Fact checked
Gateway Bank is a member-owned mutual bank that was founded in New South Wales in 1955. It was formerly known as the Gateway Credit Union and specialises in offering personal service and a customer-focused banking attitude. It now offers a wide range of retail financial products such as home loans, personal loans, car loans, bank accounts and term deposits.
Find out if Gateway Bank is the best option for your investments by comparing term deposits here with Savvy. Compare interest rates and terms offered to help you find the best place for your spare funds before starting your investment journey today.
*Please note that Savvy does not represent Gateway Bank for their term deposit products.
Gateway Bank offers a range of term deposits from three months to five years.
Gateway Bank: common term deposit rates
| Term length offered | Interest Rate Offered |
|---|---|
|
3 months |
2.10% p.a. |
|
4 to 5 months |
0.70% p.a. |
|
6 months |
2.80% p.a. |
|
7 months |
1.20% p.a. |
|
9 months |
2.70% p.a. |
|
12 months |
3.35% p.a. |
|
2 to 3 years |
1.60% p.a. |
|
4 to 5 years |
0.65% p.a. |
(Effective 12 September 2022)
It offers a mixed bag of term deposits, ranging from highly competitive interest rates to some which are much lower than the rates offered by other smaller banks. For this reason, it’s important to compare term deposit rates with Savvy prior to each investment you make to ensure you find the best interest rate for your savings.
Minimum and maximum limits
The minimum deposit amount is $1,000 and the maximum is $500,000, although larger deposits are available upon personal application to the bank.
Interest payments
Interest is paid either monthly, half-yearly, annually or at the maturity of the term. The interest can be paid either to an Edge Account or an Everyday Savings Account, but cannot be compounded (paid back regularly into the term deposit account to accrue more interest).
Withdrawal notice
For deposits of five months and 12 months in length, 31 days’ notice is required if you wish to terminate your term deposit early. For all other deposits, the notice requirement is seven days.
If you’re an existing Gateway Bank customer, a term deposit can be opened through your normal online banking login. The process is as follows:
If you aren’t an existing Gateway Bank customer, you can apply over the phone or online by filling in a Membership and Term Deposit Application Form.
The main requirements for opening a term deposit with Gateway Bank are as follows:
To open an account with Gateway Bank, you’ll only need a $1,000 minimum deposit, which is lower than the $5,000 minimum many banks require.
Some of the interest rates on offer from Gateway Bank are highly competitive with other banks and financial institutions in Australia.
Gateway Bank also offers its term deposits for trusts and self-managed super funds, with all of the same rates applying to these deposits as listed above.
The interest rates offered for longer-term deposits of two years and over aren’t competitive, so you may have to look elsewhere if you’re wanting the best deal for a long term deposit.
Deposits with terms of five months and 12 months require 31 days’ notice to be given to the bank if you wish to withdraw your funds early.
In order to open a term deposit with Gateway Bank, you’ll also be required to open an Edge account or a savings account to deposit and withdraw your funds.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.