Your selected term deposits
Bendigo Bank is a major Australian retail bank that has been serving communities since 1858. Headquartered in Bendigo but servicing all of Australia, it has grown to service 2.5 million customers, it is known for community engagement and ethical banking.
Bendigo Bank offers a wide range of financial products and services, including personal and business banking, wealth management, and insurance. For personal banking customers, Bendigo Bank provides various savings options, including term deposits designed to help Australians grow their savings with competitive interest rates and flexible terms.
Up to 4.65% p.a. for 12-month terms
Flexible investment terms starting from one month
No monthly service fees
Protected by the Financial Claims Scheme guarantee
Higher interest rates require larger minimum deposits
Early withdrawal may incur penalties
Bendigo Bank's term deposits offer a solid option for Australian savers looking to lock away their funds and earn guaranteed interest on their cash. The standout rate is a 4.65% p.a. for 12-month terms on deposits from $5,000 to $5,000,000..
The flexibility in investment terms, starting from just one month, allows savers to choose a timeframe that suits their financial goals. The daily interest calculation and various payment options (monthly, quarterly, half-yearly, annually, or on maturity) provide additional flexibility for managing earnings.
One notable aspect is the tiered interest rate structure. While the rates for deposits of $5,000 and above are fairly high, smaller deposits ($0 - $4,999) earn significantly lower rates. This structure encourages larger deposits but may be less appealing for those with smaller savings amounts.
The absence of monthly service fees is a feature that ensures that ongoing charges don't erode your earnings. For those comfortable with online banking, the ability for existing customers to open term deposits through e-banking or the Bendigo Bank app can be a convenient way to lock your cash away. New customers, however, will need to visit a branch to open an account, which might be less convenient for some.
Overall, Bendigo Bank's term deposits are most suitable for savers with at least $5,000 to invest, who are looking for a safe, guaranteed return over a fixed period. The 12-month term at 4.65% p.a. is particularly competitive and could be an excellent choice for those looking to maximise their returns in the medium term.
| 1 month | 0.05% p.a. | ($1,000 - $4,999) |
| 1.25% p.a. | ($5,000 - $5,000,000) | |
| 2 months | 0.05% p.a. | ($1,000 - $4,999) |
| 1.50% p.a. | ($5,000 - $5,000,000) | |
| 3 months | 0.05% p.a. | ($1,000 - $4,999) |
| 3.50% p.a. | ($5,000 - $5,000,000) | |
| 4 months | 0.05% p.a. | ($1,000 - $4,999) |
| 4.00% p.a. | ($5,000 - $5,000,000) | |
| 5 months | 0.05% p.a. | ($1,000 - $4,999) |
| 3.00% p.a. | ($5,000 - $5,000,000) | |
| 6 months | 0.10% p.a. | ($1,000 - $4,999) |
| 4.00% p.a. | ($5,000 - $5,000,000) | |
| 7 months | 0.10% p.a. | ($1,000 - $4,999) |
| 3.00% p.a. | ($5,000 - $5,000,000) | |
| 8 months | 0.10% p.a. | ($1,000 - $4,999) |
| 3.00% p.a. | ($5,000 - $5,000,000) | |
| 9 months | 0.10% p.a. | ($1,000 - $4,999) |
| 4.40% p.a. | ($5,000 - $5,000,000) | |
| 10 months | 0.10% p.a. | ($1,000 - $4,999) |
| 3.00% p.a. | ($5,000 - $5,000,000) | |
| 11 months | 0.10% p.a. | ($1,000 - $4,999) |
| 3.00% p.a. | ($5,000 - $5,000,000) | |
| 1 year | 0.15% p.a. | ($1,000 - $4,999) |
| 4.50% p.a. | ($5,000 - $5,000,000) | |
| 2 years | 0.15% p.a. | ($1,000 - $4,999) |
| 3.30% p.a. | ($5,000 - $5,000,000) | |
| 3 years | 0.15% p.a. | ($1,000 - $4,999) |
| 3.25% p.a. | ($5,000 - $5,000,000) | |
| 4 years | 0.15% p.a. | ($1,000 - $4,999) |
| 3.25% p.a. | ($5,000 - $5,000,000) | |
| 5 years | 0.15% p.a. | ($1,000 - $4,999) |
| 3.25% p.a. | ($5,000 - $5,000,000) |
Your selected term deposits
Generally good, but at one stage there was a rollover that left me short of cash!
This bank is a great alternative to the big four banks they actually give service as a human not as a number
Great community bank, friendly customer service and great banking products, interest rates on term deposit's are better than other banks.
This bank is a great alternative to the so called major banks. the major banks are all about profit and not consumers
The minimum deposit amount is $1,000. However, to access the highest rates, you'll need to deposit at least $5,000.
Interest is calculated daily and can be paid monthly, quarterly, half-yearly, annually, or on maturity, depending on your preference. You also have the option to compound interest back into your term deposit account.
Early withdrawals are possible but may incur penalties and reduce the interest earned. It's best to choose a term that aligns with when you'll need access to your funds.
Yes, Bendigo Bank is an Authorised Deposit-taking Institution (ADI) in Australia. Deposits up to $250,000 are protected under the Australian Government's Financial Claims Scheme, providing security for your savings.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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