Bendigo Bank term deposit

Last updated: Dec 30, 2020

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.

Up to 0.35% p.a.

Interest rate

12 months interest rate

$1,000

Minimum opening deposit

Account keeping fee

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Details

Product Name	Bendigo Bank Term Deposit
3 month interest rate	0.10%
4 month interest rate	0.10%
6 month interest rate	0.20%
7 month interest rate	0.20%
9 month interest rate	0.20%
12 month interest rate	0.35%
24 month interest rate	0.35%
36 month interest rate	0.35%
48 month interest rate	0.35%
60 month interest rate	0.35%
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.

Joint account availability	Yes
Min Deposit	$1,000
Available to children	No minimum age

Pros

A fixed interest rate with guaranteed returns
$0 account-keeping fees

Cons

Minimum investment of $1,000

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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.

Variable terms

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.

Access funds

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.

Additional deposits

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.

Maturity options

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.

No fees

Both, regular and gold term deposits don't attract any set up fees or ongoing account keeping fees.

Access

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.

Eligibility

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

Documentation needed

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.

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2 Comments

Anthea
February 19, 2019

What is the interest rate for a Term Deposit of $50,000, please?

finder Customer Care

Jhez
February 20, 2019

Hello Anthea,

Thank you for your comment.

The rates on the page above are for balances below $5000. The rate for a balance of $50,000 depends on how long the term is. For a balance of $50,000, the current interest rate for a 12 month term is 1.70% p.a., and the interest on a 24 month term is 1.95% p.a. These rates are correct as of 1st July 2019 and are subject to change.
Regards,
Jhezelyn

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