Rural Bank One 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 Rural Bank One’s term deposits.

What term deposits does Rural Bank One offer?

At the time of writing, Rural Bank One offers term deposits with three, six or 12 month fixed terms. Features include:

  • Minimum deposit amount of $500 and maximum balance of $2 million per customer
  • No monthly account keeping fees
  • Automatic rollover at maturity
  • A single interest rate regardless of the investment amount (between $500 and $1 million). Bespoke rates may be on offer for deposits above $2 million. Contact Rural Bank One for details.

Compare Term Deposits

What terms are available on Rural Bank One’s term deposits?

According to Rural Bank One, it offers term deposits with terms (the length of time your money is deposited) of three months, six months and one year.

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 Rural Bank One’s term deposits?

Interest on Rural Bank One’s term deposits is paid at maturity.

Some providers offer interest payments at varying frequencies (for example, monthly, quarterly, annually). Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

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

At the time of writing, Rural Bank One requires you to provide notice of 31 days if you wish to access your money early.

Rural Bank One charges an interest rate adjustment if you withdraw your money before the end of the term.

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

Does Rural Bank One charge any other fees for term deposits?

According to Rural Bank One, there are no monthly account keeping or transaction fees. However, Rural Bank Ones says it does charge fees for general banking services.

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

How to apply for a Rural Bank One term deposit

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

Eligibility criteria

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

  • You must be an Australian resident.
  • You must be over the age of 12. If it’s an online application, you must be 18 years or older.
  • You must be investing a minimum deposit of $500.
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

If you’re applying for a term deposit on behalf of a business, self-managed super fund, trust, partnership or as a sole trader, different eligibility criteria may apply. Check with Rural Bank One for details.

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

Prior to maturity of your term deposit, Rural Bank One says it will send you a letter which details your options on either withdrawing the funds or rolling the funds into a new term.

If you do not provide instructions prior to the maturity date, Rural Bank One says it will automatically roll your principal and interest into another term deposit for the same investment term at the prevailing interest rate for that term.

About Rural Bank One

Rural Bank One says it specialises in providing banking products and services to the Australian Agribusiness sector. While most of its customers are based in rural and regional Australia, many of its deposit customers come from metropolitan areas, it says. Rural Bank One is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited.  

Written by: Tamika Seeto | Last updated: April 26, 2019