|
Term deposits |
Details |
|---|---|
|
Minimum deposit |
$500 |
|
Maximum deposit |
$9,999,999 |
|
Available terms |
90 days to five years |
|
Interest paid |
At maturity |
|
❎Uses an interest rate reduction penalty instead |
There are competitive fixed interest rates, especially on short-term deposits between 90 and 180 days. Speaking of, terms are flexible, ranging from as little as 90 days to as long as five years, allowing investors to align their deposit length with their personal financial goals.
Interest is calculated daily and paid at the end of the term, supporting steady and predictable growth. There are no setup, monthly, or application fees, enhancing the overall value of the product. Deposits are also protected under the Australian Government’s Financial Claims Scheme (FCS) up to $250,000, offering peace of mind to investors.
Bank First also provides the convenience of online account management, making it easy for members to open, track, and manage their term deposits. An automatic rollover feature is available, with clear guidance to help avoid unwanted renewals or penalties.
How to get started with a Bank First term deposit
Similar to other products, you need to be a Bank First member to open a term deposit. Requirements include:
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You must be 18 years of age or older to apply.
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Applicants must be either Australian permanent residents or visa holders with valid residency status.
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An initial deposit of at least $500 is required to set up a term deposit.
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You’ll need an Australian transaction account in your name. This can be with Bank First or another Australian financial institution.
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Identity verification is mandatory and typically requires official documents such as an Australian passport or driver’s license.
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Early access to your funds is possible but requires a 31-day notice period and may result in reduced interest earnings and applicable fees.
