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Bank of Melbourne Term Deposit

Best rate (up to 1 year)
0.85% p.a.1 year
Interest paid to another bank?
yes

Mozo editorial review Bank of Melbourne Term Deposit

Last updated: 24 July 2020.

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What's hot
  • 0.85% interest for 1 year term
  • Up to 1.05% interest for 5 year term
What's not
  • 31 days notice for early withdrawal
Mozo snapshot

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 has both good interest rates on short term accounts with 0.85% interest for 1 year deposits, or longer periods, like the 0.95% interest after 5 years, 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.

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Key features

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.

A 5 year term with interest paid annually offers a 0.95% interest rate. There’s also a number of shorter term loans, that have solid interest rates as well: 3 months pays 0.55% interest, 6 months pays 0.70% and 1 year pays 0.85%.

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.

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Who is it good for

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.

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Any catches

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.

Details

Rates and fees information correct as at 14 August 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.15% p.a. ($1,000 to $2,000,000)

  • 0.25% p.a. ($1,000 to $2,000,000)

  • 0.55% p.a. ($1,000 to $2,000,000)

  • 0.60% p.a. ($1,000 to $2,000,000)

  • 0.70% p.a. ($1,000 to $2,000,000)

  • 0.70% p.a. ($1,000 to $2,000,000)

  • 0.75% p.a. ($1,000 to $2,000,000)

  • 0.75% p.a. ($1,000 to $2,000,000)

  • 0.70% p.a. ($1,000 to $2,000,000)

  • 0.70% p.a. ($1,000 to $2,000,000)

  • 0.70% p.a. ($1,000 to $2,000,000)

  • 0.85% p.a. ($1,000 to $2,000,000)

  • 0.95% p.a. ($1,000 to $2,000,000)

  • 0.95% p.a. ($1,000 to $2,000,000)

  • 0.95% p.a. ($1,000 to $2,000,000)

  • 0.95% p.a. ($1,000 to $2,000,000)

Other financial bits
  • $1,000.00

  • $2,000,000.00

Features
  • direct credit, cheque

  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

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

Customer Reviews

How are Bank of Melbourne term deposits rated by the Mozo community?

Overall customer rating
8.1/10
Price
7.6/10
Features
7.1/10
Customer service
8.3/10
Convenience
8.5/10
Trust
8.0/10

Latest reviews of Bank of Melbourne Term Deposit

  • Overall 8/10
    Bank of Melbourne lives in our world!

    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!

    Read full review

    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!

    Price
    8/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Mozo community reviewer, Victoria reviewed almost 7 years ago
  • Overall 8/10
    Great customer service

    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!

    Read full review

    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!

    Price
    7/10
    Features
    5/10
    Customer service
    9/10
    Convenience
    7/10
    Trust
    8/10
    Less
    Helen, Victoria reviewed almost 7 years ago
  • Overall 10/10
    Staff go out of their way to be helpful

    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.

    Read full review

    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.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    -1/10
    Less
    Jennifer, Victoria reviewed about 7 years ago
Bank of Melbourne

About Bank of Melbourne

Formerly St.George in Victoria, The Bank of Melbourne provides a banking alternative to customers with its large range of products in home, personal and business banking. Based in Victoria the Bank of Melbourne offers its customers bank accounts, credit cards, term deposits, private banking services, home loans and personal loans.

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