7.7/10

Based on 601 Bank Australia product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

Bank Australia term deposits

Bank Australia is a customer owned bank. Formerly bankmecu, Bank Australia has over 130,000 customers which act as shareholders of the bank. It offers a full range of products including home loans, savings, credit cards and loan products, and because its shareholders are its customers, they benefit from lower rate and fees. Bank Australia also invests up to 4% of its profits in various community projects every year.

Bank Australia offers the following term deposits

Rates and fees verified as correct at 19 July 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Best rate (up to 1 year) Minimum Deposit Interest paid to another bank?
Term Deposit

5.00% p.a.6 months ($500 to $3,000,000)

$500.00

no

How are Bank Australia term deposits rated?

Mozo users have rated Bank Australia term deposits on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of term-deposits
Bank Australia term deposits customer reviews
Overall
8.4/10
Price
8.6/10
Features
7.6/10
Customer service
8.7/10
Convenience
7.9/10
Trust
8.5/10
Based on 22 Bank Australia product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent Bank Australia term deposit reviews

Bank Australia Term Deposit
Overall 6/10
Good rates, helpful staff, poor online services

Signed up for a term deposit with BA due to their competitive rates. The account works fine as it is an uncomplicated product, however getting it set up was quite a large headache. After setting up online access, I had continual issues trying to transfer money into the account, with little useful information provided by the website/online portal. Calling customer support was helpful - no issues at all with their service, but this was quite frustrating as it was the result of a fundamental part of their service being unusable and unintuitive from the outset. I had no further issues after that point, however - but that is hardly surprising for an account that is intended to be left alone anyway.

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Signed up for a term deposit with BA due to their competitive rates. The account works fine as it is an uncomplicated product, however getting it set up was quite a large headache. After setting up online access, I had continual issues trying to transfer money into the account, with little useful information provided by the website/online portal. Calling customer support was helpful - no issues at all with their service, but this was quite frustrating as it was the result of a fundamental part of their service being unusable and unintuitive from the outset. I had no further issues after that point, however - but that is hardly surprising for an account that is intended to be left alone anyway.

Price
9/10
Features
8/10
Customer service
8/10
Convenience
4/10
Trust
9/10
Less
David, South Australia, reviewed 9 months ago
Bank Australia Term Deposit
Overall 10/10
Leading Interest Rates, and professional advice.

Bank Australia has everything I want, and gives me everything I need.

Read full review

Bank Australia has everything I want, and gives me everything I need.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
John, Queensland, reviewed almost 6 years ago
Bank Australia Term Deposit
Overall 10/10
Leading Interest Rates, and professional advice.

Bank Australia has everything I want, and gives me everything I need.

Read full review

Bank Australia has everything I want, and gives me everything I need.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
John, Victoria, reviewed almost 6 years ago
Bank Australia Term Deposit
Overall 9/10
Awesome Service

Fantastic bank, love the fact that its owned by the customers, staff are awesome, just needs more branches. Relatively new bank so that will come with time, hopefully.

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Fantastic bank, love the fact that its owned by the customers, staff are awesome, just needs more branches. Relatively new bank so that will come with time, hopefully.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
7/10
Trust
9/10
Less
Malcolm, Queensland, reviewed over 8 years ago
See all term deposit reviews
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Term deposit quick links