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Special Offer

Up to 4.88% p.a. online offer for 8 months



  • 4.88% p.a. Fixed Rate Special Offer1 Term Deposit for a Term of 8 months, available from 28/01/2024 for a limited time

  • Make it up to 4.98% p.a. with an additional 0.10% p.a. online bonus offer2 when you open or renew online
     
  • 8 month offer available from 28/01/2024 for a limited time only on Term Deposits opened or renewed by existing Bank of Melbourne personal or business customers. Available on deposits of $1,000-$5,000,000 with interest paid monthly or at maturity depending on term. T&Cs Apply.

     

    To open a joint Term Deposit, or Term Deposit for a trust or self-managed super fund, please visit us in branch, or contact your Relationship Manager.
     

    Not yet a Bank of Melbourne customer? Please contact a Bank of Melbourne Branch.

    Term Deposit interest rates and terms

    Rates apply to deposits of $1,000 to $2,000,000 with interest paid as indicated in the table.

    Note: joint Term Deposit applications, or Term Deposit applications for a trust or self-managed super fund, need to be completed in branch, or contact your Relationship Manager
    3 months 6 months 24 months
    3.55% p.a. 3.80% p.a. 4.05% p.a
    • Add 0.10% p.a. to these rates if you’re already with Bank of Melbourne and opening or renewing online1
    • Logon to check for any higher bonus rates you may qualify for.

    What is a Term Deposit and how does it work?

    Choice of terms

    A Term Deposit is a type of savings account where your money is locked away safely for the time you choose.

    Fixed interest

    The interest rate in place when you open the account is fixed for the whole term, so it doesn’t apply if you withdraw funds early.

    Option to reinvest

    When the term is over you can withdraw your money or invest some or all of it for another term.

    How do I manage my Term Deposit?

    • There’s no need to call or visit a branch as you can do it all online or in our app
    • You can set up instructions in advance online and update them at any time
    • If you want to reinvest some or all of your funds in a new Term Deposit, check the latest rates on offer online plus any bonus rates
    • If you want to withdraw your funds, you can provide us with your instructions to transfer them into an account that you nominate.
       

    Read more about managing your Term Deposit

    Don't bank online? Please visit any branch to manage your Term Deposit. Or call us.

    FAQs about our 0.10% p.a. online bonus rate

    The 0.10 p.a. online bonus rate will be applied automatically to your Term Deposit rate when you open online or renew online during the Grace Period3. It’s only available to existing customers who bank online and in the app.  

    The Detail
    Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change. 

    Term Deposits Terms and Conditions and General Information (PDF 3MB) 
    1. Special Offer 
    • Existing Bank of Melbourne personal and sole trader customers taking up a Special Offer Term Deposit.
    • Opened, or renewed during the grace period, via Internet Banking, the App or by talking to us. Not available in Business Banking Online.
    • Not available for Financial Institutions or Government customers.
    • For renewing Term Deposits, customer-initiated instructions must be provided in the grace period.
    • We reserve the right to withdraw, amend or extend the offer at any time.
    • Rate and offer apply for a single term.
    • Higher or lower rates may apply for subsequent terms.
    • You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
    • If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.

     
    2. Online Bonus Offer 
    • Term Deposits opened or renewed during the grace period via Internet Banking or the App only. Not available in Business Banking Online.
    • The bonus offer will be applied in conjunction with any other rate offer that may apply.
    • Not available for customers who are not able to open or renew via Internet Banking (e.g., some joint accounts), business customers except sole traders or Term Deposits held as security.
    • For renewing Term Deposits, customer-initiated instructions must be provided in the grace period.
    • We reserve the right to withdraw, amend or extend the offer at any time.
    • Rate and offer apply for a single term.
    • Higher or lower rates may apply for subsequent terms.
    • You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
    • If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.


    3.
      Grace Period means 14 calendar days from the date the Term Deposit matures. If the end of the Grace Period would fall on a Sunday or a public holiday, the period ends on the immediately preceding Business Day.