Rural Bank Term Deposit

What are the features of the Rural Bank Term Deposit?

Despite not being a big name, Rural Bank is owned by the Bendigo and Adelaide Bank Group, and able to provide its customers with features that are comparable to other financial institutions. Check the features offered below to ensure this account meets your needs.

No monthly fees

You will not be charged an establishment or any monthly fees for Rural Bank’s term deposit.

Personal or business customers

This account is available as a personal or business account as well as for SMSF applicants.

Tiered interest rates

Interest rates are fixed, growing in value with higher deposit amounts and longer terms. The interest rates outlined above are for the lowest balance bracket, and you can earn higher interest rates with higher balances.

Minimum deposit of $500

You can open your term deposit with Rural Bank with as little as $500.

Interest calculated daily

Interest is calculated daily and can be paid to you at maturity, monthly, quarterly or yearly. For short term deposits of less than a year, interest is only paid when the terms are complete. You should also note that choosing to have your payments made periodically rather than at maturity will cause a reduction in the interest rate.

Choose how to receive interest payments

Interest payments may either be reinvested into the account or transferred to another account.

Online term deposit available

If you choose the online term deposit, which is only available for three or six months or one year, you will have to nominate an alternate account from which your funds will be deducted from. If you choose an in branch term deposit you are not obligated to link an account to your term deposit, but will then need to post a cheque to Rural Bank for the initial deposit.

Online term deposit terms from one, six or twelve months

For the staff assisted term deposit, the terms range from one month to five years. With the online term deposit you can only choose three or six month terms or one year.

Choose to roll the account over at maturity, or withdraw

You will be advised that your term deposit is close to maturity in writing, approximately two weeks before the scheduled date. At that time you will need to inform Rural Bank if you intend to keep the money in the account and roll it into a new one, or will be making a withdrawal. If you don’t provide this information, Rural Bank will automatically restart the terms, but at the prevailing interest rate posted at that time.

Early withdrawal available

You must provide at least 31 days notice if you need to make a withdrawal of your savings. The interest rate will then be adjusted to reflect what those new terms are.

Launch term deposit calculator