Bank of Melbourne has 4.10% for 12 months which is good, as at Jan 2023. however they are paying my interest into a non interest account so every month I have to shift it , which is a pain. Also the account I have selected works on a variable return so it has to be watched constantly. I also see they are not adjusting investment returns along with the RBA advice and their own lending rates , thus the profit return is climbing. Good for share holders I suppose Furthermore I get varying advice from branch to branch which can be different again from on line My advice to anyone looking to term deposits , trust no one read everything and check and re check constantly , unfortunately yes ' they are all the same ' with fast talking staff who often do not fully brief you. Its what they don't say that counts
I have a term deposit with this bank, I like this bank because I get good service regardless of which way I contact this bank, I do have one gripe and that is I feel the interest rates are a bit low.
Friendly helpful reassuring so glad I bank with Bank of Melbourne
The rate is competitive and the bank calls me near maturity . This is very convenient for me .
Not sure all the staff are skilled at opening such accounts - some often take too long.
Love the fact that my money isn't locked away for the term and even if I make withdrawals, the interest rate is unaffected. Besides, every few monthly intervals, I can negotiate the interest rate for extension of term deposit. Very happy!
Great customer service, explaining options. Fixed term deposit rate wasn't great but now interest rates have dropped further. OK at 4.5% over 12 months!
I was looking for great interest rates, I contacted numerous banks and this one not only provided those, but also took the time to explain all the details (it was the first time that I decided on term deposits). It was easy and pleasant.
Different interest rates apply to different amounts or different interest payment frequencies.
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