If you’re a healthcare worker or a member of your family is and you’re looking for somewhere to lock away a sizable stash of cash, then you might be interested to hear that the Health Professionals Bank offers competitive rates for balances over $1,000. And if you’re an Edvest member (over 50s member program), you may even be able to benefit from a rate slightly higher than the one advertised.
As the name suggests, the Health Professionals Bank is for current or retired healthcare workers and their family members. Term Deposits with this bank range from three months to three years, with interest rates varying from 0.75% to 0.90% depending on the length of the term you choose.
You will need a minimum deposit of $1,000 to access these rates though, and there's a maximum deposit of $499,999 for these rates.
If you’re a current Rewards Package or Edvest member then you could also benefit from interest rates 0.05% higher than those advertised. You can become a Rewards Package member if you have a Health Professionals Everyday Direct Account, you’re registered for online banking and you have a home loan with the bank, where the initial loan amount was more than $150,000.
Of course besides all the perks, it should be noted that the Rewards Package membership does come with a $300 annual fee. But alternatively, if you’re over 50 you could become an Edvest member for $30 a year and also benefit from an interest rate 0.05% higher.
For whichever term you take out, you’ll be given a few different options for what to do with your funds when the term reaches maturity. You can choose to either reinvest the original amount you deposited into a new term and have the interest transferred to another account, reinvest both the original amount deposited and the interest accumulated in a new term or finally transfer the whole lot, interest and all into another account and close the term altogether.
And if you change your mind about what you want to do with your funds come maturity, you can always write to the Health Professionals Bank. The bank will also write to you a week before your term is due to mature to confirm what you want to do.
This range of term deposits could be a good fit for Aussies working in or retired from healthcare, who are keen to lock away a decent sum of money from anywhere between three months and three years.
Just remember that you'll need a minimum deposit of $1,000 to open an account. Plus, if you are a non Health Professionals Bank member, you will receive 0.05% less than the advertised interest rate.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.