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Summary

You can invest your money for a term length that suits you and earn a fixed interest rate.

When you open a Beyond Bank Term Deposit you can choose a term length from 3 months to 5 years. The fixed interest rate your money earns depends on the amount you invest as well as duration of the term. You can invest as little as $2,000. Your term deposit does not attract any account keeping fees or establishment fees.

Pros

No monthly account keeping fee
Earn a fixed interest rate
Low minimum opening balance

Cons

Interest rates are slightly less competitive than some others in the market

Details

Key details

Product Name	Beyond Bank Term Deposit
3 month interest rate	4.35%
6 month interest rate	4.65%
7 month interest rate	4.90%
9 month interest rate	4.55%
12 month interest rate	4.75%
24 month interest rate	4.35%
36 month interest rate	3.95%
48 month interest rate	3.95%
60 month interest rate	3.95%
Minimum Opening Deposit	$2,000
Minimum age requirement	13
Government guarantee	Yes

Eligibility

Minimum Age Requirement	13
Joint account availability	No
Min Deposit	$2,000
Available to children	Not available for children under 13 years of age

Key features

No account fees

This account does not attract any ongoing account keeping fees, setup or establishment fees.

Minimum investment

The minimum you require to open a Beyond Bank Term Deposit is $2,000.

Lots of term lengths available

Beyond Bank offers short-term, medium-term and long-term deposits. With short and medium-term deposits, the bank pays interest on maturity. For terms over 12 months long you can choose to receive interest monthly, annually or at maturity. If you choose to receive interest upon maturity, you can reinvest it with the original term deposit.

Fixed interest rate

Your term deposit earns a fixed interest rate. The rate you'll earn depends on the amount invested, the term length and the frequency at which you receive interest.

Maturity

The bank sends you a letter or email 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.

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.

How to apply

Eligibility

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 $2,000 to open a Beyond Bank Term Deposit.

Documentation needed

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.

What happens after I submit my application?

The bank opens your term deposit as soon as you complete all the required formalities, including going through the ID check.

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Alison Finder

Editor

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Misty

April 21, 2022

Hello I want a term deposit with a low deposit amount and able to make monthly deposits but not withdrawal

Alison Banney Finder

May 12, 2022

Hi Misty,

Are you considering Beyond Bank? If so, the minimum you require to open a Beyond Bank Term Deposit is $2,000. You can withdraw funds from your term deposit before it matures by providing the bank with 31 days’ notice.

Regards,

Alison

Beyond Bank Term Deposit

Pros

Cons

Key features

No account fees

Minimum investment

Lots of term lengths available

Fixed interest rate

Maturity

Withdrawing before maturity

Mobile app

Government guarantee

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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