If you’re looking for a secure way to grow your savings stash and snag a great return, look no further. The Bank of Melbourne Term Deposit offers interest rates on short term accounts with 0.35% interest for 1 to 5 year deposit terms, when you have your interest paid annually. The account also has the option for automatic rollover, renewal or exit at the end of the term and you can opt to have the interest paid into an account at another bank.
The Bank of Melbourne Term Deposit has a range of terms on offer, with different interest rates depending on how long you lock away your cash, and when you want to have your interest paid.
All terms of 7 months or more offer a rate of 0.35% p.a.
You’ll also have the option to have your plan automatically rollover, or you can choose to close the account and cash in your hard earned interest.
The Bank of Melbourne Term Deposit gives you the option of having your interest paid into an account at another bank and you can choose between having your interest paid either monthly, yearly or at maturity.
To get a term deposit you’ll need to deposit at least $1,000, but you won’t be able to deposit anymore than $250,000.
Term deposits are great for anyone who has a chunk of cash they know they aren’t going to touch and want to earn safe, easy, fee-free high interest. The Bank of Melbourne is suitable to long terms savers or those after a short term boost on their rainy day fund.
If you decide you want to withdraw your money from the term deposit account, you’ll have to give 31 days, notice you’ll also find the interest you earn drop significantly. So early withdrawals should be avoided if at all possible.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.