With a B Corp certification to its name and a 2021 Mozo Experts Choice Award under its belt, BankVic comes with plenty to recommend it. The mutual bank’s term deposit offers a competitive 0.70% p.a. interest rate for a range of shorter terms. Plus, BankVic members have the option to deposit between $5,000 and $10 million into a term.
BankVic’s term deposit offering is available to members of the mutual bank in Victoria. Emergency service workers including police officers, ambulance workers, fire service workers, health professionals, life guards and public servants can become a member of BankVic. Friends and family members of existing members can also sign up to become a member, as well as Victorians who work within 5kms of a BankVic branch.
For existing members and future eligible ones, BankVic offers terms from as short as three months to as long as five years. Interest rates for three to 12 months are a competitive 0.45% p.a. In fact, BankVic’s interest rates for its 4, 5, 7, 8, 10 and 11 month terms are currently taking out the top spots in the Mozo database for their respective terms. For longer terms, interest can be paid either at maturity or annually.
Deposits from as little as $5,000 to as much as $10 million can be made into a BankVic term. BankVic does not charge an account keeping fee for the term. However, there may be a penalty for withdrawing early - that is if early withdrawal is granted. In instances where BankVic allows withdrawal before maturity, the mutual bank may reduce the interest rate.
One week before maturity, BankVic will send a reminder that the term is due to end. If you do not get in contact before the term matures, BankVic will roll the money over into another term for the same length of time. Just beware that if this does happen, there is a chance the interest rate will be lower than the previous term’s rate.
Finally, BankVic is one of a handful of financial providers in Australia to have achieved a B Corp certification. This certification assesses companies on environmental, social and governance factors. In other words, what kind of impact the business has on the planet and people. So if you’re after a more socially conscious bank, this mutual bank could be worth considering.
This term could be one to consider for existing BankVic members or eligible applicants who are looking to stash away a sizeable sum of money for a certain length of time.
There are restrictions as to who can become a BankVic member. It should also be noted that BankVic does not generally allow early withdrawals.
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.45% p.a. ($5,000 to $10,000,000) | |
| 0.50% p.a. ($5,000 to $10,000,000) | |
| 0.50% p.a. ($5,000 to $10,000,000) | |
| 0.50% p.a. ($5,000 to $10,000,000) | |
| 0.50% p.a. ($5,000 to $10,000,000) |
| $5,000.00 | |
| $10,000,000.00 |
| yes | |
| yes | |
| none | |
| none |
Different interest rates apply to different amounts or different interest payment frequencies.
