Bank of us provides its Tasmanian members seeking to grow their money beyond the usual savings account with term deposit products.

Dubbed Term Investments, Bank of us' term deposits are available on fixed terms ranging from 1 month to 3 years. The rates are reasonably competitive, especially on popular terms like 3 and 6 months.

Interest income is paid annually, semi-annually, or at maturity, depending on the terms and the agreed schedule.

Key Features of Bank of us Term Deposits

These are correct at the time of writing and are subject to change.

When the term deposit matures, depositors may opt to withdraw both the principal and interest earnings or re-invest at the prevailing interest rate.

Fees and Other Charges

While Bank of us doesn't charge early withdrawal fees, redeeming a term deposit before maturity may be permitted but the interest payable will be subject to an interest rate reduction.

Bank of us term deposit accounts are also subject to income tax. Up to $250,000 deposits per bank per account holder are protected by the Australian Government guarantee.

How to Open a Term Deposit with Bank of us

Existing Bank of us members may apply for a term deposit account by logging into their online banking accounts. Those who are not yet registered may fill in an online form or contact the bank to get set up.

Meanwhile, non-members may apply online or in-branch.

To be eligible, interested depositors must:

• Be over 16 years of age

• Be an Australian citizen and a Tasmanian resident

• Have a current Tasmanian driver's licence and Medicare card

A minimum of $5,000 is required to open a term deposit account with Bank of us.

Term depositors are highly advised to also provide their tax file number (TFN) to prevent overpayment of tax on interest earnings.