Hi Saver Account
Earn introductory interest for the first 4 months on top of the variable standard rate when you open a HiSaver account. Apply here.
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Earn a guaranteed rate of return on a fixed term deposit account with interest paid at maturity or with flexible interest payment options.
Range of terms
Up to 5 years
Monthly fee
$0
Payments options
Flexible
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. Watch your savings grow in a secure term deposit.
A Money Maker Term Deposit is for amounts of $5,000 or more, with a fixed term between 2 - 12 months, with interest paid at maturity.
Term | $5,000 - $1,000,000 | Interest Paid |
---|---|---|
2 months | 1.75% p.a. | At maturity |
3 months | 4.35% p.a. | At maturity |
4 months | 3.75% p.a. | At maturity |
5 months | 3.40% p.a. | At maturity |
6 months | 4.45% p.a. | At maturity |
7 months | 4.55% p.a. | At maturity |
8 months | 3.80% p.a. | At maturity |
9 months | 4.55% p.a. | At maturity |
10 months | 3.80% p.a. | At maturity |
11 months | 3.80% p.a. | At maturity |
12 months | 4.55% p.a. | At maturity |
With a Regular Income Term Deposit enjoy a regular return on deposits of $5,000 or more with interest paid monthly, quarterly or annually. You can choose a fixed term of between 12 to 60 months.
Term | $5,000 - $1,000,000 | Interest Paid |
---|---|---|
12-35 months | 4.55% p.a. | Monthly |
12-35 months | 4.55% p.a. | Quarterly |
12-35 months | 4.55% p.a. | Annually |
36-60 months | 4.20% p.a. | Monthly |
36-60 months | 4.20% p.a. | Quarterly |
36-60 months | 4.20% p.a. | Annually |
Term deposits ensure you receive a guaranteed return based on the amount you deposit and interest rate applicable for the term you have chosen. They can be an alternative to savings accounts, which are often more flexible in allowing access to your funds, but usually pay lower interest rates. Savings account rates are also variable and can change at any time, while term deposit rates are fixed for the term you choose.
Term deposits can accelerate interest earnings on your savings and are ideal for those with future financial goals, such as buying a car or first home, investing in property, or setting up a retirement nest egg.
There are a variety of term deposits you can choose from with different conditions and eligibility requirements. Speak with a P&N team member to find one which is suitable for you.
It’s easy to apply for a Term Deposit with P&N Bank.
Apply online
If you're 18 years of age and older with Internet Banking access you can log in and open a term deposit online. You can open a term deposit with a term of between 2 and 12 months, an & Retirement Term Deposit (if eligible), and a range of other savings accounts in minutes.
Over the phone
Call us on 13 25 77 and one of our friendly consultants can open a term deposit for you over the phone.
In person
Open your term deposit account for the term of your choosing and any amount over $5,000 at your nearest branch.
Apply online
If you are not an existing P&N Bank member you will need to open a membership with a transaction or savings account online first. Once funds are received to that account, you can set up your term deposit online by logging into Internet Banking. You will be able to open a term deposit with a term of between 2 and 12 months or an & Retirement Term Deposit (if eligible).
To open a new account you must become a P&N Bank member.
To apply for an account online you must:
You don’t have to quote your Tax File Number or claim an exemption, however, if you don’t, you could have withholding tax deducted from any interest credited. You can supply your Tax File Number at any time by visiting a branch or contacting us.
In person
Open a term deposit at your nearest branch.
If you’re joining P&N Bank as a brand new member, you will need your Australian driver's licence or a valid passport. You can also use one form of primary ID without your photo (eg. your birth certificate or citizenship papers) with one form of secondary ID (eg. your most recent power bill). Original and certified copies of documents are accepted.
The minimum deposit to open a term deposit account with P&N Bank is $5,000, and the shortest term available is two months.
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, 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 – at maturity. If you choose to break the term to access the funds early, the interest payments will often be forfeited or reduced.
You can manage your term deposit and see what your balance is through Internet Banking.
You also can manage your term deposit instructions through Internet Banking at renewal.
With term deposits, your return on investment depends on how much money you deposit, 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.
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, deposits of up to $250,000 in total are covered under the Financial Claims Scheme.
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 authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).
The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by APRA.
See all frequently asked questions
Thanks for choosing to open an account with P&N Bank.
You can create your membership by opening a savings account online. Once funds are received in your P&N Bank account you can then open a 3 month, 6 month or & Retirement Term Deposit via Internet Banking. Alternatively call us on 13 25 77 or visit a branch.
OpenLog in to Internet Banking to open a new 3 month, 6 month or & Retirement Term Deposit account today.
Log InDisclaimer
We calculate interest daily by multiplying the balance of your deposit by the fixed interest rate. Interest is paid at maturity for terms under 12 months only. For terms of 12 months or more interest can be paid monthly, quarterly, or annually. Interest can be added to the principal amount, or you can request for it to be credited to your nominated bank account.
Please note that interest rates for amounts of $1,000,000 and over are by negotiation. For more detailed information please refer to the Terms & Conditions and Term Deposit Interest Rate Schedule.
For amounts under $5,000 please refer to the SwiftSaver Account.
Banking and Credit products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701.
Any advice does not take into account your objectives, financial situation or needs. Read the relevant Product Terms and Condition, before acquiring this product in considering and deciding whether it is right for you. Target Market Determinations (TMDs) are available for products.
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