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Term Deposit |
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Term Deposit - Special Offer |
The Bank of Melbourne Term Deposit offers interest rates starting from a 4.05% interest p.a. for 2 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.
For a limited time, however, customers looking to lock away between $1,000 and $5,000,000 can access a 4.88% p.a. (plus bonus 0.10% p.a.) online-only rate on 8 month terms, with the option to have interest paid monthly or at maturity (T&Cs apply).
The Bank of Melbourne Term Deposit has a range of terms on offer, with different interest rates depending on how long you stash away your cash, and when you want to have your interest paid.
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 $2,000,000.
Term deposits are great for anyone who has a chunk of cash they know they aren’t going to touch and want to earn some 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.
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1.25% p.a. ($1,000 to $2,000,000) |
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1.45% p.a. ($1,000 to $2,000,000) |
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3.55% p.a. ($1,000 to $2,000,000) |
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3.60% p.a. ($1,000 to $2,000,000) |
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3.70% p.a. ($1,000 to $2,000,000) |
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3.80% p.a. ($1,000 to $2,000,000) |
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3.85% p.a. ($1,000 to $2,000,000) |
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3.90% p.a. ($1,000 to $2,000,000) |
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4.05% p.a. ($1,000 to $2,000,000) |
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4.05% p.a. ($1,000 to $2,000,000) |
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4.05% p.a. ($1,000 to $2,000,000) |
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4.30% p.a. ($1,000 to $2,000,000) |
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4.30% p.a. ($1,000 to $2,000,000) |
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4.30% p.a. ($1,000 to $2,000,000) |
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4.05% p.a. ($1,000 to $2,000,000) |
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4.05% p.a. ($1,000 to $2,000,000) |
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4.05% p.a. ($1,000 to $2,000,000) |
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4.05% p.a. ($1,000 to $2,000,000) |
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$1,000.00 |
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$2,000,000.00 |
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yes |
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yes |
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31 days notice required if customers want to withdraw their funds before the maturity date. |
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Existing customers receive an additional 0.10% p.a. online bonus rate when you open or renew (within 14 calendar days) online. |
Different interest rates apply to different amounts or different interest payment frequencies.
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4.88% p.a. ($1,000 to $5,000,000) |
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$1,000.00 |
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$5,000,000.00 |
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yes |
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yes |
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31 days notice required if customers want to withdraw their funds before the maturity date. |
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Existing customers receive an additional 0.10% p.a. online bonus rate when you open or renew (within 14 calendar days) online. |
Different interest rates apply to different amounts or different interest payment frequencies.
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