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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.
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.
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
Up to 2 months 7 and 8 months 9 to 10 months 48 to 60 months(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.
Bendigo Bank offers two main choices when it comes to opening a term deposit:
Standard term deposit account
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.
Gold term deposit account
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.
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 conditions
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.