Hi Saver Account
Maintain a balance of $5,000 or more in your Hi Saver Account, and earn bonus interest for the first 4 months on top of the variable standard rate. Apply here.
A P&N Bank term deposit account offers you a guaranteed rate of return and a high level of security so you have more control over your investment.
- Be in control - with a range of terms at competitive interest rates.
- Feel confident - with the security of a fixed interest rate for a fixed term.
- Flexible interest payment options - choose from interest paid at maturity (Money Maker), OR paid monthly, quarterly or annually (Regular Income).
- Term Deposit Calculator - to help you work out your investment returns.
Money Maker
| Term | $5,000 - $1,000,000 | Interest Paid |
|---|---|---|
| 2 months | 0.35% p.a. | At maturity |
| 3 months | 0.80% p.a. | At maturity |
| 4 months | 0.80% p.a. | At maturity |
| 5 months | 0.80% p.a. | At maturity |
| 6 months | 1.00% p.a. | At maturity |
| 7 months | 0.60% p.a. | At maturity |
| 8 months | 0.60% p.a. | At maturity |
| 9 months | 0.60% p.a. | At maturity |
| 10 months | 0.60% p.a. | At maturity |
| 11 months | 0.60% p.a. | At maturity |
A Money Maker Term Deposit is a safe, secure term deposit of 2 - 11 months for amounts of $5,000 and above that pays interest at maturity.
Regular Income
| Term | $5,000 - $1,000,000 | Interest Paid |
|---|---|---|
| 12-35 months | 1.10% p.a. | Monthly |
| 12-35 months | 1.10% p.a. | Quarterly |
| 12-35 months | 1.10% p.a. | Annually |
| 36-60 months | 1.75% p.a. | Monthly |
| 36-60 months | 1.75% p.a. | Quarterly |
| 36-60 months | 1.75% p.a. | Annually |
With a Regular Income Term Deposit enjoy a regular return on deposits of $5,000 and above with interest paid monthly, quarterly or annually. Investments can be made for between 12 to 60 months.
Not sure how long to invest for? Find out more about the benefits of our popular 3 month and 6 month fixed term deposits and the security of a longer term deposit.
Frequently asked questions
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How much money do I need to open a term deposit?
The minimum deposit to open a term deposit account with P&N Bank is $5,000, and the shortest term available is two months.
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What's the difference between a term deposit and a savings account?
With savings accounts, you can add to and withdraw from them as you please. There can be some restrictions around the interest payable if you make withdrawals, however, you can access the money in the account whenever it suits you. Interest rates on these accounts are generally variable and subject to change at any time.
With term deposits, an amount of your choice (usually a minimum amount of $5,000) is locked away for a set period of time at a fixed interest rate. These rates can often be higher than a standard savings account, however, the money cannot be accessed until the fixed term is over (when the term deposit matures). If you choose to break the term to access the funds early, the interest payments will often be forfeited.
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How do I set up a term deposit account?
You can open a term deposit online if you're an existing member, over the phone, or in person, provided you have the minimum required amount of $5,000 in an existing account.
Please see how to apply for more information.
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How can I manage my term deposit account after I create it?
You can manage your term deposit and see what your balance is through Internet Banking.
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Can I get a term deposit with a variable interest rate?
No, term deposits always have a fixed rate as this is used to guarantee the return to the account holder (you). A variable interest rate will fluctuate with the market, making it impossible to say with certainty how much your investment would generate.
However, if you request an early withdrawal of your term deposit before it reaches maturity (but after 30 days) then your interest will be paid based on the prevailing RBA cash rate at the time.
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How much money will I get back from my term deposit?
With term deposits, your return on investment depends on how much money you commit, your investment term, and whether you want interest paid monthly, quarterly, annually or at your specified maturity date.
Use our term deposit calculator to see how much your money can grow over time.
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Are term deposits a safe investment?
Like savings accounts, term deposits are a low-risk investment protected by the Australian Government Guarantee. This means that if the unexpected should occur and the bank goes under, your money would be paid back to you by the government.
See all frequently asked questions