When opening a Beyond Bank Term Deposit you get to choose terms from three to 60 months. The interest your money earns depends on the amount you invest as well as duration of the deposit. You can invest as little as $500. Your term deposit does not attract any account keeping fees.
What are the features of the Beyond Bank Term Deposit?
- Account keeping fees. This account does not attract any ongoing account keeping fees.
- Minimum investment. The minimum you require to open a Beyond Bank Term Deposit is $500.
- Term. Beyond Bank lets you choose between short-term, medium-term and long-term deposits. With short and medium-term deposits, the bank pays interest on maturity.Term of these deposits varies from three to 12 months. If you wish to open a long-term deposit you have to choose a term of 12 months or more. In this case, the bank can pay interest monthly or annually.
- Interest. Your term deposit earns fixed interest. However, this depends on the amount, the term and the frequency at which you receive interest. The bank may make interest payouts on a monthly or annual basis, depending on the term of the deposit and your choice. If you choose to receive interest upon maturity, you can reinvest it with the original term deposit.
- Maturity. The bank sends you a letter at least 14 days before maturity of your deposit, notifying you of details such as the interest payable, maturity date and prevailing interest rates. You can then choose to withdraw the term deposit into a nominated Beyond Bank account or reinvest it again. You can reinvest all or part of your original term deposit. If the bank does not receive any instructions from you, it reinvests the term deposit for the same or the closest available duration.
- Withdrawing before maturity. You can withdraw funds from your term deposit before it matures by providing the bank 31 days notice. It applies a reduction in your return in accordance to the amount you withdraw. This reduction does not apply if the withdrawal is owing to the demise of one of the account holders.
- Mobile app. You can use Beyond Bank’s mobile banking app to check your account’s balance and to find out how much interest your money earns. You can also use this app to check the bank’s latest term deposit interest rates.
- Government guarantee. The combined total of your deposits of up to $250,000 with Beyond Bank receive protection through the government’s Financial Claims Scheme. This government guarantee covers term deposits as well.
- No monthly account keeping fee.
- Earn a fixed interest rate
- Minimum opening balance is $500
How do I apply for the Beyond Bank Term Deposit?
You can open a Beyond Bank Term Deposit by walking into your closest branch, you can submit an online enquiry and you can get started over the phone. To enquire online or to find out where the nearest Beyond Bank branch is, visit the Beyond Bank website. Go through these eligibility criteria before you apply:
- Minimum age. There is no specified minimum age requirement.
- Residency requirements. You should be an Australian resident with an Australian residential address.
- Depository requirements. You need at least $500 to open aBeyond Bank Term Deposit.
You’ll have to complete an application process before the bank opens your term deposit. This requires that you provide different kinds of information:
- Identification. New Beyond Bank customers have to complete a legally required identity check. You can do this using an acceptable form of ID such as your Australian driver’s license, passport or Medicare card.
- Tax file number. You can provide your tax file number (TFN) at the time of application or later. Providing your TFN ensures that the bank does not deduct withholding tax from the interest it pays. Submitting your TFN is not mandatory.
- Other information. This includes your name, home address, email address and phone number.
The bank opens your term deposit as soon as you complete all the required formalities, including going through the ID check.