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.
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.
- 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.
- Peace of mind – deposits of up to $250,000 in total are protected by the Financial Claims Scheme. Find out more.
- 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 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 |
Regular Income Term Deposit
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 |
How does a term deposit work?
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.
How to apply for a term deposit
It’s easy to apply for a Term Deposit with P&N Bank.
For existing members:
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.
For new members:
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:
- be at minimum 18 years of age
- be an individual
- be an Australian resident with a current Australian residential address, and
- have two forms of identification, either an Australian Drivers Licence, Australian Passport or Medicare card.
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.
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, 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.
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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.
You also can manage your term deposit instructions through Internet Banking at renewal.
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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 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.
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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, deposits of up to $250,000 in total are covered under the Financial Claims Scheme.
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What is 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