Greater Bank Term Deposit $5,000

Last updated: Mar 25, 2020

Great things are in store for your financial future when you invest in a Greater Bank Term Deposit.

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.

Up to 1.25% p.a.

Interest rate

60 months interest rate

$5,000

Minimum opening deposit

Account keeping fee

Details

Product Name	Greater Bank Term Deposit $5,000
3 month interest rate	0.65%
4 month interest rate	0.60%
6 month interest rate	0.75%
7 month interest rate	0.60%
9 month interest rate	0.60%
12 month interest rate	0.85%
24 month interest rate	1.00%
36 month interest rate	1.10%
48 month interest rate	1.20%
60 month interest rate	1.25%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	16

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	16
Joint account availability	No
Min Deposit	$5,000
Available to children	Not available for children under 16 years of age

Pros

No monthly account-keeping fees
High interest rate on your savings
Flexible terms

Cons

No flexibility
Minimum investment of $5,000

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

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 $5,000 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.

How to apply

Eligibility

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 16 years old.
Residency requirements. Only permanent residents are eligible for this account.

Depository requirements. A minimum of $5,000 is required as an opening deposit before the account can be activated.

Documentation needed

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.

What happens after I submit my application?

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.

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6 Comments

mike
June 19, 2017

Why do the links to Greater Bank not working?

Reply
- finder Customer Care
  
  Rench
  June 19, 2017
  
  Hi Mike,
  
  Thanks for reaching out to us.
  
  I have tried clicking on the green ‘Go to site’ button above this page and it directed me to Greater Bank official site successfully. Please try to use another browser or there might be a setting in your browser that’s blocking the pop-up.
  
  Hope this helps.
  
  Cheers,
  Rench
  
  Reply
greg
June 18, 2017

do deposits have the government guarantee

Reply
- Danielle
  June 18, 2017
  
  Hi Greg,
  
  Thank you for contacting finder.com.au. We are a comparison website and general information service, we’re more than happy to offer general advice.
  
  Yes. Greater Bank is subject to the same regulatory standards and rules as the major banks that are set by the Australian Prudential Regulation Authority (APRA) to protect you.
  
  I hope this helps.
  
  Cheers,
  Danielle
  
  Reply
Alan
June 16, 2017

What is the term deposit interest rate for $15000 at 6 months?

Reply
- finder Customer Care
  
  Jason
  June 17, 2017
  
  Hi Alan,
  
  Thank you for your enquiry.
  
  The term deposit interest rate of Greater Bank Term Deposit for $15000 for 6 month term is 2.85 % p.a.
  
  You may compare the rates of Greater Bank Term Deposit with other term deposit accounts on this link for your reference.
  
  Kind regards,
  Jason
  
  Reply

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