Savers seeking to grow their money in fixed rate deposits can choose from Auswide Bank's term deposit products with terms ranging from 1 to 60 months.
Auswide Bank term deposit rates are reasonably competitive, especially on popular terms like 6 and 9 months. However, some of its products offer lower returns compared to market-leading providers.
Interest income is paid monthly, annually, or at maturity, depending on the terms and the customer's agreed schedule. Depositors may choose how they receive their earnings - by crediting them to their deposit account upon maturity, paying them to their Auswide bank account, or transferring them to their external bank account.
Key Features of Auswide Bank Term Deposits
|
Minimum deposit |
$5,000 |
|
Maximum deposit |
$500,000 |
|
Term lengths |
1 month - 60 months |
|
Interest paid |
Monthly, Annually, End of term |
|
Early withdrawal |
✅31 days' notice required |
These are correct at the time of writing and are subject to change.
When the term deposit matures, it will automatically be renewed for a similar term at the prevailing interest rate unless prior instructions - in writing or on the appropriate form - are provided two days before the end of the term.
Otherwise, customers may withdraw, transfer, or modify their term deposit during the grace period without incurring any fee.
Fees and Other Charges
While Auswide Bank doesn't impose early withdrawal fees, redeeming a term deposit before maturity may be permitted but will be subject to an interest rate reduction.
The rate adjustment depends on the percentage of the term completed.
| Percentage of term completed | Interest rate reduction |
|---|---|
| Up to 5% | 95% |
| Up to 25% | 80% |
| Up to 50% | 60% |
| Up to 75% | 40% |
| Up to (but not including) 100% | 20% |
These are correct at the time of writing and are subject to change.
Depositors terminating their accounts are required to provide the bank with at least 31 days' advance notice to withdraw their funds. Customers withdrawing early due to hardship may contact the bank first.
Auswide doesn't charge any account service or transaction fees. However, electronic payment and dishonour fees, among others, may apply.
Term deposit accounts are also subject to withholding tax. Up to $250,000 deposits are protected by the Australian Government guarantee.
How to Open a Term Deposit with Auswide Bank
Interested customers may apply for a term deposit account by filling out the form available on Auswide Bank's website.
Applicants must be Australian citizens or permanent residents to be eligible.
Documents required:
-
Australian passport, or
-
Driver's licence
The bank is expected to reach out in 1-3 business days with an update on your application. Once approved, you can start saving by logging into the bank's web portal or mobile app.
A minimum deposit of $5,000 is required to open and retain a term deposit account with Auswide Bank.
While not a requirement, term depositors are highly advised to provide their tax file number (TFN) to prevent overpayment of tax on interest earnings.
