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Term Deposits

A great way to help you reach your savings goals.

Term Deposits
Banking

Get an even better rate for your savings

2.75% p.a.

12 month term

Personal customers with interest paid at maturity^
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3.00% p.a.

24 month term

Personal customers with interest paid annually^

Our Term Deposit rates

For individual and joint applications.
 

Personal rates (Interest paid on maturity or annually)

Term Fixed rate
31 day term 0.40% p.a.
3 month term 1.25% p.a.
6 month term 1.95% p.a.
9 month term 2.20% p.a.
12 month term 2.75% p.a.
24 month term 3.00% p.a.
36 month term 3.35% p.a.
48 month term 3.65% p.a.
60 month term 3.75% p.a.

 

Personal rates (Interest paid monthly)

Term Fixed rate
12 month term 2.70% p.a.
24 month term 2.95% p.a.
36 month term 3.30% p.a.
48 month term 3.60% p.a.
60 month term 3.70% p.a.

^No set up fees. Minimum deposit amount of $5,000. Interest is calculated daily, and depending on the term, paid either on maturity, annually or monthly. To view our rates, see our Interest Rates Schedule. For rates on deposits of $1,000,000+ call 1300 221 479.

Ready to apply?

To invest $500,000+ download and complete our Term Deposit application form or call us on 1300 221 479 to discuss your options.

For applications from businesses, trusts, superannuation funds and SMSFs.
 

Non-personal rates (Interest paid at maturity)

 

Term Fixed rate
31 day term 0.40% p.a.
3 month term 1.25% p.a.
6 month term 1.95% p.a.
9 month term 2.20% p.a.
12 month term 2.75% p.a.
24 month term 3.00% p.a.
36 month term 3.35% p.a.
48 month term 3.65% p.a.
60 month term 3.75% p.a.

 

Non-personal rates (Interest paid monthly)

Term Fixed rate
12 month term 2.70% p.a.
24 month term 2.95% p.a.
36 month term 3.30% p.a.
48 month term 3.60% p.a.
60 month term 3.70% p.a.

No set up fees. Minimum deposit amount of $5,000. Interest is calculated daily, and depending on the term, paid either on maturity, annually or monthly. To view our rates, see our Interest Rates Schedule. For rates on deposits of $1,000,000+ call 1300 221 479.
 

Ready to apply?

Download and complete our Term Deposit (non-personal) application form or call us on 1300 221 479 for assistance.

Flexible benefits and features

No account keeping or establishment fees
Lock in a rate for the investment term
Terms ranging from 31 days - 60 months
Interest paid monthly (for 12 - 60 month terms)
Protected by Government guarantee*

Lock in a great rate today

Open online in less than 5 minutes.
Or call us on 1300 221 479 to discuss your options.

Frequently asked questions

Online applications take less than 5 minutes. Provided we’ve been able to verify your identify online, account details will be emailed to you within 15 minutes.

A Term Deposit can be funded by transferring the investment amount into your Term Deposit account BSB and account number or via BPAY. 

The BPAY biller code is 274795 and the customer reference number will be your Term Deposit account number. 

Once you deposit funds into your Term Deposit equivalent to the amount applied for, your Term Deposit becomes fully funded. 
You have seven calendar days from when your Term Deposit is opened to fully fund the Term Deposit.

The start date of your Term Deposit will be the date when we first receive funds into the account.

You’ll earn interest on your Term Deposit account based on your daily closing balance (excluding the maturity date or date of early withdrawal).

The interest earned each day is equal to the daily closing balance multiplied by the annual percentage rate applied to your Term Deposit when we opened it, divided by the number of days in the year (365 days, or 366 days if the Term Deposit is held during a leap year).

Where your Term Deposit starts in a non-leap year and matures in a leap year (or vice-versa), the daily interest earned is calculated based on 365 days for the portion of the Term Deposit held within the non-leap year, and 366 days for the portion of the Term Deposit held within the leap year.
 

To open an account, you need to:

  • be 14 years or older
  • have an Australian mobile number and a valid email address
  • have an Australian residential address, and
  • be solely an Australian resident for taxation purposes.

You can also apply for an account with us if you’re a non-personal entity, such as a company, trust, or an association.

Interest is calculated daily and paid:

  • at maturity (for terms up to 12 months)
  • monthly or at maturity (for 12 month terms), or
  • monthly or yearly (for 24, 36, 48 and 60 month terms).

General information

Ready to take the next step?

We're here to discuss your options, or apply online now using our online application.

 

*All depositors are protected by the Government guarantee. For further details, please refer www.fcs.gov.au.

This information is intended to be general only and has been prepared without taking into account your objectives, financial situation or needs. Because of that, you should consider its appropriateness, having regard to your objectives, financial situation and needs before acting on any such information. You should obtain and consider the relevant Target Market Determination (TMD), General Terms, Product Disclosure Statement (PDS), Fees and Charges Schedule and Interest Rate Schedule before making a decision about whether to acquire or continue to hold the relevant product.

Issued by Challenger Bank Limited (ABN 54 087 651 750, AFSL/Australian Credit Licence 245606) which is an authorised deposit-taking institution (ADI) regulated by the Australian Prudential Regulation Authority. Challenger Bank Limited is a part of the group of companies constituted by Challenger Limited and its subsidiaries (Challenger Group). No other entity in the Challenger group apart from Challenger Bank Limited is an ADI, and that entity's obligations does not represent deposits or other liabilities of Challenger Bank Limited. Challenger Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.