BankVic Term Deposit

Commit to simple terms and earn a higher rate of interest on your savings funds.

With the term deposit choices provided by BankVic, you have the opportunity to rapidly grow your savings and meet your goals sooner. These do require you to make a commitment to a set amount of time, rewarding you for not making withdrawals before the agreed term with a competitive interest rate. BankVic is a registered mutual bank in Australia, so you have the peace of mind in knowing that your savings are safe as per the government Financial Scheme.

Alison Banney

Last Updated Dec 30, 2020

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Details

Product Name	BankVIC Term Deposit
3 month interest rate	0.45%
4 month interest rate	0.45%
6 month interest rate	0.45%
7 month interest rate	0.45%
9 month interest rate	0.45%
12 month interest rate	0.45%
24 month interest rate	0.50%
36 month interest rate	0.50%
48 month interest rate	0.50%
60 month interest rate	0.50%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	18

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.

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$5,000
Available to children	Not available for children

Pros

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

Cons

A minimum deposit of $5,000 is required

Key features

$0 Monthly management fees

With BankVic there is no monthly management fee for the term deposit.

Terms available from 3 months to 5 years

You have the option of choosing terms ranging from 3 months up to 5 years.

$0 Minimum balance

The minimum balance amount is $5,000 in order to be eligible to earn interest.

Your interest rate is fixed for the period

The interest rates are fixed at a rate dependent on the length of your terms and amount on deposit. The longer you choose to invest and the larger your balance, the higher the rates will be.

How is my interest calculated?

The interest will be calculated on your daily balance and paid to the account annually and at maturity.

Terms and conditions for early withdrawal

Withdrawal of your money before the agreed upon term ends can only be done at the discretion of BankVic after a written request has been received by you. In the event the request is approved, a reduction of interest will be applied to reflect the change in terms.

What happens when my term deposit it about to mature?

You will be notified a week prior to the ending term date and provided with current interest rates. If at this time you do not provide any further instruction a new account will be started with the same terms as your previous one but at the prevailing interest rate. You can also choose to continue the terms and deposit additional funds. You will be provided with a Term Deposit Certificate once the account has been activated and a new one each time the account is renewed.

You must be a BankVic member to apply

BankVic is a mutual bank owned by Australian shareholders. You must be a member in order to open a term deposit with them, and this is limited to police officers, emergency response workers and other individuals working in public service. You can also apply for membership if a family member is in this industry or if you are recommended by an existing member of good standing. Residents within five kilometres of a branch are also permitted to apply for membership.[/expander_content]

How to apply

Eligibility

BankVic offers multiple means of applying for their term deposit, including online which can be accessed by visiting their website. Keep in mind that this option is only available to existing members. If you have not yet signed up you will need to first complete that application. Other eligibility requirements you should know include:

Minimum age. You must be at least 18 years of age to apply online.
Residency requirements. BankVic membership and their products is only available to Australian residents and citizens.

Depository requirements. At least $5,000 must be deposited into the account before interest is accrued although you are able to make $2,000 deposits as well. If you are applying for membership you will also need to purchase ten shares at $1 each.

Documentation needed

Tax file number. It is not obligatory to provide your tax file number (TFN) yet it is helpful in ensuring that deductions made from your interest earnings are done at the correct rate.
Identification. BankVic requires information from your passport or driver's licence on their membership application.

What happens after I submit an application?

Once your information has been received and confirmed, you will be able to make your opening deposit to activate the account. After that it is just sit and wait for the terms to end and your balance to grow.

Alison Banney

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Alison Banney is the banking and investments editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

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2 Comments

Pree
June 26, 2018

Hello, I’m from BankVic I’ve been trying to reach someone to amend our rates on your site as they are incorrect. I haven’t heard back and we need to chnage this asap.
thanks,
Preethi

Nikki
June 27, 2018

Hi Pree,

Thanks for bringing this to our attention.

Sorry for the delay. We are thrilled to know you are interested in partnering with us! Our team is working double-time to accommodate all requests. In the meantime, kindly go to our Partner with us page. Please fill out the form with the necessary details about your company on this page and click the “Submit” button. Our Client Services team will get in touch with you to discuss the details once we received and evaluated your submitted information.

Cheers,

Nikki

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BankVic Term Deposit