Bendigo Bank Term Deposit Rates

Bendigo Bank

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 Bendigo Bank’s term deposits.

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What terms are available on Bendigo Bank term deposits?

According to Bendigo Bank, 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 access 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 Bendigo Bank term deposits?

Bendigo Bank’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Monthly
  2. Quarterly
  3. Annually
  4. 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 Bendigo Bank have a notice period and charge an early withdrawal fee for withdrawals?

According to Bendigo Bank, at the time of writing it may, at its discretion, require you to provide notice of 31 days if you need to access your money early.

Bendigo Bank does not advertise an early withdrawal fee, however a fee may be applied if a withdraw is made by cheque. An interest rate adjustment may also apply if you withdraw your money before the end of the term. However, for its ‘Gold’ term deposit account, Bendigo says no adjustment will be charged if the withdrawal is less than 25% of the balance amount.

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

Does Bendigo Bank charge any other fees for term deposits?

At the time of writing, Bendigo lists a $4 fee for ‘EFT credit transfers’, but no other no additional fees were listed by in relation to term deposits.

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

How to apply for a Bendigo Bank term deposit

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

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If applying, consider Bendigo Bank’s eligibility criteria 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.

You can’t apply for a Bendigo Bank term deposit online; instead you need to call them on 1300 236 344 or contact your local branch.

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

According to Bendigo Bank, when a term deposit reaches the end of its term, if no instructions have been provided the money will be reinvested at the same terms, at the current interest rate.

About Bendigo Bank

Bendigo Bank was founded in 1858 and today they serve around 1.5 million customers around Australia. 

Written by: Maddie Clarey | Last updated: November 9, 2018