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Bendigo Bank Term Deposits

Name: Bendigo Bank Term Deposits
Creator: Savvy
Published: 2022-09-23T16:06:55+09:30

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

Written by , updated on September 11th, 2023

Bendigo Bank was founded in 1858 to help improve the living conditions of workers in the goldfields during the Victorian gold rush. It merged with Adelaide Bank in 2007 to form the Bendigo and Adelaide Bank as we know it today.

It now has in excess of 500 branches in Australia and more than two million retail customers. It is well known for its stance against fossil fuel investments, introducing ‘green loans’ to the Australian banking scene.

Savvy can help you decide which term deposit may be the right one for your circumstances. Compare interest rates and terms with the offerings from other banks right here with Savvy before deciding where to invest your previous savings.

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

Bendigo Bank term deposits explained

What term deposits does Bendigo Bank offer?

Bendigo Bank offers a wide range of term deposits from a minimum of one month up to five years.

Bendigo Bank: common term deposit interest rates

Term length offered	$1,000 to $4,999	$5,000 to $5 million
Up to 2 months	0.05% p.a.	0.10% p.a.
3 months	0.05% p.a.	0.20% p.a.
4 months	0.05% p.a.	1.20% p.a.
6 months	0.10% p.a.	0.45% p.a.
7 and 8 months	0.10% p.a.	0.75% p.a.
9 to 10 months	0.10% p.a.	2.00% p.a.
12 months	0.15% p.a.	2.50% p.a.
24 months	0.15% p.a.	2.85% p.a.
36 months	0.15% p.a.	2.85% p.a.
48 to 60 months	0.15% p.a.	2.90% p.a.

(Effective 23 September 2022)

The rates shown are for deposits with interest paid at maturity (up to 24 months) and annually (36 to 60 months). Lower interest rates apply for more frequent interest payments, such as monthly and quarterly.

Bendigo Bank offers two main choices when it comes to opening a term deposit:

Standard term deposit account

This comes with a fixed rate of interest and a minimum balance of $1,000. You’ll only be able to deposit extra funds within seven days of opening your account or upon maturity.

Gold term deposit account

There are several key differences between savings accounts and term deposits. However, Bendigo Bank offers an innovative product that is a hybrid of both. This Gold term deposit allows you to deposit additional funds and withdraw up to 25% of your balance at any one time before the deposit maturity date with no penalty imposed or notice required.

With a Gold term deposit account, there is a set term of 12 months and a minimum opening deposit of $2,000, with interest paid quarterly on your funds.

Early withdrawal conditions

You will need to give 31 days’ notice if you wish to withdraw funds from your standard term deposit before the maturity date. If you do withdraw your funds early, the interest earned will be reduced to the lowest tiered interest rate for a three-month investment on the date of your early withdrawal notice. In addition, an extra 0.25% p.a. will be deducted from this three-month rate down to a maximum of zero.

How do I open a Bendigo Bank term deposit?

If you’re an existing customer, term deposits and Gold term deposit accounts can be opened through online banking. Just log in with your usual customer number and select the option to open a new account.

If you aren’t an existing customer of Bendigo Bank, you can also open a term deposit online, at a branch of the bank or over the phone, but you’ll have to provide information about your identity prior to opening a term deposit account.

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

To open a term deposit account, you’ll need to fulfil the following conditions:

You’ll need to be an Australian citizen or resident
You’ll need to provide your passport and driver’s licence to prove your ID
You’ll need to be at least 18 years of age

The pros and cons of Bendigo Bank term deposits

PROS

Wide range of terms available

The Bendigo Bank offers a wide range of terms for deposits from one month up to five years, so you’ll likely find your preferred length with them.

Partial withdrawal possible with Gold deposit

The innovative Gold term deposits allow you to withdraw up to 25% of your funds with no notice required. However, the interest rate offered is lower than that of a standard term deposit.

No penalty for early withdrawal

If you do decide to withdraw a portion of your funds (up to a quarter) earlier than the end of the one-year Gold deposit period, you won’t suffer a reduction in the interest rate paid on your remaining balance.

CONS

Low rates for small deposits

The interest rates offered for term deposits under $5,000 are extremely low, even if you commit your funds to a long term deposit over two years.

Interest reduction for more frequent payments

If you wish the interest on your term deposit to be paid more frequently, you’ll have to accept a reduction in the interest rate offered.

Interest can’t be paid to another bank

When you receive your interest payments, they can only be paid back into the term deposit account, or to another Bendigo Bank account, not into another bank account you may have with another bank.