Savings Accounts FAQs

1.  Can an Business Access Saver be used for GST collections?

   Yes.

2.  How do I know which savings account is right for my business?

   Before you choose a savings account, think about what your business savings goals are and whether you want to lock your money away, or keep it accessible at all times. The amount you have to invest and the way you prefer to access your money will affect the savings account you choose.
   
   Use our savings account selector or savings account comparison table to help you choose the product that suits your banking or savings needs. You can also talk to us at any Bank of Melbourne branch or call 1300 992 266, Monday to Saturday 8am - 8pm (EST).

3.  Can I use my Freedom Business Account as a working account with my Business Access Saver?

   Yes, both the Business Cheque Account Plus and Freedom Business Account can be linked to an Express Saver Account as long as the accounts are established in the same name.

4.  Can a Term Deposit be opened in a business name?

   Yes.

5.  What happens to my Term Deposit at maturity?

   Your Term Deposit will be in a Grace Period of 14 days. During this period you can make changes to your Term Deposit such as the amount, term and the interest payment frequency. You can also withdraw your funds and close your account during this period. If you don't need to make any changes to your Term Deposit, we will automatically reinvest your Term Deposit for the same term at the current applicable rate for deposits of that amount and term.
   
   You can make changes to your Term Deposit within the 14 day Grace Period via Internet Banking, in branch or by calling us on 1300 992 266, Monday to Saturday 8am - 8pm (EST).

6.  How much do I need to open a Term Deposit?

   You need a minimum investment of $1,000 with a minimum term of 1 month to open a Term Deposit and a maximum of $5,000,000 can be invested. We recommend you visit a branch or give us a call on 1300 992 266, Monday to Saturday 8am - 8pm (EST).

7.  How do I open a Term Deposit?

   You can apply for a Term Deposit by:
    
   1. Calling Business Direct on 1300 992 266 Monday to Saturday 8am - 8pm (EST)
   2. Visiting any Bank of Melbourne Branch
   3. Logging on to Internet Banking and going to 'New Account Opening' (further signatories may be required).
   

8.  Can I apply for a Term Deposit online?

   No, call us on 1300 992 266 8am to 8pm Monday to Saturday (EST) or visit any Bank of Melbourne Branch to apply.

9.  Can I use BPAY^® to fund the Opening Deposit?

   Yes, once your Term Deposit Account is open you may use BPAY to fund the Opening Deposit. The BPAY Biller Code is 117614 and the Customer Reference Number is your Bank of Melbourne 10-digit Term Deposit Account Number. You must fund your Term Deposit Account within 3 business days of when we open your account.

10.  How is the interest calculated on my Term Deposit?

    Interest is calculated daily. You can choose how often you wish the interest to be paid to you. The amount of interest paid will vary depending on the length of the investment.

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