Auswide Bank Term Deposits

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If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about Auswide Bank’s term deposits.

What term deposits does Auswide Bank offer?

Auswide Bank offers a single term deposit product with features including:

  • No account or transaction fees
  • A minimum deposit of $500
  • Investment terms ranging from one month to five years
  • The ability to choose monthly, quarterly, yearly, or at-maturity interest payments
  • A range of options for both how your interest is paid, and what happens to your term deposit at maturity

Click below to compare term deposits on our database, with terms, deposit amounts and interest paid options tailored to your preferences.

Compare Term Deposits

What terms are available on Auswide Bank term deposits?

According to Auswide Bank, it offers term deposits with terms (the length of time your money is deposited) ranging from a minimum of one month to a maximum of five years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on Auswide Bank term deposits?

Auswide Bank’s term deposits offer customers the choice of receiving interest payments either monthly, quarterly, yearly, or at maturity.

It’s worth remembering that the option you select may have an impact on the rate of interest you earn.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does Auswide Bank have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, Auswide Bank requires you to provide notice of 31 days if you wish to access your money early.

Auswide Bank also charges an interest rate adjustment if you withdraw your money before the end of the term. This adjustment will depend on how much of your term deposit’s term has already elapsed, and the different adjustment rates are detailed below.

Proportion of term completed Interest rate deduction
Up to 5% 95% of your deposit
Up to 25% 80% of your deposit
Up to 50% 60% of your deposit
Up to 75% 40% of your deposit
Up to (but not including) 100% 20% of your deposit

Source: Auswide Bank as at April 2019

Auswide Bank’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does Auswide Bank charge any other fees for term deposits?

At the time of writing, no additional fees were listed by Auswide Bank in relation to its term deposits.

For current information on fees and how they apply, please check the Product Disclosure Statement or contact Auswide Bank.

How to apply for a Auswide Bank term deposit

Before applying for a Auswide Bank term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

Compare Term Deposits

If applying, consider Auswide Bank’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s licence or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for a Auswide Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Auswide Bank’s website.

Eligibility criteria

Auswide Bank does not currently specify any eligibility criteria for its term deposit products, however you may need to be 18 years of age or older and a citizen or permanent resident of Australia. You must also be depositing a minimum amount of $500.

What happens to a Auswide Bank term deposit when it reaches maturity?

According to Auswide Bank, when a term deposit reaches the end of its term you can choose to:

  • Transfer your investment to a different term deposit
  • Deposit to or withdraw from the term deposit
  • Have the full amount of your term deposit paid to any of your other accounts with Auswide
  • Have the full amount paid to you by cheque
  • Use the funds to pay any of your bills by BPAY®

About Auswide Bank

Auswide Bank was established in 1979 through the merger of Burnett Permanent Building Society and Maryborough Permanent Building Society. Then known as Wide Bay Capricorn Building Society, it says it was founded to provide the people of the Wide Bay Burnett region with an alternative to the big banks.

The Society merged with other local Building Societies throughout the 1980s and was listed on the ASX in 1994.

Wide Bay Capricorn Building Society became Auswide Bank in 2015 and now oversees more than $3 billion in assets.

Written by: James Hurwood | Last updated: May 2, 2019