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.

A Fixed Term Investment requires a minimum balance of $500 with interest paid at maturity.

A Regular income Account requires a minimum balance of $5000 with interest paid monthly.


 

Product Features:

Term Deposit Features
Minimum Rate : 1.00% pa
Maximum Rate : 2.70% pa
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 Rate : 2.10% pa
Maximum Rate : 2.40% pa
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
  • Interest is fixed for the term of the deposit.
  • Interest rates may decrease during the period of the term deposit which may be an advantage as the interest rate is fixed for the term of the investment.
  • You can view accounts though our Direct Access 24hr phone banking service and the internet banking service 7 days a week 24 hours a day.
  • The capacity to have both savings and investments managed by Geelong Bank.
  • 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: In case of hardship if you withdraw part or all of your investment during the 5 working day period after the investment matures, the interest rate applicable between the maturity date and the date of withdrawal will be paid at the penalty interest rate. 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 at least 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.

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