Bank Of Melbourne Term Deposit Rates

07-03-2021 admin

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For example, your bank may offer higher interest rates if you deposit an amount greater than $25,000, as opposed to if you park a smaller sum of maybe $5,000 in a term deposit. Bank of Melbourne Term Deposit For balances between $1,000 and $5,000,000 with terms available from 1 month to 5 years. Interest is calculated daily and can be paid at maturity, annually, half yearly or monthly with flexible maturity options from 1 month to 5 years. How to apply for a Bank of Melbourne term deposit. Before applying for a Bank of Melbourne term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you. Compare Term Deposits. If applying, consider Bank of Melbourne. 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. For BT CMA Saver and term deposits issued by Westpac you may be entitled to payment under the Australian Government’s Financial Claims Scheme in the event that Westpac becomes insolvent. Payments under the Financial Claims Scheme are subject to a limit for each depositor for eligible deposits.

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.

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.