Bank of Melbourne Term Deposit Rates
What terms are available on Bank of Melbourne term deposits?
According to Bank of Melbourne, it offers term deposits with terms (the length of time your money is deposited) typically 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. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to benefit from the maximum 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 Bank of Melbourne term deposits?
Bank of Melbourne’s term deposits offer customers the choice of receiving interest payments at the following frequencies:
- 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 Bank of Melbourne have a notice period and charge an early withdrawal fee for withdrawals?
Bank of Melbourne requires you to provide notice of 31 days if you need to access your money early, unless you’re experiencing financial hardship. Bank of Melbourne charges an interest rate adjustment if you withdraw your money before the end of the term.
Bank of Melbourne’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does Bank of Melbourne charge any other fees for term deposits?
At the time of writing, no additional fees were listed by Bank of Melbourne in relation to its term deposits.
For current information on fees and how they apply, please check the Product Disclosure Statement or contact Bank of Melbourne.
How to apply for a Bank of Melbourne term deposit
Before applying for a Bank of Melbourne term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider Bank of Melbourne’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 license 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 Bank of Melbourne term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Bank of Melbourne’s website.
According to Bank of Melbourne, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be at least 18 years old
- You must be an Australian resident
- You must be investing a minimum deposit of $1,000
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)
What happens to a Bank of Melbourne term deposit when it reaches maturity?
According to Bank of Melbourne, when a term deposit reaches the end of its term, you have the option to withdraw all or part of your deposit along with any interest earned. Or, you can choose to have all or part of the deposit reinvested on the same terms as the original term deposit or with different terms.
If you do not indicate what you would like to happen to your deposit when it reaches maturity, it will automatically be reinvested at the same terms as the original investment was made, at the interest rate available at the time.
About Bank of Melbourne
Founded in 1989, Bank of Melbourne has 106 branches exclusively in the state of Victoria.