St. George Bank Term Deposits

St George LogoIf 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 St George Bank’s term deposits.

What term deposits does St George Bank offer?

St George Bank offers a number of different 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 St George Bank term deposits?

According to St George 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. 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 St George Bank term deposits?

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

  1. Monthly
  2. Annually
  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 St George Bank have a notice period and charge an early withdrawal fee for withdrawals?

St George Bank requires you to provide notice of 31 days if you need to access your money early.

St George Bank charges an interest rate adjustment if you withdraw your money before the end of the term – the Product Disclosure Statement will provide more information on any early withdrawal penalties that apply.

Does St George Bank charge any other fees for term deposits?

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

How to apply for a St George Bank term deposit

Before applying for a St George 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 St George 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.

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

Eligibility criteria

According to St George 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 St George Bank term deposit when it reaches maturity?

According to St George Bank, when a term deposit reaches the end of its term, customers have the option to withdraw their money, or reinvest it for a new term. If no instructions are received, St George Bank will reinvest the deposit at the same original term, utilising the current interest rate.

About St George Bank

St. George is best known as the bank with the dragon logo. They were founded in 1937 in the suburbs of Southern Sydney as a co-operative building society. They achieved full banking status in July 1992 and now have over 2.6 million customers in Australia.

In 2008, St. George became part of the Westpac Group.

Written by: Maddie Clarey | Last updated: November 9, 2018