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.
This term deposit is available to Australian businesses only and is not for personal use.
Features of the Commonwealth Bank Business Term Deposit
Fixed interest rate
You can enjoy a fixed interest rate on your deposit that will not change until the term reaches maturity. Having a fixed rate of return can help your business with future cash flow planning.
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.
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).
- Large range of term lengths available
- No set-up or account keeping fees
- Fixed interest rate
- Interest rates aren’t as competitive as some others in the market
- Must give 31 days notice to withdraw funds early
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.
- 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.