Gateway Bank Term Deposits
What terms are available on Gateway Bank term deposits?
According to Gateway 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 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 Gateway Bank term deposits?
Gateway Bank’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 interest rate you earn.
Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.
Does Gateway Bank have a notice period and charge an early withdrawal fee for withdrawals?
Gateway Bank does not require you to provide notice if you need to access your money early. However, Gateway Bank will apply an interest rate adjustment if you withdraw your money before the end of the term.
Gateway Bank’s Product Disclosure Statement will provide more information on any early withdrawal penalties that apply.
Does Gateway Bank charge any other fees for term deposits?
At the time of writing, Gateway Bank does not charge any additional fees on its term deposits.
For current information on fees and how they apply, please check the Product Disclosure Statement.
How to apply for a Gateway Bank term deposit
Before applying for a Gateway Bank 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 Gateway 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 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.
To see if you can apply online for a Gateway Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Gateway Bank’s website.
According to Gateway Bank, 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 Gateway Bank term deposit when it reaches maturity?
According to Gateway Bank, when a term deposit reaches the end of its term, customer have the ability to nominate if they would like their money to be reinvested, paid to them by cheque or credited to their nominated account
About Gateway Bank
Launching over 60 years ago, Gateway Bank has more than 30,000 members and more than $1 billion in assets at the time of writing. They state that their purposes is to help people financially achieve their hopes and dreams, and that their ambition is to be the most trusted financial partner in Australia.