Bendigo Bank Term Deposit

2.30% p.a.1 year

no

 

Bendigo Bank Term Deposit Review

Review published: 8 January 2019

What's hot:

  • 2.30% for a one year term (balances over $5,000)

  • Add to your deposit within 7 days of opening or renewal

What's not:

  • Early withdrawal has a 31 day waiting period

Mozo snapshot:

If you’re looking to stash your cash in a term deposit without hassle, then you’ll need an option with everything from flexibility to competitive rates. Bendigo Bank not only offers great interest rates, but also a range of investment terms tailored to suit you. And with no fees and accommodating interest payment options, you’ll be well on the path to reaching your savings goals.  

Key features:

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.

Any catches?

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.

How are Bendigo Bank term deposits rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.4

Based on 307
Bendigo Bank term deposits reviews

7.7 6.9 8.7 8.5 8.7

Read Bendigo Bank term deposit reviews by the Mozo community

Latest reviews of Bendigo Bank Term Deposit

Bendigo Bank

Bendigo Bank Term Deposit term deposit review

Overall rating   9 / 10

Oustanding work ethics and communication

Very informative knowledge of products offers information about new products. Even will collect deposits from my house and deposit in nearest bank 40 kms away. No problem is too big or small. Reliable communication. As well as open on Saturdays - ...

Full review

Very informative knowledge of products offers information about new products. Even will collect deposits from my house and deposit in nearest bank 40 kms away. No problem is too big or small. Reliable communication. As well as open on Saturdays - brilliant.

    Price   10 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Jenny, New South Wales, reviewed almost 5 years ago

Bendigo Bank

Bendigo Bank Term Deposit term deposit review

Overall rating   6 / 10

Convenience

Convenient location but service is not so good.

Full review

Convenient location but service is not so good.

    Price   6 / 10

    Features   7 / 10

    Customer service   5 / 10

    Trust   5 / 10

Less

Tracey, Queensland, reviewed about 5 years ago

Bendigo Bank

Bendigo Bank Term Deposit term deposit review

Overall rating   8 / 10

Wonderful service

Staff really look after me. They give me notice when the term is about to mature, and take time to go through with me the options available to me.

Full review

Staff really look after me. They give me notice when the term is about to mature, and take time to go through with me the options available to me.

    Price   8 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Name not supplied, Queensland, reviewed about 5 years ago

Bendigo Bank

Bendigo Bank Term Deposit term deposit review

Overall rating   10 / 10

Best features & customer service available for us

The Bendigo Bank's products, service & customer attention have been exemplary and by far surpassed any I have encountered over the years.

Full review

The Bendigo Bank's products, service & customer attention have been exemplary and by far surpassed any I have encountered over the years.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Name not supplied, Queensland, reviewed about 5 years ago

Bendigo Bank

Bendigo Bank Term Deposit term deposit review

Overall rating   10 / 10

First class service and financial product range

The local Bendigo Community Bank have terrific staff who are most helpful,understanding, and very pleasant and approachable to deal with. Their range of products gives one a very competitive choice whether it be interest rates charged or interest...

Full review

The local Bendigo Community Bank have terrific staff who are most helpful,understanding, and very pleasant and approachable to deal with. Their range of products gives one a very competitive choice whether it be interest rates charged or interest rates on offer for investment purposes.

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Name not supplied, Victoria, reviewed about 5 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • 0.50% p.a. ($1,000 to $4,999)

    1.25% p.a. ($5,000 to $5,000,000)

  • 0.50% p.a. ($1,000 to $4,999)

    1.70% p.a. ($5,000 to $5,000,000)

  • 0.50% p.a. ($1,000 to $4,999)

    2.00% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000 to $5,000,000)

  • 0.75% p.a. ($1,000 to $4,999)

    2.30% p.a. ($5,000 to $5,000,000)

  • 1.00% p.a. ($1,000 to $4,999)

    2.05% p.a. ($5,000 to $5,000,000)

  • 1.00% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000 to $5,000,000)

  • 1.00% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000 to $5,000,000)

  • 1.00% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000 to $5,000,000)

  • 1.00% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000 to $5,000,000)

  • 1.00% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000 to $5,000,000)

  • 1.25% p.a. ($1,000 to $4,999)

    2.30% p.a. ($5,000 to $5,000,000)

  • 1.50% p.a. ($1,000 to $4,999)

    2.60% p.a. ($5,000 to $5,000,000)

  • 1.50% p.a. ($1,000 to $4,999)

    2.60% p.a. ($5,000 to $5,000,000)

  • 1.50% p.a. ($1,000 to $4,999)

    2.65% p.a. ($5,000 to $5,000,000)

  • 1.50% p.a. ($1,000 to $4,999)

    2.70% p.a. ($5,000 to $5,000,000)

  • yes

  • no

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

  • none

About Bendigo Bank

Bendigo Bank is a community focused bank that's all about customer satisfaction. Over the past 20 years, Bendigo Bank has given back $165 million to help communities build the things they need to thrive. With a national presence and an innovative digital experience, Bendigo Bank offers a full range of financial services including credit cards, personal loans, home loans, savings and bank accounts to help Aussies meet their money goals.

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

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