Bendigo Bank term deposit
Invest any amount from $1,000, choose a term from one month to five years, and don’t pay any account keeping fees.
Bendigo Bank enables you to make short-term and long-term savings plans through its term deposits, and you get to choose from regular and gold term deposits. With a regular term deposit you can choose between different terms, and with a gold term deposit you can withdraw up to 25% of your original deposit any time you want.
The below interest rates are for balances between $1,000 to $4,999 only. Balances above this earn a higher rate.
|Product Name||Bendigo Bank Term Deposit $0 - $4,999|
|3 month interest rate||0.05%|
|4 month interest rate||0.05%|
|6 month interest rate||0.10%|
|7 month interest rate||0.10%|
|9 month interest rate||0.10%|
|12 month interest rate||0.15%|
|24 month interest rate||0.15%|
|36 month interest rate||0.15%|
|48 month interest rate||0.15%|
|60 month interest rate||0.15%|
|Minimum Opening Deposit||$1,000|
|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.|
Low starting amount
You can open a regular Bendigo Bank term deposit with as little as $1,000, whereas many other banks require you to start with $5,000 or $10,000. For a gold term deposit, the minimum required is $2,000.
The term you choose depends on the duration of time you can do without the money you wish to invest, and you can choose from terms in between one month and five years. With the gold term deposit, you can only get a 12 months term.
If you get a gold term deposit, you can access up to 25% of the original deposit without paying any penalties, and this gives you considerable freedom in using the deposited funds.
Customers can make additional deposits to their gold term deposit at any time. With a standard term deposit they can make additional deposits within 7 days of opening or renewal.
At maturity, you can renew your term deposit as it is, you can add additional funds to it, or you can withdraw the amount - entirely or partially. Upon partial withdrawal, you get to renew the remainder.
Tiered interest rate
While longer loan terms earn more interest than shorter loan terms, the amount you wish to invest also has a bearing on the interest your Bendigo Bank term deposit earns. This is because Bendigo Bank offers separate interest rate tiers for deposits in between $1,000 to $4,999 and $5,000 and $5,000,000.
Earn interest quarterly, monthly, half yearly, or annually
Depending on the term you opt for, you can choose between earning interest quarterly, monthly, half yearly, or annually. When you invest more than $1,000, and if you opt for a longer term, you stand to earn higher interest if you opt for annual payout of interest as opposed to monthly or quarterly.
Both, regular and gold term deposits don't attract any set up fees or ongoing account keeping fees.
You can access your term deposit from any Bendigo Branch, and not just your home branch.
How to apply
To enquire online, visit Bendigo Bank website.
Before you decide opening a Bendigo Bank term deposit bear in mind you have to meet certain eligibility criteria, which are as follows.
- You're an Australian resident from a taxation point of view
- You meet Bendigo Bank's minimum age requirement
- You are opening a regular term deposit with at least $1,000, or a gold term deposit with at least $2,000
As part of the process required in opening a new term deposit, you have to provide the following information.
- Personal information. These comprise your complete name, date of birth, contact details, and tax file number
- Identification documents. Before Bendigo Bank opens your term deposit it verifies your identity, for which you have to provide suitable identification documents.
- Linked account. Upon maturity of your term deposit, Bendigo Bank transfers the money in a nominated bank account if you don't opt for renewal, and you have to provide details of this account at the time of application.
What happens after I submit my application?
Once you complete the formalities required to open your new term deposit, Bendigo Bank verifies all the details you provide, and then requests for funds from the nominated bank account. Opening of the term deposit follows, after which you can expect to receive related documentation via mail.