Manage your Term Deposit
It’s easy to manage your Term Deposit yourself in Internet Banking.
Special Offer
0.35 % P.A.
for 12 months
Or
choose a
rate & term
Manage your Term Deposit online within minutes
Choose a rate and term
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.
What are your options when your Term Deposit matures?
You have 14 days to decide what you'd like to do with your Term Deposit. You can choose from 3 options:
Review and renew
Simply select a new term and rate and how you want your interest paid. You may also be eligible for a bonus rate1. You can also add more funds, make a withdrawal or close your account.
Leave to renew
If you choose not to give instructions, your account will automatically renew on the same term and interest payment frequency at the standard interest rate applicable at maturity.
Withdraw or Close
You can withdraw some of your funds (down to the last $1,000) and have them paid directly into an Australian bank. Alternatively, if you wish to close your account, visit us in branch or call 13 33 30.
If you need your funds earlier (prior to maturity), you’ll need to give 31 days’ notice (except in cases of hardship). An interest rate adjustment will normally apply.
How to renew online
1. Register for Internet Banking
It only takes a few minutes. Once registered you can also use Mobile, Tablet or Phone Banking.
2. Explore your rates and options
Logon during your 14 day grace period to explore different rates and terms.
3. Lock in your term
When you’re ready, lock in your term online.
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The Detail
Term Deposits Terms and Conditions and General Information (PDF 139KB)
1. Special or bonus rates 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 If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply.
2. Subject to system availability. Internet connection is required in order to access Internet Banking and the Mobile Banking App, Standard call or data charges apply.