Bank Australia Term Deposits

Australia's first customer owned bank

We started life in 1957 as the CSIRO Co-operative Credit Society. From there we joined with 71 other credit unions and co-operatives to become Australia’s first customer-owned bank in 2011. In 2015 we changed our name to Bank Australia.

We’re the bank for people who believe in a fair and inclusive society.

We put customers at the centre of the bank, balance purpose and profit, and make decisions that have a positive impact on people, communities and the planet.

Damien became Managing Director on 22 September 2011, after serving as General Manager of Corporate Services for eight years and also as Company Secretary. Damien has over 30 years of experience in the mutual banking sector.

Damien is responsible for and manages the Bank’s group operations. He works with the Board in setting group strategy, monitoring group performance and budget, and ensuring the bank adheres to all prudential, legal and compliance matters.

Damien has been instrumental in shaping the bank’s response to sustainable development and responsible business practices.

Qualifications: B.BUS (Acct), MBA, FCA, FCPA, FAICD, FFIN

John was appointed Deputy Chief Executive Officer in 2016. John is an experienced Executive who has held senior roles in banking, politics and management consulting.

John has senior Executive responsibility for the development of Bank Australia’s strategic objectives and business plan and managing the Retail Banking Division of Bank Australia, subject to the directions of the Bank Australia Board and Managing Director.

John has an MBA and is a graduate of the Australian Institute of Company Directors.

A term deposit is a fixed term savings account that offers a safe, guaranteed rate of return on your money for the life of an investment. It can be an attractive option because the interest rate is usually higher than regular savings account rates. But if you withdraw some or all of the deposit before the agreed term finishes, you may incur a penalty that is deducted from the accrued interest. To learn more about term deposits please go to https://www.bankaust.com.au/blog/five-burning-questions-you-might-have-about-term-deposits.

You can transfer funds via cash in branch, or electronic funds transfer. Please note that we do not accept Osko or PayID payments into term deposits.

Fixed term deposits offer a guaranteed rate of return on your money for the life of an investment. They are also a low maintenance option so they are more 'set and forget' than savings accounts, which are more flexible with withdrawals but require meeting bonus conditions in order to get the bonus rate. You can learn more about the key differences between term deposits and other savings accounts by visiting https://www.bankaust.com.au/blog/term-deposit-vs-savings-account-which-is-right-for-you.

If you would like to cancel your term deposit after opening, or change the amount or term, you will have a grace period of 14 days from the date the term deposit is opened to provide alternative instructions without incurring a penalty. No interest is payable on withdrawn amounts during the grace period. Please phone 132 888 if you want to make a change within this period.

Customers are able to add additional funds in their term deposit during the 14-day grace period after account opening and on maturity of the term deposit.

Term deposits are for savers who are confident they won’t need to access their funds during the term of the deposit, so think of them as a long term savings account. If you wish to withdraw money from your term deposit before the end of its term or break a term deposit, you’ll need to give us 31 days notice. For term deposits with terms less than 2 years where interest is paid at maturity, approval of any request for either a full or part redemption of funds prior to the expiry is at the discretion of Bank Australia.

The early withdrawal will incur an interest reduction. The interest rate applicable to principal amounts withdrawn early will be adjusted by the percentage of the current term over the original agreed term. Please refer to Summary of Accounts in the document section for more information. Any funds you leave in the account will continue to earn interest at the interest rate originally agreed. The minimum investment amount of $500 must be retained in the term deposit.

Fourteen days prior to maturity, you’ll receive a written notification letting you know that your term deposit is due to mature and the options available to you. If we don’t receive any instructions when your term deposit reaches maturity, it will automatically be reinvested for the same term at the advertised interest rate at the date of maturity.

You have a grace period of 14 days from the date your funds are reinvested to make any changes including the length of the investment term or the frequency of interest payments or add/withdraw funds at no cost. Please call us on 132 888 or log into internet banking and set your instructions if you want to make a change within this grace period. In internet banking, you can set instructions to add/withdraw during the grace period, renew for the same term or close the term deposit and transfer balance to a linked Bank Australia bank account. The closure of the term deposit will occur at maturity of the term deposit.