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Term Deposits - Greater Bank

Term Deposits

Term Deposit interest rate 4.60 % p.a.
6 months - $5,000 and over - Interest on maturity

Lock in a great rate!

Term Deposits with terms from one month to five years, with options for monthly interest, or interest at maturity.

Why choose our Term Deposits?

Invest with confidence

Lock in an interest rate and term to invest part of your savings, knowing what your return will be.

Invest your way

Flexible term lengths to suit your needs – from one month to five years.

Interest options

You have the option to have interest paid monthly, six-monthly or at maturity (subject to the term chosen).

More for you

No monthly fee or monthly account-keeping fees.^

At maturity

Option to reinvest or change your term and interest rate at maturity. #

Manage your money 24/7

Access your banking whenever you need to, wherever you are via our app or online banking.

 

Rates are effective as at 9am Tuesday 23/04/2024

Term Deposit Interest rates - interest at maturity

Term Deposits (Interest at maturity) $1,000.00 - $4,999.99 $5,000.00 - $49,999.99 $50,000.00+
1 Month 0.01% p.a. 1.00% p.a. 1.00% p.a.
2 Months 0.01% p.a. 1.00% p.a. 1.00% p.a.
3 Months 0.01% p.a. 3.50% p.a. 3.50% p.a.
4 Months 0.01% p.a. 3.50% p.a. 3.50% p.a.
5 Months 0.01% p.a. 3.50% p.a. 3.50% p.a.
6 Months 0.01% p.a. 4.60% p.a. 4.60% p.a.
7 Months 0.01% p.a. 3.80% p.a. 3.80% p.a.
8 Months 0.01% p.a. 3.80% p.a. 3.80% p.a.
9 Months 0.01% p.a. 4.00% p.a. 4.00% p.a.
10 Months 0.01% p.a. 4.00% p.a. 4.00% p.a.
11 Months 0.01% p.a. 4.00% p.a. 4.00% p.a.
12 Months 0.01% p.a. 4.50% p.a. 4.50% p.a.
13 Months 0.01% p.a. 3.00% p.a. 3.00% p.a.
14-23 Months 0.01% p.a. 3.00% p.a. 3.00% p.a.
24-35 Months 0.01% p.a. 4.00% p.a. 4.00% p.a.
36-47 Months 0.01% p.a. 4.00% p.a. 4.00% p.a.
48-59 Months 0.01% p.a. 4.00% p.a. 4.00% p.a.
60 Months 0.01% p.a. 4.00% p.a. 4.00% p.a.
Rates are effective as at 9am Tuesday 23/04/2024

Term Deposit Interest rates - monthly interest

Term Deposit - monthly interest $1,000.00 - $4,999.99 $5,000.00 - $49,999.99 $50,000.00+
6 Months 0.01% p.a. 4.50% p.a. 4.50% p.a.
7 Months 0.01% p.a. 3.70% p.a. 3.70% p.a.
8 Months 0.01% p.a. 3.70% p.a. 3.70% p.a.
9 Months 0.01% p.a. 3.90% p.a. 3.90% p.a.
10 Months 0.01% p.a. 3.90% p.a. 3.90% p.a.
11 Months 0.01% p.a. 3.90% p.a. 3.90% p.a.
12 Months 0.01% p.a. 4.40% p.a. 4.40% p.a.
13 Months 0.01% p.a. 2.90% p.a. 2.90% p.a.
14-23 Months 0.01% p.a. 2.90% p.a. 2.90% p.a.
24-35 Months 0.01% p.a. 3.90% p.a. 3.90% p.a.
36-47 Months 0.01% p.a. 3.90% p.a. 3.90% p.a.
48-59 Months 0.01% p.a. 3.90% p.a. 3.90% p.a.
60 Months 0.01% p.a. 3.90% p.a. 3.90% p.a.

Fees

Monthly account-keeping fee $0
Bank transfer fee $8.00

Reduced interest rate applies if term deposit is broken or closed before the maturity date

The above are a selection of our fees only. Additional Fees and Charges may apply. For further information please view the Term Deposit and Term Deposit Monthly Income Product Schedules.

PDF
Current Product Schedule - Term Deposit 166kB

PDF
Current Product Schedule - Term Deposit (Monthly Income) 185kB

Who can open a Term Deposit?

Our Term Deposits can be opened by any individual or business in Australia, with a valid Australian residential address.

Compare all savings accounts Compare all savings accounts

 

How do I open a Term Deposit?

Join Greater Bank

Become a Greater Bank customer in minutes by completing our online form and validating your identity.

Get started

Access online banking

We’ll send you an email and SMS with temporary access details to online banking. Simply log in and complete your account opening within the app or online banking.

You're all set

That’s it. Your account is ready to use! Don’t forget to download our app so you can manage your money anywhere, anytime.

Log in

Log into our app or online banking.

Log in

Confirm your details

Double-check all your details are correct.

Open your account

That’s it. Your account is ready to use! Too easy.

What you'll need to open a Term Deposit

To open a Greater Bank Term Deposit, you must be an Australian citizen or permanent resident over the age of 18, and have an Australian address;
In order to verify your identity, you'll need any two of; your current Australian driver's licence, Medicare, or passport details;
Your Tax File Number (TFN) is optional, but if you don't provide it we may have to collect Withholding Tax on the interest you earn. You can always add your TFN later by calling our Contact Centre at 13 13 86.

What is a Term Deposit?

A term deposit is a type of savings account, where you lock away an amount of money for an agreed length of time (a 'term').

This means that unless your term is up, the only way to access your funds is by breaking your term deposit, which can result in your interest rate being reduced or you having to pay a fee. During your term, you're guaranteed a set interest rate for the length of the term you chose.

This way, you can be sure of what return you'll get on your investment.

Peace of mind

Deposits up to $250,000 per account holder per authorised deposit-taking institution (ADI)~ are guaranteed under the Australian Government’s Financial Claims Scheme.

Getting started is easy

A Greater Bank term deposit can be opened with as little as $1,000 and can be opened as a single or joint account.

 

 

Tools and support

$1000 - $4999.99:

We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table. For terms up to 13 months we pay interest on the Maturity Date. For terms over 13 months we pay interest six monthly and on the Maturity Date. For terms over 6 months to 5 years we can pay interest monthly. We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table.

Note: A reduced interest rate applies if you break your investment prior to the maturity date.

Please refer to our Product Schedules for more information. These rates are current from the effective date and are subject to change by Greater Bank without further notice. Conditions apply. Please refer to our Terms and Conditions for more information.

 

$5000 +

Calculated by applying the daily percentage rate to your account balance for the applicable period in the above table. For terms up to 13 months interest is paid on the maturity date. For terms over 13 months interest is paid six monthly and on the maturity date. For terms over 6 months to 5 years we can pay interest monthly. We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table.

Note: A reduced interest rate applies if you break your investment prior to the maturity date. Please refer to our Product Schedules for more information. These rates are current from the effective date and are subject to change by Greater Bank without further notice. Conditions apply. Please refer to our Terms and Conditions for more information.

There is no maximum amount for our deposit accounts.

Deposits up to $250,000 per account holder per authorised deposit-taking institution (ADI) are guaranteed under the Australian Government’s Financial Claims Scheme.

Greater Bank and Newcastle Permanent are both parts of Newcastle Greater Mutual Group Ltd, a single ADI. Therefore, a single $250,000 limit will apply to the aggregate balance of any eligible accounts held with Greater Bank and Newcastle Permanent.

We will write to you about two or three weeks before your term deposit matures to let you know the maturity date is approaching and outline your options.

You may be able to add or remove funds, change the length of your term, change the way interest is paid or close your term in the 10 days after your term matures.

After this date, any funds in your term deposit will be reinvested.

A term deposit is a type of savings account, where you lock away an amount of money for an agreed length of time (a 'term').

This means that unless your term is up, the only way to access your funds is by paying a penalty fee. During your tem, you're guaranteed a set interest rate for the length of the term you chose.

This way, you can be sure of what return you'll get on your investment.

Maturity refers to the end of your term. At maturity, you can decide whether you wish to withdraw either some or all of your funds. Alternatively, you can ‘reinvest’ for a new term.

In order to access your funds before maturity, you can either visit your nearest Greater branch, or give us a call on 13 13 86. Please note: Accessing your funds before maturity will result in a reduced interest rate that is further outlined in our Terms and Conditions.

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Got a question?

Maybe you’re not alone. Our FAQs answer some of the more common banking questions we get asked.

Frequently asked questions

Drop into a branch

Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.

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Get in touch

Call us Monday to Friday 8:00am – 6:00pm and Saturdays 8:00am – 1:00pm AEST.

Call 13 13 86

~ Greater Bank and Newcastle Permanent are both parts of Newcastle Greater Mutual Group Ltd, a single ADI. Therefore, a single $250,000 limit will apply to the aggregate balance of any eligible accounts held with Greater Bank and Newcastle Permanent.

^ Other fees and charges may apply. Refer to the relevant Product Schedule for further information.

From $1,000 - $4,999.99

*We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table. For terms up to 13 months we pay interest on the Maturity Date. For terms over 13 months we pay interest six-monthly and on the Maturity Date. # We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table. We pay interest monthly and on the Maturity Date. Note: A reduced interest rate applies if you break your investment prior to the maturity date.

Please refer to our Product Schedules for more information. These rates are current as at the Effective Date.

$5,000 and over

*Calculated by applying the daily percentage rate to your account balance for the applicable period in the above table. For terms up to 13 months interest is paid on the maturity date. For terms over 13 months interest is paid six-monthly and on the maturity date. # Calculated by applying the daily percentage rate to your account balance for the applicable period in the above table. Interest is paid monthly and on the maturity date. Note: A reduced interest rate applies if you break your investment prior to the maturity date. 

Please refer to our Product Schedules for more information. These rates are current as at the Effective Date.

# Renewal notices for a Term Deposit account opened via Online Banking or our App will be delivered to your secure mail inbox within Online Banking and our App. A notification of the secure email will also be forwarded to your personal email address.

Any advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the product is suitable for you and your personal circumstances.

Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 Australian Financial Services Licence/Australian credit licence 238273