Business+ Term Deposit

A term deposit lets you grow savings you’ve already built by locking them away for a set period of time and at a set interest rate.

Your term can be anything from one month to one year, but it’s worth keeping in mind that you can’t make extra deposits after the initial deposit . If you need access to funds before maturity you will need to provide 31 days notice.

In contrast, a savings account lets you make unlimited deposits and withdrawals. However, the interest rate may be different than a term deposit. Savings accounts can be helpful if you’re just starting out and want to deposit money regularly, while a term deposit is useful for earning interest on savings you already have.

A competitive term deposit rate can be a clever way to grow the savings you already have. Plus, your return on investment won’t be affected if interest rates fall. Putting some of your savings into a term deposit account could help you save smarter.

Some of the benefits include:

• Choice to select the term that suits you to maximise interest you earn
• Guaranteed rate of return even if interest rates fall
• Interest paid at the end of the term with options to open a new term deposit or hold in your other accounts
• You won’t be tempted to spend your hard-saved cash as it’s locked away for a term

At the end of your term your invested amount and interest will be transferred to your Business+ Account or Business+ Saver with a few clicks you can easily set up a new term deposit with a rate that suits you.

You’ll receive an email or text message reminder when your term deposit is approaching maturity.

A notice period of 31 days is required to withdraw your funds before your term deposit matures. Please be aware that you may not earn your full interest amount if you withdraw money early. This is outlined in our terms and conditions.

If you’re your experiencing financial hardship and need funds sooner, please get in touch with us through Chat in Business+.

Yes, Business+ is 100% digital, so you can easily manage your term deposit without having to call us or visit a branch.

Yes. Money placed in a term deposit account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).

The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.

Learn more about the FCS.

Yes, because Business+ is 100% digital you can do everything online.