Bank Accounts

Term Deposit

With a Bank of Melbourne Term Deposit you can invest your money safely and know exactly what your return will be.

Choose rate & term
Renew online

Special Offer

2.25 % P.A.

for 12 to 23 months

Offer available from 9th June 2022 for a limited time only on Term Deposits opened or renewed by Bank of Melbourne personal and business customers. Available on 12 - 23 month terms on deposits from $1,000 - $5,000,000 with interest paid monthly or at maturity. Terms and conditions apply.*  

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Renew online

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.
Bonus rates
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.
Start small
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.

Manage your Term Deposit anytime, anywhere

You can update your maturity or renewal instructions online at any time – there’s no need to give us a call or visit a branch and you don’t need to wait for your Term Deposit to mature. 

Renew online in minutes 

You can choose to reinvest, add or withdraw money or change how your interest gets paid. You’ll also be able to see if you’re eligible for a bonus rate on top of our standard rates. 

Find out more

Get the Bank of Melbourne app

 

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Featured rates

  • 0.07% p.a. for 3 months with interest paid at maturity
  • 0.15% p.a. for 6 months with interest paid at maturity
  • 0.30% p.a. for 24 months with interest paid annually

Open a Term Deposit with as little as $1000. Our Term Deposits have no set up or monthly fees.
Rates available on balances between $1000 and $2000000.

View all Term Deposit Interest Rates

Did you know you can now open your Term Deposit online?

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.

Convenient

Save time and open where you want, when you want.

Secure

Bank of Melbourne guarantees your Internet Banking security with Bank of Melbourne Secure

Make tax time easy

Find all your documents to download in one place.

Existing customers

Find out instantly if you’re eligible for a bonus rate

Choose rate and term

New to Bank of Melbourne

Open in minutes

Choose rate and term

Renewing soon?

Convenient and secure online renewal

Find out how

Need flexibility to access your savings?

Maxi Saver

Straight forward savings

Incentive Saver

Focussed savings

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 2MB) 
Internet Banking and Phone Banking Terms and Conditions (PDF 309KB)