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Bank of us Term Deposit

In partnership with AFSL 459645
About Cashwerkz

This Term Deposit offer is available to Mozo customers from Cashwerkz, the secure online marketplace for cash investments, regulated by ASIC (AFSL 459645). You do not pay a fee to use Cashwerkz. Your Term Deposit funds will be deposited directly with your chosen financial institution, in your name, and the funds are never held by Cashwerkz.

Best rate (up to 1 year)
1.25% p.a.1 year
Interest paid to another bank?
yes
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Mozo editorial review Bank of us Term Deposit

Last updated: 19 June 2020.

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What's hot
  • Wide range of term options
  • Interest can be paid to another bank
  • Automatic rollover available
What's not
  • Highest rates only available on balances between $100,000 and $200,000
Mozo snapshot

If you’re looking to build your nest egg, then the Bank of us Term Deposit could be worth a look, as it comes with decent interest rates across a range of terms. Terms start from as short as one month and go all the way up to three years. Once your deposit hits maturity, your funds will automatically roll over or you can opt to exit with your newly earned interest.


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Key features

The Bank of us Term Deposit comes with terms ranging from one month up to three years. Depending on the term you’ve picked and the amount you’ve put inside, your interest rate can vary anywhere from 0.05% for one month terms (up to $25,000) to 1.40% for eight month terms ($100,000 to $200,000).

With the Bank of us Term Deposit, interest rates follow a three-tier system. You’ll snag the highest rate if you stash between $100,000 to $200,000 inside the term deposit, while the second highest rate is given to customers who lock away amounts between $25,000 and $100,000. Any amount below $25,000 will earn you the least return for your money.

For instance, for eight month terms, your rate would be:

  • 1.30% for $5,000 to $24,999

  • 1.35% for $25,000 to $99,000

  • 1.40% for $100,000 to $200,000

What’s more, the Bank of us Term Deposit offers customers the option to have their interest paid to another bank of their choice, either as direct credit or cheques. Just bear in mind that this term deposit also has an automatic rollover feature, which means you’ll have to opt out at maturity if you want to access your funds and interest without penalty.

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Who is it good for

The Bank of us Term Deposit suits committed savers looking to grow balances between $100,000 to $200,000, as you’ll earn the most interest for amounts within this range.


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Any catches

Before letting your term deposit automatically roll over, be sure to check whether the rate being offered is still competitive by comparing other offers.


Details

Rates and fees information correct as at 10 July 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
  • 1.20% p.a. ($100,000 to $1,000,000)

  • 1.20% p.a. ($100,000 to $1,000,000)

  • 1.20% p.a. ($100,000 to $1,000,000)

  • 1.15% p.a. ($100,000 to $1,000,000)

  • 1.30% p.a. ($100,000 to $1,000,000)

  • 1.30% p.a. ($100,000 to $1,000,000)

  • 1.30% p.a. ($100,000 to $1,000,000)

Other financial bits
  • $100,000.00

  • $1,000,000.00

Features
  • Direct credit, Cheque

  • yes

  • yes

  • Only available to existing residents of Tasmania

  • none

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

Customer Reviews

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

Overall customer rating
9.1/10
Price
8.6/10
Features
8.0/10
Customer service
9.8/10
Convenience
8.6/10
Trust
9.4/10
Bank of us

About Bank of us

Bank of us, formerly known as B&E Personal Banking, is a Tasmanian financial institution offering a comprehensive and competitive range of banking products and services designed to meet all your personal banking needs - from term deposits and savings and internet cash management accounts through to home loans, personal loans and general insurance.

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