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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

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: 5.10% for 12 to 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 5% for 12 to 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 5.10% 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.

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.

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

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.

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.

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

Documentation needed

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?

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.

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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!

Bank of Melbourne term deposit account

Pros

Cons

Key features

SPECIAL OFFER: 5.10% for 12 to 23 months

Invest from $1,000

Variable terms

Special interest rates on offer for some terms

When your term deposit matures

Accessing funds before maturity

Options in getting interest

Easy access to funds

No ongoing fees

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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