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BankVic Term Deposit

Alison Banney
Alison Banney
Last updated:  

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.

Up to 1.35% p.a.

Interest rate

6 months interest rate

$5,000

Minimum opening deposit

$0

Account keeping fee

Details

Product NameBankVIC Term Deposit
3 month interest rate1.25%
4 month interest rate1.25%
6 month interest rate1.35%
7 month interest rate1.25%
9 month interest rate1.25%
12 month interest rate1.25%
24 month interest rate1.20%
36 month interest rate1.20%
48 month interest rate1.20%
60 month interest rate1.20%
Minimum Opening Deposit$5,000
Minimum Age Requirement18
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.

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.

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2 Comments

  1. Default Gravatar
    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

    Reply
    • Default Gravatar
      Nikki
      June 27, 2018

      Hi Pree!

      Thanks for bringing this to our attention.

      Sorry for the delay. Our team is working double time to accommodate all requests.

      Please go to this page to send us an email and a member of our team will get in contact with you as soon as possible.

      Cheers,

      Nikki

      Reply
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