Beyond Bank offers a range of term deposits with relatively competitive interest rates and durations ranging from three months to five years. 

What are the key features of Beyond Bank term deposits?

Minimum deposit

$2,000

Maximum deposit

$10,000,000

Term lengths

3 months to 5 years

Interest paid

Monthly, annually, at maturity

Early withdrawal

✅(31 days’ notice required; early withdrawal fee and interest reduction apply)

Depositors can choose the amount they like to invest, the term duration, and the frequency of interest payments that work for their circumstances, their need for liquidity, and financial goals.

At the end of the term, customers can either withdraw some or all of their funds or reinvest for a new term at the advertised rate on the date of maturity 

The Government Guarantee securely backs combined balances up to $250,000 per Beyond Bank account holder.   

Farm Management Deposit

In addition to standard term deposits, Beyond Bank offers a farm management deposit available exclusively for primary producers (farmers). 

It is designed to allow primary producers to defer pre-tax income from more profitable years to leaner years following the Farm Management Deposit (FMD) scheme. To do this, participants deposit money in an FMD account and deduct this amount from their taxable income in the year of deposit. When it comes time they take out their money, it will be taxed in that year. 

Essentially, this program helps even out the financial ups and downs of varying agricultural incomes. 

To qualify as an FMD account, the depositor’s non-primary production income must be less than $100,000 in the financial year the deposit is made. 

Minimum investment starts at $2,000 with durations ranging from three months to one year. Interest earned is paid at the end of the term. 

What are the fees charged to term depositors?

Redeeming a term deposit prior to maturity – whether in whole or in part – may trigger an early redemption administration fee of $25. The interest payable on the amount withdrawn will also be reduced based on the term elapsed from the time of the deposit until withdrawal.

Percentage of term elapsed

Interest rate reduction

0% to 19%

80%

20% to 39%

60%

40% to 59%

40%

60% to 79%

20%

80% to 99%

10%

Depositors are required to provide 31 days’ notice to withdraw their funds before maturity. 

Who can open a term deposit with Beyond Bank?

To open a term deposit with Beyond Bank, the customer must be at least 18 years old and an Australian citizen or a permanent resident. They are required to present the following documents:

  • Driver’s licence or an Australian passport

  • Birth certificate

  • Medicare Card or student photo ID (if full-time student)

New members can open an account online, by phone or, by visiting the nearest Beyond Bank branch. Existing members, on the other hand, can do it through Internet banking or the mobile app. 

It’s also recommended savers have their Tax File Number (TFN) ready so they are not charged tax on their interest payments at the highest marginal rate.