Greater Bank Term Deposits


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 Greater Bank’s term deposits.

What term deposits does Greater Bank offer? 

Greater Bank offers fixed rate term deposits with a range of terms and no monthly account-keeping fees. According to Greater Bank all deposits it holds under $250,000 are government guaranteed.

Greater Bank offers tiered interest rates that increase as the length of the term and the amount invested go up. Higher interest rates are also available to customers who choose to have interest paid at the term deposit’s maturity as opposed to monthly.

Compare Term Deposits

What terms are available on Greater Bank term deposits?

According to Greater 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 Greater Bank term deposits?

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

  1. Monthly
  2. Six-monthly
  3. At maturity

The Greater Bank website says that for terms up to 13 months it pays interest on the maturity date and for terms over 13 months it pays interest six monthly and on the maturity date.

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

At the time of writing, Greater Bank does not specify any minimum notice periods or early withdrawal fees if you wish to access your money early. However, it says a reduced interest rate of 0.10% applies if you break the term investment before the maturity date.

Contact Greater Bank via their website for more information on any interest adjustments or other early withdrawal penalties that may apply.

Does Greater Bank charge any other fees for term deposits?

At the time of writing, Greater Bank says it charges no monthly fee or monthly account-keeping fees on its term deposit products. Fees for certain kinds of transactions may apply – for example, to telegraphic transfers.

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

How to apply for a Greater Bank term deposit

Before applying for a Greater 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 Greater 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 Greater Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Greater Bank’s website.

Eligibility criteria

According to Greater 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 citizen or permanent resident
  • You must have an Australian residential address
  • 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 Greater Bank term deposit when it reaches maturity?

Generally, when a term deposit reaches the end of its term you can either withdraw the funds or reinvest the funds into a new term deposit.

If you do not provide Greater Bank with instructions on what to do with your funds prior to the maturity date, Greater Bank says it will roll over the principal and interest amount into a new term deposit for the same or similar term.

About Greater Bank

According to its website, Greater Bank has been helping the people of New South Wales and South East Queensland with their banking needs for over 70 years . Greater Bank says it has over 250,000 customers and over $6 billion in assets under management. It is a customer-owned bank and is a member of the Customer Owned Banking Association and must comply with the Customer Owned Banking Code of Practice, it says.

Written by: Eliza Parry-Okeden | Last updated: May 31, 2019