MOVE 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 MOVE Bank’s term deposits.

What term deposits does MOVE Bank offer?

At the time of writing, MOVE Bank offers one term deposit product. Features include:

  • Minimum deposit of $5,000
  • Interest calculated daily and paid at maturity, or yearly or monthly (for terms over one year)
  • Terms from three months to two years
  • Funds available at call with an interest rate adjustment
  • Rates negotiable for total term deposit portfolios valued at $200,000 or more

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 MOVE Bank term deposits?

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

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

  1. Monthly (for terms over 12 months)
  2. Annually (for terms over 12 months)
  3. 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 MOVE Bank have a notice period and charge an early withdrawal fee for withdrawals?

MOVE Bank says funds are available at call and it does not specify a notice period if you wish to access your money early.

MOVE Bank charges an interest rate adjustment if you withdraw your money before the end of the term. According to MOVE Bank, an early redemption interest deduction of 2% applies.

MOVE Bank’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply. Contact MOVE Bank for early withdrawal values and further details.

Does MOVE Bank charge any other fees for term deposits?

At the time of writing, no additional fees were listed by MOVE Bank in relation to its term deposits. MOVE Bank also offers transaction fee-free banking to members under 30 years old who hold a term deposit account.

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

How to apply for a MOVE Bank term deposit

Before applying for a MOVE 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 MOVE 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

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

Eligibility criteria

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

  • You must be a MOVE Bank member. You can either be a shareholding member and pay $10 or a non-shareholding member.
  • To be a member you must be a permanent resident of Australia.
  • You must be investing a minimum deposit of $5,000.
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above).

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

According to MOVE Bank, when a term deposit reaches the end of its term you can redeem your money or roll it over into a new term deposit.

About MOVE Bank

MOVE Bank was originally established in 1968 as Railways Credit Union for railway workers and their families. More recently, MOVE Bank has expanded to serve the broader transport and logistics industry at a national level. MOVE Bank is 100% customer-owned and currently has approximately 22,000 members with over $600 million in assets under management.

Written by: Tamika Seeto | Last updated: May 9, 2019