Choose your own timeframe and enjoy the certainty of fixed rates
Your savings are secure
The Government’s Financial Claims Scheme guarantees deposits to a cap of $250,000 per account holder1. More info.
If you’re an existing Bank of Melbourne customer you may be eligible for a bonus rate on top of our standard rates.
Great for impulse control
Avoid the temptation to dip into your savings by locking away your savings for a fixed term.
You can open a Term Deposit with as little as $1,000.
1. A Bank of Melbourne Term Deposit is a “protected account” under the Australian Government’s Financial Claims Scheme (FCS). Payments under the FCS are subject to a limit for each depositor.
for 5 months
Offer available from 2nd July 2021 for a limited time only on new Term Deposits opened or renewed by existing Bank of Melbourne personal customers. Available on deposits from $1,000 to $2,000,000 with interest paid monthly or at maturity. Terms and conditions apply*.
If you’re an existing Bank of Melbourne customer you may be eligible for a bonus rate on top of our standard rates. In the past you may have needed to go into a branch or give us a call – now you can see any bonus rates you’re eligible for simply by logging into Internet Banking.
*Rate is available for new/renewed Term Deposits from $1,000 to $2,000,000 for existing Bank of Melbourne personal customers only. Not available for business, corporate, institutional or government customers. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate is not available in conjunction with any bonus interest or other special rates offered on Bank of Melbourne Term Deposits. 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 If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Bank of Melbourne Private customers may need to contact their Relationship Manager to obtain this rate.
Any discretionary rates offered above may only be available through Bank of Melbourne Internet or Mobile Banking.
Renew your Term Deposit online
You can now renew your Term Deposit online – there’s no need to give us a call or visit a branch. When your Term Deposit matures, you have 14 days to make any changes such as withdrawing your money or reinvesting for a new term.
Did you know you can now open your Term Deposit online?
When you open a Term Deposit online you’ll get access to the same rates as you would in branch. Simply logon to Internet Banking to find a rate that’s right for you. If you’re an existing Bank of Melbourne customer, you could also be eligible for a bonus rate on top of our standard rates.