Service One Alliance Bank Term Deposits

Service One Alliance Bank

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 Service One Alliance Bank’s term deposits.

What term deposits does Service One Alliance Bank offer?

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

  • Minimum deposit amount of $500
  • Automatic rollover at maturity
  • Interest can be credited to your nominated account
  • Higher interest rates on offer for deposits over $5,000 and below $500,000
  • Rates on deposits over $250,000 may be negotiable.

Compare Term Deposits

What terms are available on Service One Alliance Bank term deposits?

According to Service One Alliance 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 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 Service One Alliance Bank’s term deposits?

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

  1. Monthly
  2. Quarterly
  3. Six-monthly
  4. Annually
  5. On 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 Service One Alliance Bank have a notice period and charge an early withdrawal fee for withdrawals?

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

Service One Alliance Bank charges an interest rate adjustment if you withdraw your money before the end of the term. At the time of writing, you will be paid a rate of 0.25% on the amount withdrawn or the invested rate, whichever is the lesser.  Service One Alliance Bank says a minimum withdrawal of $1,000 applies.

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

Does Service One Alliance Bank charge any other fees for term deposits?

At the time of writing, no additional fees were listed by Service One Alliance Bank in relation to its term deposits.

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

How to apply for a Service One Alliance Bank term deposit

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

Eligibility criteria

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

  • 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)

What happens to a Service One Alliance 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 for a new term deposit.

If you do not provide instructions prior to the maturity date, Service One Alliance Bank says it will automatically roll your funds into an account with the same investment term at the interest rate for that term.

About Service One Alliance Bank

Service One Alliance Bank was founded nearly 60 years ago as a community credit union in the South Coast region. Now, it services members across the country. In 2015, it established an alliance with Bendigo and Adelaide Bank becoming part of the Alliance Bank Group. According to the Alliance Bank Group, it is Australia’s first 100% member-owned alliance of social enterprise banks. The group says it collectively has over 40,000 members.

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