BankVIC Online Term Deposit

BankVIC Online Term Deposit

Min. Opening Deposit

2,000

Account Keeping Fee

0

Lock in an interest rate for peace of mind.

  • $0 management or account keeping fees
  • Interest calculated daily, paid annually and on maturity.
  • Funds are capital guaranteed up to $250,000
  • Open the account online via internet banking

Product details

BankVic gives you the option of 3 to 24 months of fixed term savings. With the Online Term Deposit, this can all be opened and done from the comfort of your own home. You can start the account with $2,000 and no management or maintenance fees will be deducted. The Online Term Deposit account has competitive interest rates and grants each account holder the freedom of knowing what to expect after the maturity of your deposit has been reached. Once you have opened your Online Term Deposit account, you can be confident that your money is in good hands.

Product Name
BankVIC Online Term Deposit
3 month interest rate
2.15%
4 month interest rate
2.15%
6 month interest rate
2.15%
9 month interest rate
2.15%
12 month interest rate
2.35%
24 month interest rate
2.60%
36 month interest rate
2.75%
48 month interest rate
2.80%
60 month interest rate
3.05%
Min Deposit
$2,000
Minimum Age Requirement
18
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the BankVic Online Term Deposit?

How do I earn interest?

The interest for the Online Term Deposit is calculated daily and paid out annually or monthly. You will earn interest at competitive rates which will be variable according to the amount invested and the period of the investment. Interest can also be paid out on maturity.

No fees for deposits

Cash deposits made at any BankVic branch is free of charge.

Minimum investment of 

A minimum initial deposit of $2,000 is required. Funds are guaranteed up to $250,000 according to the Australian Prudential Regulation authority.

Terms from 3 months to 2 years

The Online Term Deposit offers time periods from 3 to 24 months.

Rapid response 24/7

24/7 service allows account holders to make and receive payments, order deposit books and obtain statements of their accounts.   

Online banking available

You can use online banking to access your money through web and mobile platforms. This will give you a total overview of your account at your fingertips. If you are an online banking user, BankVic will also supply you with a monthly electronic bank statement. If you do not use online banking you can request a paper statement monthly.

Deposit via BPAY

Can be used to make payments, deposit money into your account or give notices of withdrawals.

Pros

  • No management or account keeping fees
  • Interest calculated daily, paid annually and on maturity.
  • Funds are capital guaranteed up to $250,000

Cons

  • Minimum deposit $2,000

What you’ll need to know before applying for the BankVic Online Term Deposit

Eligibility to apply online

  • Minimum age. Any person under the age of 18, is classified as a minor and will be required to have a parent or guardian sign the account application on their behalf. The minor is also required to join the Little Copper club before attaining any of BankVic membership privileges.  Once the member turns 18 years old, they will then be eligible to apply for their own account.
  • Residency requirements. Residential proof will be required along with the basic identification requirements as stated below.
  • Depository requirements. The Online Term Deposit account from BankVic requires the user to maintain minimum amounts of $2,000.

Documentation for your online application

  • Tax File Number. When applying for a BankVic Online Term Deposit account, your Tax File Number will be requested but it is not a requirement. Take note that if the Tax File Number is not given, a deduction is granted to be taken from the account.
  • Identification. Members using BankVic services, will be identified by means of a personal identification number, signature or telephone banking password.
  • Fees. Government fees, charges and taxes applicable to your account may be deducted from your account.
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