P&N Bank Term Deposits
What term deposits does P&N Bank offer?
At the time of writing, P&N offers three term deposit products:
- Money Maker: a term deposit between two and 11 months, with a minimum deposit of $5,000 and interest paid on maturity.
- Regular Income: a term deposit between one and five years, with a minimum deposit of $5,000 and interest paid monthly, quarterly or annually.
- & Retirement: a three month term deposit available to over 55s, with a minimum deposit of $5,000 and interest paid on maturity. To be eligible, at least one applicant must hold a P&N & Retirement Account
Click below to compare other term deposits on our database, with terms, deposit amounts and interest paid options tailored to your preferences.
What terms are available on P&N Bank term deposits?
According to P&N Bank, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of two 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 P&N term deposits?
Depending on the term deposit you choose, P&N’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 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 P&N Bank have a notice period and charge an early withdrawal fee for withdrawals?
P&N Bank says you may redeem a Term Deposit account at any time prior to the maturity date. At the time of writing, P&N Bank does not specify a notice period.
If you withdraw funds within 30 days of opening the term deposit account, P&N says no interest will be paid. If you withdraw funds more than 30 days after opening the account but before maturity, P&N says interest will be calculated at the Reserve Bank’s Cash Rate Target.
P&N Bank’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does P&N Bank charge any other fees for term deposits?
At the time of writing, P&N Bank does not charge any monthly fees.
For current information on fees and how they apply, please check the PDS or contact P&N Bank.
How to apply for a P&N Bank term deposit
Before applying for a P&N 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 P&N 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
To apply for a P&N Bank term deposit you must be a member of the bank, which involves buying a $10 share. To apply for an account online you must:
- Be at least 18 years of age
- Be an individual, not a company
- Be an Australian resident with a current Australian residential address
- Have two forms of identification, either an Australian driver’s licence, passport or Medicare card
Customers can also apply over the phone or at a P&N branch.
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 P&N Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit P&N Bank’s website.
According to P&N Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be a member of P&N Bank
- 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 P&N 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 P&N Bank with instructions, it says it will automatically rollover your term deposit (including interest) for the same investment term.
About P&N Bank
P&N Bank is a customer-owned bank based in Western Australia offering a full suite of banking services. Customers can access their banking with P&N through branches in Perth, a contact centre based in WA, internet banking and the P&N Bank mobile app.