Bendigo Bank term deposits

4.2
Based on 318 Bendigo Bank term deposit product reviews.
Fact Checked
Last updated

Bendigo Bank is a major Australian retail bank that has been serving communities since 1858. Headquartered in Bendigo but servicing all of Australia, it has grown to service 2.5 million customers, it is known for community engagement and ethical banking. 

Bendigo Bank offers a wide range of financial products and services, including personal and business banking, wealth management, and insurance. For personal banking customers, Bendigo Bank provides various savings options, including term deposits designed to help Australians grow their savings with competitive interest rates and flexible terms.

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Editor’s review: Bendigo Bank term deposit

Term Deposit

Interest rate
4.50 % p.a.
1 year
Minimum deposit
$0
Govt deposit guarantee
Yes
Up to $250,000
No Partner link
  • Up to 4.50% p.a. for 12-month terms

  • Flexible investment terms starting from one month

  • No monthly service fees

  • Protected by the Financial Claims Scheme guarantee

  • Higher interest rates require larger minimum deposits

  • Early withdrawal may incur penalties

Our verdict

Bendigo Bank’s term deposits offer a solid option for Australian savers looking to lock away their funds and earn guaranteed interest on their cash. The standout rate is a 4.50% p.a. for 12-month terms on deposits from $5,000 to $5,000,000.

The flexibility in investment terms, starting from just one month, allows savers to choose a timeframe that suits their financial goals. The daily interest calculation and various payment options (monthly, quarterly, half-yearly, annually, or on maturity) provide additional flexibility for managing earnings.

One notable aspect is the tiered interest rate structure. While the rates for deposits of $5,000 and above are fairly high, smaller deposits ($0 - $4,999) earn significantly lower rates. This structure encourages larger deposits but may be less appealing for those with smaller savings amounts.

The absence of monthly service fees is a feature that ensures that ongoing charges don’t erode your earnings. For those comfortable with online banking, the ability for existing customers to open term deposits through e-banking or the Bendigo Bank app can be a convenient way to lock your cash away. New customers, however, will need to visit a branch to open an account, which might be less convenient for some.

Overall, Bendigo Bank’s term deposits are most suitable for savers with at least $5,000 to invest, who are looking for a safe, guaranteed return over a fixed period. The 12-month term at 4.50% p.a. is particularly competitive and could be an excellent choice for those looking to maximise their returns in the medium term.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 term deposits using the filters.
Last updated 22 December 2024 Important disclosures

Bendigo Bank term deposits

  • Term Deposit

    Interest rate
    4.50 % p.a.
    1 year
    Minimum deposit
    $0
    Govt deposit guarantee
    Yes
    Up to $250,000
    No Partner link

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Bendigo Bank term deposit ratings

Overall customer rating for Bendigo Bank term deposits

4.2
Based on 318 product reviews.

Customer reviews

Important disclosures

Bendigo Bank products

FAQs

What is the minimum deposit amount for Bendigo Bank term deposits?

The minimum deposit amount is $1,000. However, to access the highest rates, you’ll need to deposit at least $5,000.

How is interest paid on Bendigo Bank term deposits?

Interest is calculated daily and can be paid monthly, quarterly, half-yearly, annually, or on maturity, depending on your preference. You also have the option to compound interest back into your term deposit account.

Can I withdraw my money before the term ends?

Early withdrawals are possible but may incur penalties and reduce the interest earned. It’s best to choose a term that aligns with when you’ll need access to your funds.

Is my money safe with Bendigo Bank?

Yes, Bendigo Bank is an Authorised Deposit-taking Institution (ADI) in Australia. Deposits up to $250,000 are protected under the Australian Government’s Financial Claims Scheme, providing security for your savings.

Term deposit quick links


* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

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