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.
  • You’re investing in between $1,000 and $5,000,000 million.

Documentation for your online application

Applying requires that you provide Bank of Melbourne with different types of information, so prepare to part with the following.

  • If you’re a new Bank of Melbourne customer you have to provide details like your complete name, residential address, phone number, email address, and date of birth
  • Details of a Bank of Melbourne or external bank account where the interest should credit
  • If you don’t want to pay withholding tax, provide your tax file number

What happens after I submit my application online?

As a new Bank of Melbourne customer you have to complete an ID check. After you submit your application and all required documents, Bank of Melbourne verifies the same, and you can expect to receive a confirmation email soon after. After the funds in question transfer to Bank of Melbourne, it opens your term deposit, and follows this by sending all related documents to you via mail.

Frequently Asked Questions

How often is the interest paid for a 60-month term deposit?

Interest is paid annually with this rate. Bank of Melbourne also pays interest half yearly and monthly although these rates are slightly lower.

I’m an Expat UK, living in Thailand for 7 years now, can I open a foreign money fixed rate account? I’m looking for a long term investment where the yearly interest supplements my income.

Online savings accounts on this site are only for Australian residents for tax purposes.

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