The Bendigo Bank Term Deposit is transparent with your return and gives you the option to decide how long your money is invested. Starting from 1 month, Bendigo Bank allows for terms up to 5 years. All you’ll need to get started is a minimum $1,000 investment and you’ll fix the rate of return for the life of your investment.
There are some bumper rates on offer, for example, on a one-year term on a balance of $5,000 you’ll earn a 2.30% interest rate, for a three-year term you’ll earn a 2.60% interest rate and for a max five-year term you’ll earn an interest rate of 2.70%.
Also, you won’t go without choice when it comes to having your interest paid to you, with Bendigo Bank’s range of interest payment options including at maturity, monthly, quarterly, half-yearly and yearly, depending on the term you choose.
A unique feature that sets Bendigo Bank’s Term Deposit aside from most is the option to add to deposits within 7 days. You should also know that you won’t have to set up another account and start all over again for another term deposit period; Bendigo Bank term deposit offers automatic rollover. Just be sure to check what deal you’re getting before letting your account rollover, because, by that time, there may be a better deal out there waiting for you.
And if you’re asking yourself whether there are fees, the answer is; no there’s not!
Who it's good for:
The Bendigo Bank Term Deposit is a particularly good choice for two types of Aussies - those with $5,000 on hand and at least a year to take full advantage of the great rates and those who are looking to reinvest automatically and top up their term deposit each time.
Like most other term deposit accounts, you’ll need to give Bendigo Bank a month’s notice if you wish to withdraw your funds before the maturity date and just be aware you’ll lose out on interest if you do.