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.
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Further to the Reserve Bank’s increase in the official cash rate on Tuesday 2 August 2022, P&N is making changes to interest rates across several deposit and lending products. View details
Earn a guaranteed higher 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.
Term | $5,000 - $1,000,000 | Interest Paid |
---|---|---|
2 months | 1.35% p.a. | At maturity |
3 months | 1.50% p.a. | At maturity |
4 months | 1.35% p.a. | At maturity |
5 months | 1.35% p.a. | At maturity |
6 months | 2.00% p.a. | At maturity |
7 months | 1.35% p.a. | At maturity |
8 months | 1.35% p.a. | At maturity |
9 months | 1.35% p.a. | At maturity |
10 months | 1.35% p.a. | At maturity |
11 months | 1.35% 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.
Term | $5,000 - $1,000,000 | Interest Paid |
---|---|---|
12-35 months | 2.75% p.a. | Monthly |
12-35 months | 2.75% p.a. | Quarterly |
12-35 months | 2.75% p.a. | Annually |
36-60 months | 3.00% p.a. | Monthly |
36-60 months | 3.00% p.a. | Quarterly |
36-60 months | 3.00% 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.
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 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.
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.
You can manage your term deposit and see what your balance is through Internet Banking.
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.
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.
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.
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
It’s easy to apply for a Term Deposit with P&N Bank.
Apply online
If you're 18 years of age with Internet Banking access you can Log in and go to Apply. You can open a 3 month, 6 month or & Retirement Term Deposit account 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 an account for you over the phone.
In person
Open your term deposit account for any amount or term at your nearest branch.
Apply online
If you are not an existing P&N Bank member you can open a savings account online first, and once funds are received to that account open a 3 month, 6 month or & Retirement Term Deposit via Internet Banking.
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 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.
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
Money Maker Term Deposit, Interest on maturity, rate fixed for term of deposit. Interest credited to savings, paid by cheque or reinvestment.
Regular Income Term Deposit, Interest credited to savings or paid by cheque. Rate fixed for term of deposit.
For amounts under $5,000 please refer to the SwiftSaver Account.
View the Term Deposit Account Terms & Conditions
View the Term Deposit Interest Rate Schedule
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