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Bank of Melbourne Term Deposit

Advertiser disclosure
The details shown below are for the Term Deposit
The details shown below are for the Term Deposit - Special Offer

Choose the version of this product that suits you best

Name
Term Deposit
Term Deposit - Special Offer
  • Term Deposit
  • Term Deposit - Special Offer
Best rate (up to 1 year)
4.30% p.a.1 year ($1,000 to $2,000,000)
Minimum Deposit
$1,000.00
Interest paid to another bank?
yes
Best rate (up to 1 year)
4.80% p.a.1 year ($1,000 to $5,000,000)
Minimum Deposit
$1,000.00
Interest paid to another bank?
yes

Mozo editorial review Bank of Melbourne Term Deposit - last updated: 3 May 2024

binocular icon
What's hot
  • 4.80% p.a. special rate on 12 month terms
  • Deposit between $1,000 and $2,000,000
  • Option for automatic rollover
What's not
  • 31 days notice for early withdrawal
Mozo snapshot

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 4.80% p.a. (plus an online-only bonus of 0.10% p.a. for existing customers) rate on 12-23 month terms, with the option to have interest paid monthly or at maturity (T&Cs apply).

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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 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.

snapshot
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 some 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 13 July 2024. 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

1.25% p.a. ($1,000 to $2,000,000)

1.45% p.a. ($1,000 to $2,000,000)

3.55% p.a. ($1,000 to $2,000,000)

3.60% p.a. ($1,000 to $2,000,000)

3.70% p.a. ($1,000 to $2,000,000)

3.80% p.a. ($1,000 to $2,000,000)

3.85% p.a. ($1,000 to $2,000,000)

3.90% p.a. ($1,000 to $2,000,000)

4.05% p.a. ($1,000 to $2,000,000)

4.05% p.a. ($1,000 to $2,000,000)

4.05% p.a. ($1,000 to $2,000,000)

4.30% p.a. ($1,000 to $2,000,000)

4.30% p.a. ($1,000 to $2,000,000)

4.30% p.a. ($1,000 to $2,000,000)

4.05% p.a. ($1,000 to $2,000,000)

4.05% p.a. ($1,000 to $2,000,000)

4.05% p.a. ($1,000 to $2,000,000)

4.05% p.a. ($1,000 to $2,000,000)

Other financial bits

$1,000.00

$2,000,000.00

Features

yes

yes

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

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.

Details

Rates and fees information correct as at 13 July 2024. 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

4.80% p.a. ($1,000 to $5,000,000)

4.80% p.a. ($1,000 to $5,000,000)

4.80% p.a. ($1,000 to $5,000,000)

Other financial bits

$1,000.00

$5,000,000.00

Features

yes

yes

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

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.

Customer Reviews

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

Overall
7.7/10
Price
7.9/10
Features
7.1/10
Customer service
8.3/10
Convenience
7.7/10
Trust
7.8/10
Based on 9 Bank of Melbourne term deposit 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.

Latest reviews of Bank of Melbourne Term Deposit

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Yes up to $250,000

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Yes up to $250,000

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Yes up to $250,000

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Yes up to $250,000

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Yes up to $250,000

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$1,000.00

Yes up to $250,000

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$10,000.00

Yes up to $250,000

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