Bank Australia is the result of the merger of more than 70 credit unions and co-ops since its beginnings in Australia in the 1950s. It holds the title of Australia’s first customer-owned bank and is based in Victoria.
It now boasts more than 180,000 customers, 400 staff and 16 branches across the country. The bank prides itself on being a ‘clean money’ institution through ethical investing and vowing never to invest in fossil fuels, arms, live animal exports, tobacco or gambling products.
Find out if Bank Australia is the right choice for your term deposit by comparing the interest rates and terms on offer here with Savvy. See how their rates compare with other banks and financial institutions to help you determine if they’re the best option available for your precious nest-egg.
*Please note that Savvy does not represent Bank Australia for its term deposit products.
Bank Australia term deposits explained
What term deposits does Bank Australia offer?
Bank Australia offers a limited range of term deposits from three months up to three years.
Bank Australia term deposit interest rates
(Effective 14 September 2022)
Interest payment alternatives
The interest rates quoted are for interest paid at the maturity of the term deposit. If you wish to receive your interest monthly, the interest rate you'll receive will be marginally lower than the advertised rates above.
Limits on investment sum
The minimum amount for a term deposit is $500 and the maximum amount permitted is $1 million. However, investments over $1 million are available by personal negotiation.
Notice required for early withdrawal
If you wish to withdraw your savings before the agreed maturity date, you’ll be required to give 31 days’ notice of your withdrawal intent.
How do I open a Bank Australia term deposit?
You can open a term deposit with Bank Australia either online, over the phone or in person at one of their branches. The online application process will take less than five minutes, but you will need your driver’s licence, Medicare card and passport handy for the process.
What are the requirements for opening a Bank Australia term deposit?
The requirements for opening a Bank Australia term deposit are:
- Must be at least 13 years of age
- Must live in Australia, either permanently or on a visa
- Must have a minimum investment of $500
- Be able to prove your identity through your passport, driver’s licence and Medicare card
