Bank Australia, being a customer-owned bank, is noted for its competitive rates and lower fees compared to some other financial institutions. 

Its commitment to investing a portion of its profits in community projects also adds a distinct aspect to its banking services.

Bank Australia term deposit review

Bank Australia term deposits

Minimum deposit


Maximum deposit

$1,000,000 without contacting the bank

Available terms

Three months to three years

Interest paid

At maturity or monthly for some terms

Fees for early withdrawal

✅ (31 days' notice required, interest reduction applies)

Term deposit options and interest rates

Bank Australia provides term deposits with durations ranging from 3 months to 3 years. 

The interest rates vary depending on the term length, with options for interest to be paid at maturity or monthly. 

Depositors can lock away sums ranging from $500 to $1,000,000, with the bank encouraging those looking to deposit more to make contact. 

Eligibility criteria

To open a term deposit with Bank Australia, the following criteria apply:

  • Age requirement of at least 18 years old.

  • Must be an Australian permanent resident or hold an Australian visa.

  • A minimum investment of $500 is required.

  • For higher investments, specifically amounts over $1 million, customers are encouraged to contact the bank or visit a branch.

The $500 minimum investment is lower than most other banks, many of which require $1,000 or $5,000.

Fees and charges

Fee Type


Account Keeping Fee


Early Withdrawal Fee

Fees apply for early withdrawal before the maturity date. Requires 31 days' notice, and interest may be reduced.

A new term deposit can be changed or cancelled within the first 14 days of opening without penalty.

Additional features

  • Interest payment frequency: Customers can choose to receive their interest payments either monthly or at the maturity of the term deposit.

  • Automatic rollover: The term deposit will automatically be reinvested for the same term at the advertised rate on the date of maturity unless alternative instructions are provided.

  • Accessibility: Customers can monitor their term deposits through Bank Australia's internet, mobile, or phone banking systems.