BSB 806 015

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Following the Reserve Bank of Australia's announcement on Tuesday 3 May, we have released information on interest rate changes. View details

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BSB 806 015

Term deposits

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.

  • 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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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 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.

 

For new members:

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:

  • be 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 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.

Apply

Disclaimer

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.

All term deposits: Interest will only be paid on funds invested for a minimum of 30 days. In the event of early termination of the term deposit, subject to the funds having been invested for the minimum period, interest will be calculated at the interest rate most recently published by the Reserve Bank of Australia on its website as being the “Cash Rate Target” at the time the investment is redeemed. If any interest has been paid prior to early redemption of a term deposit, any shortfall arising from the recalculation of interest in accordance with the previous paragraph will be deducted from the principal amount.
 ​​​

View the Term Deposit Account Terms & Conditions

View the Term Deposit Interest Rate Schedule


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