BankVIC 50+ Investment Account
Get a fixed deposit and competitive interest rates with a 50+ Investment Account and make your life even better
The 50+ Investment account is a fixed term investment account that grants you the benefit of a more competitive and flexible interest rate. As with all bank accounts, the key to choosing is the intent. As it is an investment account, the intention should be to keep it as a long-term investment for capital preservation, for a secure income or long-term growth.
Up to 0.9% p.a.
24 months interest rate
Minimum opening deposit
|Product Name||BankVIC 50+ Investment Account|
|12 month interest rate||0.85%|
|24 month interest rate||0.90%|
|36 month interest rate||0.90%|
|48 month interest rate||0.90%|
|60 month interest rate||0.90%|
|Minimum Opening Deposit||$50,000|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
What interest rate do I receive?
Expect higher interest rates that vary from 0.9% p.a. (yearly interest). Rates will be calculated daily and compounds annually. It can be paid monthly, quarterly or annually. It should also be noted that for balances over $100,000, interest rates can be negotiated (generally towards a higher interest rate).
Guarantee on capital with the Government Guarantee
Funds are capital guaranteed up to an amount of $250,000. More information can be acquired from the Australian Prudential Regulation Authority (APRA) website.
A range of terms available
Fixed terms of 12 to 60 months.
Availability of early withdrawals
As a term deposit, early withdrawals are generally not permitted. However early withdrawal of funds can be made. This is subject to the bank's agreement and your request must be submitted in writing, including your reason for early withdrawal, the amount required and payment details. This can lead to a reduction in interest payable for said period.
A maturity invoice will be sent a minimum of one week prior to the maturity date. The responsibility to respond will be on the client. Failure to reply will be deemed as authorisation to renew the fixed deposit for the same or similar term and interest.
How to apply
- Minimum deposit. The minimum initial deposit is $50,000. This is also the minimum account balance that should be maintained. Subsequent deposits are subject to a minimum of $10,000.
- Membership. As BankVIC is a mutual bank, an account can only be opened for members of the bank, which is limited to the sectors mentioned above. There are however certain exceptions when you will also qualify, such as living within 5 kms of one of BankVIC's offices or if you are introduced by existing members (the member should at least be 12 months standing). Applying for membership can be done online, at a branch or by telephone.
- Identification. Anti-money laundering legislation has certain requirements that need to be met by banks when opening an account including the collection of the full name, residential address and date of birth of each account holder as well as those of any signatories to the account.
- Tax file number. Your tax file number (TFN) will be asked when opening an account. However, there is no requirement to provide it to the bank. In the event that the TFN is not provided, withholding tax will be deducted on any interest earned on the account, as is required by tax legislation.