Summary

You can choose from lots of term lengths between 1 month and 5 years and enjoy a fixed interest rate on your money.

You can choose how long to invest your money and when you receive your interest. Either use your interest earned now to help supplement your income, or save it all for later when the account reaches maturity. The interest rate is fixed for the term length that you choose.

Pros

No monthly account-keeping fees
High interest rate on your savings
Flexible terms

Cons

No flexibility
Minimum investment of $5,000

Details

Key details

Product Name	Greater Bank Term Deposit $5,000
3 month interest rate	4.00%
4 month interest rate	4.00%
6 month interest rate	4.75%
7 month interest rate	3.80%
9 month interest rate	4.00%
12 month interest rate	4.55%
24 month interest rate	4.00%
36 month interest rate	4.00%
48 month interest rate	4.00%
60 month interest rate	4.00%
Minimum Opening Deposit	$5,000
Minimum age requirement	16
Government guarantee	Yes

Eligibility

Minimum Age Requirement	16
Joint account availability	No
Min Deposit	$5,000
Available to children	Not available for children under 16 years of age

Key features

No fees

There are no monthly or account keeping fees, no account set up fees or transaction fees to pay.

Minimum deposit amount

The rates shown above are available for deposits between $5,000 and $49,999.

Term lengths available

Greater Bank offers terms ranging from 1 month to 5 years, with different rates for each term.

Interest rates

The interest rates are fixed for the duration of your chosen term, even if the bank changes its rate for new customers.

Interest payments

Interest is calculated on your daily balance and you have the choice of monthly payments or a payment at maturity. It is important to note that choosing monthly payments will mean a reduction in your interest rate. Interest will be paid into a separate account nominated by you at the time of application.

Account maturity

Greater Bank will let you know when your term deposit is close to reaching its maturity date. You have 10 days to let them know whether you will be withdrawing the money or reinvesting it. If no instructions are given the term deposit will be renewed automatically for the same length of time, but at the prevailing interest rate. During those 10 days you are also permitted to make other adjustments, such as add to the deposit or change the terms.

Term breaks

If you need to close your account before the agreed upon maturity date, it will done at the discretion of Greater Bank. If they do agree then your interest earnings will be reduced by 1%.

Accessing your account

You are able to view your term deposit through Greater Bank's online and mobile banking platforms.

Availability

The term deposit is only available for personal use and cannot be opened in a business name.

How to apply

Eligibility

You have the option of applying for the term deposit account at a Greater Bank branch or online. If you are already a member of the financial institution you can open a new term deposit through Internet banking, while new customers will first need to obtain membership. Before beginning, check to make sure that you are able to meet the eligibility requirements:

Minimum age. In order to apply for the term deposit you must be at least 16 years old.
Residency requirements. Only permanent residents are eligible for this account.

Depository requirements. A minimum of $5,000 is required as an opening deposit before the account can be activated.

Documentation needed

You will also need to have the following documentation in order to complete the online application in its entirety:

Tax file number. You are not required to provide Greater Bank with your tax file number (TFN) but if you choose not to, they are required to collect withholding tax on your interest earnings.
Identification. You may use information found on your driver's licence, passport or Medicare card to verify your identity.
Mobile phone number. Your mobile phone number is needed in order for you to confirm your new account using an SMS authorisation code.

What happens after I submit my application?

There is no need to fill out a separate membership and term deposit account application. Once your identity has been confirmed your new account will be available to use immediately, and you will be asked to confirm the details using an SMS authorisation code.

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Judo Bank Term Deposit Finder Award$1,000 min. deposit	3 Mths p.a. 4.95%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 5.05%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 5.00%	24 Mths p.a. 4.70%	Go to site More Info Compare
Newcastle Permanent Term Deposit $1,000 min. deposit	3 Mths p.a. 4.00%	4 Mths p.a. 4.00%	5 Mths p.a. 4.00%	6 Mths p.a. 4.75%	7 Mths p.a. 3.80%	11 Mths p.a. -	12 Mths p.a. 4.55%	24 Mths p.a. 4.00%	Go to site More Info Compare
Bankwest Term Deposit $1,000 min. deposit$10,000,000 max. deposit	3 Mths p.a. 3.75%	4 Mths p.a. 3.00%	5 Mths p.a. 3.00%	6 Mths p.a. 4.25%	7 Mths p.a. 4.00%	11 Mths p.a. -	12 Mths p.a. 4.70%	24 Mths p.a. 3.90%	Go to site More Info Compare

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Helen

April 29, 2024

How much tax is withheld from interest made if you don’t supply tax file number?

Sarah Megginson Finder

May 01, 2024

Hi Helen,

If your bank doesn’t have your tax file number (TFN), it will withhold tax from your interest at the highest marginal tax rate. This is currently 45%.

Hope this helps!

Sue

December 08, 2022

I have my money with another bank, will it be easy to transfer over?

Will it be at 4% for 12 mths?

It’s over The minimum amount

Alison Banney Finder

December 20, 2022

Hi Sue,

Upon opening an account with Greater Bank, you should be able to send the funds (subject to the services your bank provides) to your newly set up account. The steps may vary depending on the bank where the funds will be coming from but typically it can be completed online.

The interest rates would vary depending on the payment option you select.

Interest on maturity with a $5,000.00 – $49,999.99 deposit: 4.00% p.a.

Monthly interest with the same deposit amount: 3.90% p.a.

Thanks,

Alison

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Peter Hart

November 17, 2022

Is there a maximum deposit amount for 12 months at 4%

Alison Banney Finder

November 22, 2022

Hi Peter,

There is no maximum deposit amount, however, the minimum is $1000.

Thanks,

Alison

REG AND MARGARET GREEN

November 03, 2022

Please advise term deposit rates for one amount of $100,000 in private name and second amount in name of SMSF for $190,000 for periods of

1 year and 2 years!

Alison Banney Finder

November 11, 2022

Hi Reg and Margaret Green,

The Term Deposit interest rate on Maturity for $50,000.00 is 4% for both 12 months and 24-35 months. You may check the table on their website.

All the best,

Alison

Mike

June 19, 2017

Why do the links to Greater Bank not working?

Rench Finder

June 19, 2017

Hi Mike,

Thanks for reaching out to us.

I have tried clicking on the green ‘Go to site’ button above this page and it directed me to Greater Bank official site successfully. Please try to use another browser or there might be a setting in your browser that’s blocking the pop-up.

Hope this helps.

Cheers,

Rench

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Greater Bank Term Deposit $5,000 – $49,999

Pros

Cons

Key features

No fees

Minimum deposit amount

Term lengths available

Interest rates

Interest payments

Account maturity

Term breaks

Accessing your account

Availability

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other term deposit accounts

Compare other products from Greater Bank

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