Greater Bank offers its members a flexible term deposit account that lets you choose for how long your money is locked down, and when you receive your interest. Use your interest earned now to help supplement your income, or save that too for reinvestment later. Competitive interest rates will help you to meet your savings goals quickly, with no fees eating away at your balance.
What are the features of Greater Bank Term Deposit?
With the fixed rates and terms of a term deposit account you have the advantage in knowing how much will be earned over the length of your term. When comparing these types of savings products between different banks, check the features to ensure that they will help you in achieving your saving goal:
- Monthly fees. There are no monthly or account keeping fees charged to you by Greater Bank.
- Minimum deposit amount. With Greater Bank you are permitted to deposit as little as $1,000 to start your term deposit.
- Transaction fees. You will not be charged any transaction fees with this account.
- Terms. Greater Bank offers terms ranging from one month to five years.
- Interest rates. The interest rates are fixed at a competitive rate and tiered to provide the highest earnings to those who invest higher amounts of money for longer periods of time.
- Interest payments. Interest is calculated on your daily balance and you have the choice of monthly payments or a payment at maturity. It is important to note that choosing monthly payments will mean a reduction in your interest rate. Interest will be paid into a separate account nominated by you at the time of application.
- Account maturity. Greater Bank will let you know when your term deposit is close to reaching its maturity date. You have 10 days to let them know whether you will be withdrawing the money or reinvesting it. If no instructions are given the term deposit will be renewed automatically for the same length of time, but at the prevailing interest rate. During those 10 days you are also permitted to make other adjustments, such as add to the deposit or change the terms.
- Term breaks. If you need to close your account before the agreed upon maturity date, it will done at the discretion of Greater Bank. If they do agree then your interest earnings will be reduced by 1%.
- Accessing your account. You are able to view your term deposit through Greater Bank's online and mobile banking platforms.
- Availability. The term deposit is only available for personal use and cannot be opened in a business name.
- No monthly account-keeping fees
- High interest rate on your savings
- Flexible terms
- No flexibility
How do I apply for Greater Bank Term Deposit?
You have the option of applying for the term deposit account at a Greater Bank branch or online. If you are already a member of the financial institution you can open a new term deposit through Internet banking, while new customers will first need to obtain membership. Before beginning, check to make sure that you are able to meet the eligibility requirements:
- Minimum age. In order to apply for the term deposit you must be at least years old.
- Residency requirements. Only permanent residents are eligible for this account.
- Depository requirements. A minimum of $1,000 is required as an opening deposit before the account can be activated.
You will also need to have the following documentation in order to complete the online application in its entirety:
- Tax file number. You are not required to provide Greater Bank with your tax file number (TFN) but if you choose not to, they are required to collect withholding tax on your interest earnings.
- Identification. You may use information found on your driver’s licence, passport or Medicare card to verify your identity.
- Mobile phone number. Your mobile phone number is needed in order for you to confirm your new account using an SMS authorisation code.
There is no need to fill out a separate membership and term deposit account application. Once your identity has been confirmed your new account will be available to use immediately, and you will be asked to confirm the details using an SMS authorisation code.