Beyond Bank Term Deposits

Beyond 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 Beyond Bank’s term deposits.

What term deposits does Beyond Bank offer?

At the time of writing, Beyond Bank offers three term deposit products:

  • Short-Term Deposit: investments from three months with interest paid at maturity
  • Medium-Term Deposit: investments from six months with interest paid at maturity 
  • Long-Term Deposit: investments from 12 months with interest paid either monthly or annually

Click below to compare other 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 Beyond Bank term deposits?

According to Beyond Bank, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of three months 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 Beyond Bank term deposits? 

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

  1. Monthly 
  2. Annually
  3. At maturity 

However, Beyond Bank says not all payment methods are available on all terms. 

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

If you withdraw your money prior to maturity (in whole or in part) Beyond Bank says you will be required to pay an early redemption administration fee of $25. Additionally, the interest payable to you will be subject to an interest rate reduction. For example, if only 40% to 60% of your term has elapsed, a 40% interest rate reduction may apply. 

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

Does Beyond Bank charge any other fees for term deposits?

At the time of writing, Beyond Bank says no monthly account fees apply to its term deposits. 

For current information on fees and how they apply, please check the PDS or contact Beyond Bank.

How to apply for a Beyond Bank term deposit

Before applying for a Beyond 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 Beyond 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, passport or Medicare card 
  • Personal details, including your residential address, phone number, email address and potentially information on your current job

Existing members can open a term deposit account on the Beyond Bank website or mobile app. New members can open an account by visiting a Beyond Bank branch or over the phone. 

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 Beyond Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Beyond Bank’s website. 

Eligibility criteria

According to Beyond Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be a member 
  • You must be investing a minimum deposit of $2,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

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

Prior to maturity, Beyond Bank says you may choose to either:

  • Withdraw your term deposit (including any interest accrued); or 
  • Reinvest all or part of the term deposit for a further term of your choice 

If you do not provide Beyond Bank with any instructions, it says it will automatically reinvest your term deposit for a further term of the same duration or nearest available duration. 

About Beyond Bank 

Beyond Bank is a 100% customer-owned bank. It currently has $5 billion worth of assets under management, serves over 240,000 customers and has over 40 branches. 

Compare Term Deposits

Written by: Tamika Seeto | Last updated: July 5, 2019