Term Deposits and Regular Income Accounts

With our Fixed Term Investment and Regular income Accounts the interest rate is fixed for the period of investment and interest is paid on maturity and/or annually. We offer terms from 3 to 12 months.

✓ Fixed return on your investments
✓ Flexible terms
✓ No upfront fees

Product Features:

Term Deposit Features
Minimum Term : 3 months
Maximum Term : 12 months
Annual Fee : $0
Monthly Fee : $0
Availability of Funds : Principal withdrawable at maturity
Minimum Amount : $500
Interest Calculation : Calculated daily and paid at maturity

Product Features:

Term Deposit Features
Minimum Term : 3 months
Maximum Term : 12 months
Annual Fee : $0
Monthly Fee : $0
Availability of Funds : Principal withdrawable at maturity
Minimum Amount : $5,000
Interest Calculation : Calculated daily and paid monthly to a separate account

Fixed Term Deposit Investment Accounts

Balance Interest Rate (p.a.) - 3 months  Interest Rate (p.a.) - 4 months  Interest Rate (p.a.) - 5 months  Interest Rate (p.a.) - 6 months  Interest Rate (p.a.) - 12 months
$500 – $4,9990.90 0.25% p.a. 0.25% p.a. 0.25% p.a. 0.10% p.a. 0.25% p.a.
$5,000 – $24,999 0.30% p.a. 0.30% p.a. 0.30% p.a. 0.45% p.a. 0.95% p.a.
$25,000 – $49,999 0.35% p.a. 0.35% p.a. 0.35% p.a. 0.50% p.a. 1.00% p.a.
$50,000 or more 0.35% p.a. 0.35% p.a. 0.35% p.a. 0.50% p.a. 1.00% p.a.

Interest rates are fixed for the full term can be automatically reinvested with interest paid on maturity. Interest is calculated daily. Minimum balance of $500.

 

Regular Income Investment Accounts

Balance Interest Rate (p.a.) - 3 months Interest Rate (p.a.) - 6 months Interest Rate (p.a.) - 12 months
$5,000 – $24,999 0.25% p.a. 0.35% p.a. 0.85% p.a.
$25,000 – $49,999 0.30% p.a. 0.40% p.a. 0.90% p.a.
$50,000 or more 0.30% p.a. 0.40% p.a. 0.90% p.a.

Provides a regular monthly income. Minimum balance $5,000. Interest is calculated daily, fixed for the full term and paid automatically each month into a separate account.

  • Maturity instructions for both principal and interest must be provided upon opening the investment, these instructions may be altered during the term by providing Geelong Bank with written instructions or by calling into any of Geelong Bank's branches or offices and completing and signing a form.
  • A letter will be forwarded before the investment matures advising maturity date of your investment. A current Interest Rate brochure will be attached for your information.
  • You must be a registered internet banking user to view account.
  • Deposits/Transfers: No deposits or transfers during the term of the investment allowed.
  • Withdrawals: Withdrawals: Withdrawals are not permitted during the term. However, in case of hardship if you withdraw part or all of your investment during the term, an early release request needs to be completed and signed or a letter explaining the reason for the release of the funds forwarded to Geelong Bank for approval. An answer will be provided within 24 hours of receipt of request. If an early release of funds request is approved and the funds have been invested for more than 75% of the term of the investment there will be no interest penalty. If an early release of funds request is approved and the funds have been invested for less than 75% of the term of the investment a penalty interest rate will apply.

FAQs

Read our most frequently asked questions below or view all our FAQs.

Geelong Bank is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Part of the membership process is to open an account.

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 the Australian Prudential Regulation Authority (APRA).

In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

 

Documents & Forms

TARGET MARKET DETERMINATION

Fixed Term Deposit Investment Accounts

TARGET MARKET DETERMINATION

Regular Income Investment Accounts

APPLY ONLINE

Open a Savings or Transaction Account.

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