Bank of Melbourne Term Deposits

The term deposit offerings from Bank of Melbourne present a range of options for consumers looking to lock away their savings for fixed periods.

Bank of Melbourne offers a wide range of term deposits, suitable for short-term savings boosts or longer-term investments. 

Deposit limits on its everyday term deposit products range from $1,000 to $2,000,000, with those depositing more potentially subject to different rates. 

Available term lengths range from one month to five years.

The bank offers flexibility in interest payment frequencies, with options for monthly on terms of six months or more, half-yearly on terms of 12 months or more, annually on terms of 24 months or more, or interest payment at maturity. 

However, early withdrawal comes with a penalty, requiring 31 days' notice and resulting in a notable reduction in interest earnings.

Bank of Melbourne will generally allow interest earned on a term deposit to be paid into a bank account, whether that account be with or another accepted financial institution, or by cheque.

Those who wish to receive interest on a monthly basis must hold an at-call account accepted by the bank for their interest to be deposited in. Those who wish to receive interest less frequently, on the other hand, can choose to have it land in a bank account, provided in the form of a cheque, or simply reinvested at maturity.

How to manage Bank of Melbourne term deposits

Customers can manage their term deposits through Bank of Melbourne’s online and mobile banking platforms. They can also access their account in-branch or via Bank@Post. 

What to do when a Bank of Melbourne term deposit reaches maturity

Upon maturity, Bank of Melbourne term deposits will be renewed automatically, unless a customer requests otherwise. 

The bank offers a 14-day grace period post-maturity in which customers can make a decision regarding their deposit without penalty.

Eligibility

To open a term deposit with Bank of Melbourne, customers need to meet the following criteria:

• Be at least 14 years old or have a parent or guardian open the account on your behalf

• Be willing to deposit at least $1,000

• Have a Tax File Number (TFN), an applicable exemption, or be willing for the bank to withhold tax from interest payments at the maximum marginal rate