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Options for a maturing Term Deposit

  • Check the latest rates, which may include bonus rates, and renew your Term Deposit online, or

  • Ask to have the funds paid to your Bank of Melbourne account (or another account in Australia)

You can provide maturity instructions at any time in Online Banking by selecting the account and following the prompts.

Benefits of renewing online

  • Check for bonus interest, which will include 0.10% p.a. online bonus rate when you renew (or open a new Term Deposit as an existing customer) online

  • Wide range of term options, so you can choose what suits you best

5.00% p.a. special offer*

5.00% p.a. special Term Deposit fixed rate offer for 12 - 23 months. Available from 10th November 2023 for a limited time only on Term Deposits opened or renewed by Bank of Melbourne personal and business customers on deposits from $1,000 - $5,000,000 with interest paid monthly. Open or renew online and make it 5.10% p.a. (which includes 0.10% p.a. online bonus rate#).

The Detail

*Rate is available for new or renewed Term Deposits for 12-23 month terms, from $1,000 to $5,000,000. Not available for Financial Institutions. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate is not available in conjunction with any other special rates offered on Bank of Melbourne Term Deposits, unless specified otherwise.
Rate will not be automatically applied to a renewing Term Deposit. Commercial and Private Bank customers will need to contact their Relationship Manager.  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 If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. This offer is available via Internet Banking (for existing customers) or by talking to us.

#Online bonus rate is only available for Term Deposits between $1,000 and $5,000,000 opened or renewed by existing customers via Internet Banking (during the Grace Period). The  bonus rate will be applied in conjunction with any other bonus rate that may apply. Not available for customers who are not able to open or renew digitally (e.g. some joint accounts), Commercial Bank or Private Bank customers, or for Term Deposits held as security. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate will not be automatically applied to a renewing Term Deposit. 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. We reserve the right to withdraw, amend or extend this offer at any time.