Why choose a P&N Bank term deposit?
Competitive
Lock in a great term deposit rate, and know exactly how much interest you’ll earn.
On your terms
Pick a term that suits you – from two months to five years.
No monthly fees
With no fees, every dollar in your term deposit will help your savings grow.
Peace of mind
Total deposits up to $250k are protected by the Financial Claims Scheme.
Choose the right term deposit for you
Money Maker Term Deposit
Interest paid at maturity for terms between 2 and 12 months.
- Minimum amount of $5,000
- Maximum amount of $1 million
- Interest paid at maturity
- Interest paid monthly, quarterly, or annually
Regular Income Term Deposit
Interest paid monthly, quarterly or annually on terms between 12 and 60 months.
- Minimum amount of $5,000
- Maximum amount of $1 million
- Interest paid at maturity
- Interest paid monthly, quarterly, or annually
Looking for a better rate or more flexibility? Take a look at our savings accounts.
Our term deposits are award-winning
We’re proud to announce that P&N Bank has been recognised in the 2024 Money Magazine Best of the Best Awards. And we've been awarded the 'Best Value Long Term Deposit 2024'.
Check out our trophy case
Interest rates
With our fixed term deposits, you can get your interest paid at maturity with our Money Maker, or you can receive it monthly, quarterly, or annually instead with our Regular Income term deposit. The choice is yours!
Money Maker Term Deposit
You can choose a fixed term between 2 and 12 months and then when your term is up, your interest is either added to your term deposit paid to your savings. Ka-ching!
| Term | Interest paid | Interest rate |
|---|---|---|
| 2 months |
At maturity
|
1.60% p.a. |
| 3 months | At maturity | 4.00% p.a. |
| 4 months | At maturity | 4.30% p.a. |
| 5 months | At maturity | 4.00% p.a. |
| 6 months | At maturity | 3.90% p.a. |
| 7 months | At maturity | 3.70% p.a. |
| 8 months | At maturity | 3.70% p.a. |
| 9 months | At maturity | 3.80% p.a. |
| 10 months | At maturity | 3.45% p.a. |
| 11 months | At maturity | 4.15% p.a. |
| 12 months | At maturity | 3.70% p.a. |
Regular Income Term Deposit
You have the option of a regular income over a fixed term of 12 to 60 months. Opt for monthly, quarterly or annual interest that you can either leave in your term deposit to compound (so you’re earning interest on your interest), or withdraw.
| Term |
Interest paid
|
Interest rate |
|---|---|---|
| 12 - 35 months | Monthly | 3.40% p.a. |
| 12 - 35 months | Quarterly | 3.40% p.a. |
| 12 - 35 months | Annually | 3.40% p.a. |
| 36 - 60 months | Monthly | 3.35% p.a. |
| 36 - 60 months | Quarterly | 3.35% p.a. |
| 36 - 60 months | Annually | 3.35% p.a. |
3 month & Retirement Term Deposit
Enjoy a fixed interest rate that’s better than our standard 3-month term deposit rate. Available only to people 55 years of age or older.
| Term | Interest rate | Interest credited |
|---|---|---|
| 3 months | 4.10% p.a. |
At maturity
|
Don't forget – if you'd like your interest paid to another account, just let us know before your term deposit rolls over!
How much interest could you earn?
See how your pot of gold could grow with the help of our simple-to-use calculator. No rainbow required!
Savings and term deposit calculator
More calculators
How to open a term deposit
To open an account online, you'll need to be:
New customer
Before you can open a term deposit, you’ll need to open a transaction or savings account to receive your funds – but it’s quick, easy, and you can do it online.
Existing customer
It’s quick and easy to open a term deposit anytime using internet banking or the mobile app. If you’d like to open a Regular Income term deposit, please get in touch with us.
Am I eligible to open an account?
To open an account online, you’ll need to:
- be at least 18 years old
- live in Australia with a current residential address
- be applying as an individual (not a business or association)
What do I need to open an account online?
All you need is a Western Australian driver’s licence or valid passport to verify your identity.
We also recommend having your tax file number (TFN) ready. If you earn more interest than the limit set by the ATO and you haven’t provided us with your TFN, withholding tax may be deducted from the interest you earn.
And don't forget – you'll need to have the funds ready in an existing account before opening your term deposit. Once your money is available, you can log in and lock it away with just a few clicks.
Already bank with us?
You can open a term deposit through internet banking or the mobile app – no additional ID required.
Prefer to visit a branch?
Drop into one of our branches to open your term deposit in person. If you don’t already bank with us, you’ll need your Australian driver’s licence or passport.
If you’re under 18, not an Australian resident, or don’t have photo ID, we also accept alternative forms of identification.
Got a question about term deposits?
At the time of opening your term deposit account, you set instructions for what you want us to do with your deposit and interest when it matures.
When your term deposit is due to mature you can explore your options to:
- add some funds to your term deposit,
- transfer funds to another nominated account,
- renew your term deposit for a new term,
- change your interest payment instructions, or
- a combination of these options.
You can also choose to leave your money - and the interest you've earned - in the same term deposit (it’s what we call a rollover).
Your instructions can be provided any time up to your term deposit maturity date, or within the seven-day grace period following the account maturity.
View the Term Deposit Account Terms & Conditions for more information about rollovers.
Savings accounts offer you the freedom to add to your savings when it suits you and access your money when you need it.
Interest rates on savings accounts are variable and can change at any time and some accounts will pay bonus interest too.
On the flip side, a term deposit offers you a fixed rate of interest for a set period of time (the term) - a sure-fire way to watch your savings grow! You usually can't add further money to the account during the term and by locking your money away you'll know exactly how much you'll have at the end of your term.
P&N Bank, a division of Police & Nurses Limited is an authorised deposit-taking institution (ADI) and regulated to the same high standards as the major banks by such government agencies as APRA, ASIC, AUSTRAC and the ACCC.
The Financial Claims Scheme (FCS) is an Australian government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails.
Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other ADI that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).
Find out when the FCS would come into effect
More information on the Financial Claims Scheme is available on the FCS website.
If you already have a transaction or savings account with us you can log in to internet banking or the mobile app and open up a Money Maker Term Deposit account online in a matter of minutes.
To open a Regular Income Term Deposit, you can contact us via secure mail, call 13 25 77 or visit your nearest branch.
New customer?
If you’re new to P&N, you can easily open a transaction or savings account online to receive your funds, which is quick and easy. Once your funds have landed in your account, you can open a term deposit using internet banking or the mobile app.
We're here to help
Get answers online
Got a question? Our help centre is the ideal place to start.
Important information
Banking and Credit products issued by Police & Nurses Limited (P&N Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms & conditions, fees & charges apply.
Please consider the terms and conditions and whether a product is right for you.
We calculate interest daily by multiplying the balance of your deposit by the fixed interest rate. Interest can be added to the principal amount, or you can request for it to be credited to your nominated bank account.
For amounts under $5,000 please refer to the Hi Saver Account, Savvy Saver Account or Smart Saver Account.