Hume Bank Term Deposit Rates

Hume Bank VIC Customer owned institutionIf you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested to learn more about Hume Bank’s term deposits.

What term deposits does Hume Bank offer?

Hume Bank has a range of term deposits listed on Canstar’s database. Click below to compare term deposits on our database, tailored to your preferences.

Compare Term Deposits

What terms are available on Hume Bank term deposits?

According to Hume 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 three 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 Hume Bank term deposits?

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

  1. Every 28 days
  2. Annually
  3. At maturity

It’s worth remembering that the option you select may have an impact on the interest rate you earn on your deposit.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

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

No, Hume Bank does not require you to provide notice if you need to access your money early.

Hume Bank does not charge an early withdrawal fee but if you plan on withdrawing all or part of your deposit before the end of the term an interest rate adjustment will apply if you do so.

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

Does Hume Bank charge any other fees for term deposits?

Hume Bank states that it does not charge any set-up or monthly fees on its term deposit products.

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

How to apply for a Hume Bank term deposit

Before applying for a Hume 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 Hume 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. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for a Hume Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Hume Bank’s website.

Eligibility criteria

According to Hume 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 Hume Bank term deposit when it reaches maturity?

According to Hume Bank, when a term deposit reaches the end of its term, funds may be either credited to another Hume account, mailed to you by cheque, credited to an account at another financial institution or renewed for a nominated period. You need to tell the bank how you wish your investment to be treated on maturity at the time you open or renew your term investment. Prior to maturity, they will write to you seeking confirmation of your maturity instructions. If no response is received, the bank will act on your original instructions.

About Hume Bank

Hume Bank was founded in 1955 as the Hume Co-operative Building & Investment Society in Albury. It claims to provide a local alternative to the big banks. Having started with three employees and 58 customers, today Hume Bank operates across Australia, employing 150 staff members and serving over 58,000 customers.

Written by: Maddie Clarey | Last updated: November 8, 2018