Bendigo Bank

Bendigo Bank started life as a building society over 160 years ago and since then has grown to become on the biggest banks in Australia, with one of the most trusted brands.

The bank services 1.9 million customers across 500 Australian locations, has more than 7000 employees and is a top 100 ASX listed company with more than 110,000 shareholders.

In 2007, Bendigo Bank merged with Adelaide Bank and since then has built up a formidable brand network. These brands include Sandhurst Trustees, Leveraged, DelphiBank, Alliance Bank and Rural Bank, all of which have a diverse range of products to meet personal and business customer needs.

Bendigo Bank prides itself on its approach to environment, society and corporate governance (ESG) issues, which is attractive to those looking for ethical banking policies.

Bendigo Bank has a range of products and services including banking products, loans, investing products such as term deposits, managed funds and trading products, insurance products, superannuation, financial advice and funeral bonds.

Bendigo Bank

Bendigo Bank started life as a building society over 160 years ago and since then has grown to become on the biggest banks in Australia, with one of the most trusted brands.

The bank services 1.9 million customers across 500 Australian locations, has more than 7000 employees and is a top 100 ASX listed company with more than 110,000 shareholders.

In 2007, Bendigo Bank merged with Adelaide Bank and since then has built up a formidable brand network. These brands include Sandhurst Trustees, Leveraged, DelphiBank, Alliance Bank and Rural Bank, all of which have a diverse range of products to meet personal and business customer needs.

Bendigo Bank prides itself on its approach to environment, society and corporate governance (ESG) issues, which is attractive to those looking for ethical banking policies.

Bendigo Bank has a range of products and services including banking products, loans, investing products such as term deposits, managed funds and trading products, insurance products, superannuation, financial advice and funeral bonds.

Bendigo Complete Home Loan (INV IO < 60%)

Variable
Rate 3.44
Comparison
Rate 3.29

Bendigo Complete Home Loan (INV IO > 90%)

Variable
Rate 4.04
Comparison
Rate 4.01

Bendigo Complete Home Loan (INV IO 60% - 80%)

Variable
Rate 3.54
Comparison
Rate 3.39

Bendigo Complete Home Loan (INV IO 80% - 90%)

Variable
Rate 3.84
Comparison
Rate 3.81

Bendigo Complete Home Loan (INV IO)

Variable
Rate
Comparison
Rate

Bendigo Complete Home Loan (INV P&I < 60%)

Variable
Rate 2.84
Comparison
Rate 3.09

Bendigo Complete Home Loan (INV P&I > 90%)

Variable
Rate 3.64
Comparison
Rate 3.88

Bendigo Complete Home Loan (INV P&I 60% - 80%)

Variable
Rate 2.94
Comparison
Rate 3.19

Bendigo Complete Home Loan (INV P&I 80% - 90%)

Variable
Rate 3.44
Comparison
Rate 3.68

Bendigo Complete Home Loan (OO IO < 60%)

Variable
Rate 3.44
Comparison
Rate 3.13

Bendigo Complete Home Loan (OO IO > 90%)

Variable
Rate 4.04
Comparison
Rate 3.80

Bendigo Complete Home Loan (OO IO 60% - 80)

Variable
Rate 3.54
Comparison
Rate 3.23

Bendigo Complete Home Loan (OO IO 80% - 90%)

Variable
Rate 3.84
Comparison
Rate 3.60

Bendigo Complete Home Loan (OO IO) Fixed

Variable
Rate
Comparison
Rate

Bendigo Complete Home Loan (OO P&I < 60%)

Variable
Rate 2.59
Comparison
Rate 2.84

Bendigo Complete Home Loan (OO P&I > 90%)

Variable
Rate 3.29
Comparison
Rate 3.54

Bendigo Complete Home Loan (OO P&I 60% - 80%)

Variable
Rate 2.69
Comparison
Rate 2.94

Bendigo Complete Home Loan (OO P&I 80% - 90%)

Variable
Rate 3.09
Comparison
Rate 3.34

Secured Personal Loan

1st year Fixed
Rate 7.79
Comparison
Rate. 8.64

Unsecured Personal Loan^

1st year Fixed
Rate 12.79
Comparison
Rate. 14.89

Bendigo Christmas Club Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Bendigo CommunitySaver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

Bendigo Easy Retirement Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

Bendigo EasySaver High Interest Savings Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

Bendigo Everyday Account

Max Interest rate($10,000) Base Interest rate($10,000)

Bendigo PiggySaver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.10

Bendigo Reward Saver - over 30 years old

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Bendigo Student Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Bendigo Gold

90 Days

1 Yr Paid
Annually

Bendigo Gold

90 Days

1 Yr Paid
Annually

Bendigo Term Deposit

90 Days

0.05
1 Yr Paid
Annually 0.15

Bendigo Term Deposit

90 Days

0.10
1 Yr Paid
Annually 0.30

Bendigo Bank Banking products

Bendigo Bank has four key banking products including:

  • PiggySaver
  • EasySaver
  • Reward Saver
  • CommunitySaver

Each of these products feature no monthly service fees, e-statement availability, internet and phone banking and options to meet your savings goals.

1. PiggySaver

The PiggySaver is for children under 12 and provides a great way to teach your kids to save. There is no monthly service fee and it comes with a money box and birthday gifts for kids aged 4-10. All you need is $1 to open an account.

2. EasySaver

The EasySaver account comes with an attractive interest rate, no monthly fees, e-banking transactions and up to two monthly branch withdrawals. All you need is $1 to open an account, however there is no card access with this account. Online, phone and branch access is available. Interest is calculated daily and paid monthly.

3. Reward Saver

Bendigo Bank’s Reward Saver account offers a bonus rate to help you save faster, however the base interest rate is low. The bonus rate is available on balances up to $100,000 as long as eligibility criteria is met. Bonus rates of differing interest rates also apply for 30 years old or under and 31 years old or over. Your bonus kicks in when your end of month balance is greater than the start of the month. This does not include interest deposits. There is no monthly service fee and you only need $1 to open an account. You need an eligible transaction account with same account number as your Reward Saver to access the Bonus rate. This loan is not available to business customers.

4. CommunitySaver

Partner with organisations and reach your savings goals at the same time. This account encourages you to donate to charitable organisations. It does so giving you a competitive interest rate on your balance and then letting you decide what percentage you want to gift. You only need $1 to open the account, there are no monthly service fees and a minimum of 10% of interest earned will go to charity or your nominated organisation. Charities include:

  • Bendigo Bank Community Enterprise Foundation
  • St Johns Ambulance – South Australia
  • Oxfam Australia
  • Emergency Services: CFA Victoria, SES Victoria, Tasmania Fire Services
  • Scouts Australia – Victorian Branch
  • Royal Botanic Gardens Victoria
  • Royal Children’s Hospital Foundation Victoria

Bendigo Bank Loan Products

Bendigo Bank offers a range of Home Loans and Personal Loans.

Home Loans

There are two home loans:

  • Complete Home Loan
  • Express Home Loan

1. Complete Home Loan

The Bendigo Bank Complete Home Loan offers a competitive interest rate for those looking to buy a new home or refinance. There are a range of features including full offset on fixed and variable loans, LVR (loan to value ratio) tiered pricing for variable rates, up to 30 year loan terms with five year interest only periods available, weekly, fortnightly or monthly repayments and redraw facility. If considering this loan, you should note that there is a $15 per month service fee.

2. Express Home Loan

The Bendigo Bank Express Home Loan gives you full approval for your home loan in three quick easy steps. It only takes hours to get this loan approved, provided you have information such as your identity, financials and the address of the property you want to buy handy. You can apply for this loan online and in real time and can borrow from between $50,000 to $2 million. You should have a 10% deposit. If you don’t, you will be subject to Lenders Mortgage Insurance (LMI). There are four types of interest rates available depending on your circumstances. If you are looking to buy a home quickly, this is the loan for you.

Personal Loans

Bendigo Bank offers secured and unsecured personal loans.

1. Personal Loan – Secured

If you are looking for a car, a boat or want to refinance an existing loan, Bendigo Bank’s Secured Personal Loan offers a competitive interest rate for a loan term of between one and seven years. There is a free online redraw facility and you can choose to pay fortnightly or monthly. There are no fixed break costs, with an early repayment fee of only $20. However, there is a low application fee and ongoing fees do apply. Note, you do need security against the loan to be eligible.

2. Personal Loan – Unsecured

Similar to Bendigo Bank’s personal loan, the loan term is between one and seven years, there is a free online redraw facility and you can choose to pay fortnightly or monthly. However, this type of loan requires no security. Interest rates are much higher and there is a low application fee and ongoing fees do apply.
Other types of personal loans include:

  • Green Personal Loan (secured and unsecured)
  • Student Personal Loan (secured and unsecured)

Other products

1. Term Deposit

There are two types of Term Deposit: Standard and Gold. Neither have monthly fees. The minimum deposit for the Standard is $5000 over a minimum term of 12 months, with interest paid on maturity. For the Gold Term Deposit you will need a minimum deposit of $2000 for a minimum investment of 12 months, with interest paid quarterly. You can make additional deposits at any time and withdrawals of up to 25% of your original deposit.

2. Share Trading

Bendigo Invest Direct has two trading platforms.

  • Bendigo Invest Direct Standard (designed for retail investors)
  • Bendigo Invest Direct Pro (designed for sophisticated investors)

3. Managed Funds

Bendigo Banks’s managed fund product is issued by wholly owned subsidiary Sandhurst Trustees Limited. A managed fund can give you leverage into diversified market sectors and the Australian share market. If you Invest over $50,000, you will gain access to Funds with lower management costs.

4. Funeral Bonds

Bendigo Funeral Bond offers peace of mind. Here’s what you should know:

  • One single or multiple contribution options – start with as little as $25*
  • Payment options including direct debit, BPAY®, direct credit and cheque
  • You can set up a regular savings plan with direct debit either fortnightly or monthly
  • The bond can be for individual, joint bondholders or for a separate life insured.

5. Superannuation

Bendigo Bank’s superannuation products are also issued by wholly owned subsidiary Sandhurst Trustees Limited. The SmartStart super product is a simple low, cost product designed to help you retire comfortably.

Pros

  • Community minded
  • Send some of your interest to a nominate charity with the CommunitySaver
  • Competitive interest rates on most products
  • Branch availability
  • Known for good customer service
  • Good range of products
  • No monthly fees
  • Children’s account

Cons

  • High fees for some products
  • Limited branch access