Gateway Bank currently offers a market leading 1 year term but if you are not an existing customer be warned that this rate is an illusion as opening a term deposit with them is very difficult. My experience is that I transferred my funds to Gateway Bank as they instructed and have heard nothing from them since. I have phoned them and spoken to someone who could offer no assistance and just took down my details. I have since emailed Gateway Bank twice to confirm their receipt of my funds and got no response. I am now going to have to lodge a complaint and potentially go to the Australian Financial Complaints Authority if I cannot get a satisfactory response. I strongly recommend new customers avoid Gateway Bank as the small amount by which their term deposit rate leads competent competitors is quickly lost with your money sitting idle earning nothing while you try to find a staff member who is able to open the account.
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