Fact checked
Bendigo Bank was founded in 1858 to help improve the living conditions of workers in the goldfields during the Victorian gold rush. It merged with Adelaide Bank in 2007 to form the Bendigo and Adelaide Bank as we know it today.Â
It now has in excess of 500 branches in Australia and more than two million retail customers. It is well known for its stance against fossil fuel investments, introducing ‘green loans’ to the Australian banking scene.
Savvy can help you decide which term deposit may be the right one for your circumstances. Compare interest rates and terms with the offerings from other banks right here with Savvy before deciding where to invest your previous savings.
*Please note that Savvy does not represent Bendigo Bank for its term deposit products.Â
Bendigo Bank offers a wide range of term deposits from a minimum of one month up to five years.
Bendigo Bank: common term deposit interest rates
| Term length offered | $1,000 to $4,999 | $5,000 to $5 million |
|---|---|---|
|
Up to 2 months |
0.05% p.a. |
0.10% p.a. |
|
3 months |
0.05% p.a. |
0.20% p.a. |
|
4 months |
0.05% p.a. |
1.20% p.a. |
|
6 months |
0.10% p.a. |
0.45% p.a. |
|
7 and 8 months |
0.10% p.a. |
0.75% p.a. |
|
9 to 10 months |
0.10% p.a. |
2.00% p.a. |
|
12 months |
0.15% p.a. |
2.50% p.a. |
|
24 months |
0.15% p.a. |
2.85% p.a. |
|
36 months |
0.15% p.a. |
2.85% p.a. |
|
48 to 60 months |
0.15% p.a. |
2.90% p.a. |
(Effective 23 September 2022)
The rates shown are for deposits with interest paid at maturity (up to 24 months) and annually (36 to 60 months). Lower interest rates apply for more frequent interest payments, such as monthly and quarterly.Â
Bendigo Bank offers two main choices when it comes to opening a term deposit:Â
Standard term deposit accountÂ
This comes with a fixed rate of interest and a minimum balance of $1,000. You’ll only be able to deposit extra funds within seven days of opening your account or upon maturity.Â
Gold term deposit accountÂ
There are several key differences between savings accounts and term deposits. However, Bendigo Bank offers an innovative product that is a hybrid of both. This Gold term deposit allows you to deposit additional funds and withdraw up to 25% of your balance at any one time before the deposit maturity date with no penalty imposed or notice required.Â
With a Gold term deposit account, there is a set term of 12 months and a minimum opening deposit of $2,000, with interest paid quarterly on your funds.
Early withdrawal conditionsÂ
You will need to give 31 days’ notice if you wish to withdraw funds from your standard term deposit before the maturity date. If you do withdraw your funds early, the interest earned will be reduced to the lowest tiered interest rate for a three-month investment on the date of your early withdrawal notice. In addition, an extra 0.25% p.a. will be deducted from this three-month rate down to a maximum of zero.
If you’re an existing customer, term deposits and Gold term deposit accounts can be opened through online banking. Just log in with your usual customer number and select the option to open a new account.Â
If you aren’t an existing customer of Bendigo Bank, you can also open a term deposit online, at a branch of the bank or over the phone, but you’ll have to provide information about your identity prior to opening a term deposit account.Â
To open a term deposit account, you’ll need to fulfil the following conditions:Â
The Bendigo Bank offers a wide range of terms for deposits from one month up to five years, so you’ll likely find your preferred length with them.
The innovative Gold term deposits allow you to withdraw up to 25% of your funds with no notice required. However, the interest rate offered is lower than that of a standard term deposit.
If you do decide to withdraw a portion of your funds (up to a quarter) earlier than the end of the one-year Gold deposit period, you won’t suffer a reduction in the interest rate paid on your remaining balance.
The interest rates offered for term deposits under $5,000 are extremely low, even if you commit your funds to a long term deposit over two years.
If you wish the interest on your term deposit to be paid more frequently, you’ll have to accept a reduction in the interest rate offered.
When you receive your interest payments, they can only be paid back into the term deposit account, or to another Bendigo Bank account, not into another bank account you may have with another bank.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
