Commonwealth Bank Business Term Deposit

Invest your surplus business funds in a business term deposit and enjoy fixed returns for the term length of your choice

The Commonwealth Bank Business Term Deposit allows you to invest your surplus business cash for a term length that suits you between one month and five years, and earn a fixed interest rate for the life of the term. This means you can have peace of mind knowing exactly what return your money will make.

No reviews yet. Write a review

Alison Banney

Last Updated Dec 30, 2020

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product Name	Commonwealth Bank Business Term Deposit
3 month interest rate	0.07%
4 month interest rate	0.08%
6 month interest rate	0.10%
7 month interest rate	0.10%
9 month interest rate	0.15%
12 month interest rate	0.25%
24 month interest rate	0.25%
36 month interest rate	0.25%
48 month interest rate	0.25%
60 month interest rate	0.25%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	18

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.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

Pros

Large range of term lengths available
No set-up or account keeping fees
Fixed interest rate

Cons

Interest rates aren’t as competitive as some others in the market
Must give 31 days notice to withdraw funds early

Key features

Terms from one month to five years

You can choose between a large range of term lengths from just one month to five whole years.

Minimum opening deposit of $5,000

You need a deposit of at least $5,000 to open this term deposit.

Interest payments

You can select to receive interest payments monthly, annually or at account maturity.

No account fees

There are no establishment fees or ongoing account keeping fees to worry about with this term deposit.

31 days notice is needed for early withdrawals

If you need to withdraw money from this term deposit before it reaches maturity, you need to provide the bank with 31 days' notice. You'll also be charged an admin fee of $30 and may have your interest rate reduced.

Term maturity options

You'll receive an alert before your term deposit is set to mature, so you can decide what you'd like to do. You can either roll over the term into a new term with the current interest rate on offer, withdraw the money, or a combination of these (you can withdraw som and reinvest the rest).

How to apply

You need to visit a Commonwealth Bank branch to open a Business Term Deposit. Make sure you meet the following eligibility criteria and have the necessary documents with you.

Eligibility

You must be a registered Australian business with an Australian Business Number (ABN).
You must have a Tax File Number (TFN) for your business (or a TFN exemption code).

The person applying for the term deposit must be at least 18 years old.

Alison Banney

twitter linkedin

Alison Banney is the banking and investments editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including Greater Bank, bcu and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question