Bank Of Melbourne Term Deposit Rates
.Rate is available for new/renewed Term Deposits from $1,000 to $2,000,000 for existing Bank of Melbourne personal customers only. Not available for business, corporate, institutional or government customers. Rate applies for a single term. Higher or lower rates.
- Bank Of Melbourne Term Deposit Rates Today
- Bank Of Melbourne Business Term Deposit Rates
- What Are The Best Term Deposit Rates In Australia
It's no secret that the current interest rates for both savings accounts and term deposits aren't exactly groundbreaking.
In 2011, deposit products offered well over 6%pa. Fast-forward to 2019 and it's rare to find a term deposit that returns more than 3%pa on your savings.
The term deposit rate is the agreed interest rate for your term deposit. It remains fixed for the term of the deposit. For example, if you deposit $5,000 for 12 months at a 2.5 per cent term deposit rate, that 2.5 per cent term deposit rate will be fixed for the entire 12 months and won’t change until the term matures. .Rate is available for new/renewed Term Deposits from $1,000 to $2,000,000 for existing Bank of Melbourne personal customers only. Not available for business, corporate, institutional or government customers. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Our Interest Rates Brochure copy of this Rates Brochure or otherwise find out the current rates on Bank of Melbourne Term Deposit Accounts by:. Visiting any branch;. Calling our Customer Contact Centre on 13 22 66;. Visiting our website bankofmelbourne.com.au 3.7 From time to time we may make special rates available. Term deposit interest rates are subject to frequent market change. To view the most current AMP Bank business term deposit rates, it’s best to view the provider’s website directly. If you want to earn competitive rates on your fixed deposits for an amount between $100,000 and $500,000, AMP Bank deposit may worth considering.
However, there are a few that do. Generally, the best rates are for longer terms and for larger deposits; however, there are a few offering above 3%pa on deposits of just $1000.
Here are five of the best term deposit rates in the market today.
So rates aren't what they were in 2011 but term deposits still have their place and they offer a number of benefits to savers and investors, even in this low-rate environment.
Five benefits of term deposits
1. They're low risk
Term deposits are a safe, low-risk way to invest your money. Your deposit, up to $250,000, is covered by the Australian Government guarantee scheme, so if the bank were to go under term deposit holders would be paid back ahead of shareholders.
For investors, term deposits are a great option if you're looking for some low-risk, defensive assets to add to your portfolio.
2. They offer predictable returns
Term deposits offer a fixed interest rate, unlike savings accounts, which have a variable rate that could change at any time.
Because the rate on your term deposit is fixed for the life of the term, if interest rates fall lower your rate will remain unchanged. It also means you can predict the return on your initial deposit down to the dollar, which is helpful for both peace of mind and budgeting.
3. They prevent you from dipping into your savings
Bank Of Melbourne Term Deposit Rates Today
Unlike money in a savings account, which you can withdraw whenever you need, term deposits are locked in until they mature.
This is a good option if you find yourself regularly dipping into your savings for impulse purchases.
4. There are no ongoing conditions to meet
Savings accounts often have monthly deposit conditions to earn the bonus interest rate, and if you don't meet the conditions you're often left with little to no interest. Term deposits have no ongoing conditions to meet, making them a great set-and-forget savings strategy.
5. They're flexible
Term deposits aren't a one-size-fits-all product. You can choose one that's locked in for just one month or up to five years.
You can also choose how you'd like to receive your interest, whether it's monthly, twice a year, annually or in a lump sum at maturity. You can choose whatever suits your financial needs.
Term deposits don't offer the big capital growth that you might experience with some high-risk shares or even property but they do provide a safe and secure place to park your savings while you enjoy guaranteed, risk-free returns.
It's no secret that the current interest rates for both savings accounts and term deposits aren't exactly groundbreaking.
In 2011, deposit products offered well over 6%pa. Fast-forward to 2019 and it's rare to find a term deposit that returns more than 3%pa on your savings.
However, there are a few that do. Generally, the best rates are for longer terms and for larger deposits; however, there are a few offering above 3%pa on deposits of just $1000.
Here are five of the best term deposit rates in the market today.
So rates aren't what they were in 2011 but term deposits still have their place and they offer a number of benefits to savers and investors, even in this low-rate environment.
Five benefits of term deposits
1. They're low risk
Term deposits are a safe, low-risk way to invest your money. Your deposit, up to $250,000, is covered by the Australian Government guarantee scheme, so if the bank were to go under term deposit holders would be paid back ahead of shareholders.
For investors, term deposits are a great option if you're looking for some low-risk, defensive assets to add to your portfolio.
2. They offer predictable returns
Term deposits offer a fixed interest rate, unlike savings accounts, which have a variable rate that could change at any time.
Because the rate on your term deposit is fixed for the life of the term, if interest rates fall lower your rate will remain unchanged. It also means you can predict the return on your initial deposit down to the dollar, which is helpful for both peace of mind and budgeting.
3. They prevent you from dipping into your savings
Unlike money in a savings account, which you can withdraw whenever you need, term deposits are locked in until they mature.
This is a good option if you find yourself regularly dipping into your savings for impulse purchases.
Bank Of Melbourne Business Term Deposit Rates
4. There are no ongoing conditions to meet
Savings accounts often have monthly deposit conditions to earn the bonus interest rate, and if you don't meet the conditions you're often left with little to no interest. Term deposits have no ongoing conditions to meet, making them a great set-and-forget savings strategy.
What Are The Best Term Deposit Rates In Australia
5. They're flexible
Term deposits aren't a one-size-fits-all product. You can choose one that's locked in for just one month or up to five years.
You can also choose how you'd like to receive your interest, whether it's monthly, twice a year, annually or in a lump sum at maturity. You can choose whatever suits your financial needs.
Term deposits don't offer the big capital growth that you might experience with some high-risk shares or even property but they do provide a safe and secure place to park your savings while you enjoy guaranteed, risk-free returns.