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Auswide Bank Term Deposits

Name: Auswide Bank Term Deposits
Creator: Savvy
Published: 2022-09-20T17:15:25+09:30

Explore Auswide Bank's term deposit offers and interest rates to help you compare your options with Savvy.

Written by , updated on September 11th, 2023

After the merger of several established building societies in the 1960s, Wide Bay Australia Ltd was eventually born in Queensland in 2003. As it grew, it merged with the Mackay Permanent Building Society and changed its name and became Auswide Bank in 2015.

It now has assets of more than $3 billion and offers a wide range of retail and business banking services, including home loans, car and personal loans, insurance, superannuation products and term deposits.

Discover if Auswide Bank is the right bank to look after your savings by comparing interest rates and terms here with Savvy. Compare Auswide with other banks and financial institutions to make sure you’re getting the best deal for your fixed term deposit.

*Please note that Savvy does not represent Auswide Bank for its term deposit products.

Auswide Bank term deposits explained

What term deposits does Auswide Bank offer?

Auswide Bank offers a wide range of term deposits ranging in duration from one month to five years.

Auswide Bank: common term deposit interest rates

Term length	Interest rate
1 month	0.20% p.a.
3 months	1.25% p.a.
4 months	1.50% p.a.
6 months	2.25% p.a.
7 months	2.50% p.a.
9 months	2.70% p.a.
12 months	3.00% p.a.
18 to 24 months	3.25% p.a.
36 months	3.35% p.a.
48 to 60 months	3.50% p.a.

(Effective 20 September 2022)

Interest payment frequency

The interest rates quoted are for interest paid at maturity (up to 12 months) and annually (over 12 months). If you wish for your interest to be paid more frequently, such as monthly, the interest rates on offer are lower than the rates offered for interest paid at maturity.

Minimum and maximum deposit amounts

The minimum deposit required is $5,000 and the maximum permitted is $500,000. Larger investments are available by personal negotiation.

Early withdrawal penalties

If you wish to withdraw your term deposit funds early, the amount of interest you earn will be reduced depending on how much of your original term there is remaining.

Term maturity options

At the end of your deposit period, you can choose to renew your deposit for another term, withdraw some or all of your funds to an Auswide account, or use your funds to pay bills with BPAY. There is no option to pay your funds to another bank account.

Open for business

Auswide Bank does offer term deposits for businesses, but not for self-managed super funds. The interest rates offered to businesses are the same as those offered to private retail customers.

How do I open an Auswide Bank term deposit?

For existing customers, all you need to do is log into your internet banking and apply online to open a term deposit. Just follow the prompts and you’ll have your deposit account open in a few minutes. You’ll need to transfer funds from your existing Auswide bank account into your term deposit account.

If you’re new to Auswide Bank, you’ll be able to start the process to open an account online through their website. However, you’ll then need to either visit an Auswide branch or go to an Australia Post office to get your identity verified. Once your ID has been verified, you’ll need to complete an online term deposit application form and direct debit form to fund your account.

What are the requirements for opening a Auswide Bank term deposit?

To have your identity verified at an Australia Post outlet or a bank branch, you’ll require one form of ID that shows your photo and date of birth, plus a secondary document that proves your current residential address.

Examples of relevant documents include:

Passport
Driver's licence
Medicare card
Student ID or Centrelink pension card
Utility bill with your current address

The pros and cons of Auswide Bank term deposits

PROS

Account funding from another bank

You don’t have to open an Auswide Bank account in order to open a term deposit, as funds can be transferred in from another bank account.

Wide range of terms available

Whatever your investment needs, Auswide will probably be able to offer the term you need, as their range of term deposits is quite comprehensive.

Competitive interest rates

The interest rates on offer are very reasonable and compare favourably with those offered by other small banks and financial institutions.

CONS

ID verification required in person

You’ll either need to visit an Auswide Bank branch or an Australia Post office to have your identity documents verified if you’re a new customer.

31 days’ notice required to withdraw funds

You’ll be required to provide 31 days’ notice if you wish to withdraw your funds before the agreed end of the deposit period.

Interest reduction for more frequent interest

If you wish to have your interest paid monthly, rather than annually or at maturity, you’ll have to be content with an interest rate 0.30% p.a. lower than the advertised rate.

More of your frequently asked questions about term deposits

What is a term deposit?

Although many people are familiar with the phrase ‘term deposit,’ not everyone knows what a term deposit is. A term deposit is an agreement between you and your bank or financial institution to lock away a set amount of money for a set period (known as the ‘term’ of the deposit) in return for a fixed rate of interest. As the interest rate and length of the deposit are fixed, you’ll be able to calculate in advance how much money your savings will earn during the life of the term deposit. When your chosen term is over, you can choose to either withdraw your funds and the interest earned or roll them over into another term deposit.

What are the most common periods for a term deposit?

Since term deposits are designed to lock away a lump sum of savings for a set period, the most common term deposits range from six months up to one year. For this reason, many banks and financial institutions offer some of their highest interest rates for one-year term deposits, as competition for new investments is fierce.

How do I find the best short term deposit rates?

The best short term deposit rates for term deposits in Australia are typically offered by online financial institutions, smaller mutual banks and credit unions. This is because mutual banks and credit unions channel all profits back to their members, which means they’re able to offer more attractive interest rates. Online banks also don’t have the overheads of maintaining bricks and mortar branches, so they’re often able to offer very attractive interest rates for short-term savings too. For this reason, it’s important to compare interest rates with Savvy before making your financial investment decision.

How can I work out how much interest I’ll earn on my term deposit?

You can use Savvy’s term deposit calculator to help you work out exactly how much interest your savings will earn over a set period. Just enter in the amount you wish to deposit, the term of the deposit and the interest rate offered, and the calculator will show you how much interest your savings will earn.

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