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Commonwealth Bank Term Deposit

Commonwealth Bank offers term deposits for amounts upto $500,000 with competitive interest rates plus special rates if applying online. It is a low risk investment that provides a guaranteed return at the end of the nominated term and without changing the interest rate for the whole nominated period. It is an ideal investment for meeting future financial needs such as retirement, regular source of income or for a dreamt house etc. It is suitable when investors don't need to access money instantly. Rates vary however depends on the term of the deposit, and individuals can select the term from one month to five years reflecting their needs and conveniences. To avail special term deposit rates, individuals may apply through online, or else, one can alternatively visit any branch office and select from the range of standard term deposits.

Once application is over and became a member, one can easily and conveniently manage term deposit online with Commonwealth Bank NetBank. If already registered with NetBank, one can simply login and make request for receiving maturity email alerts regarding the maturity date of the term deposit account and several other information.

Commonwealth Bank Term Deposit Rates 2011

The interest rates for term deposit amounts of $10,000 to $500,000, and for NetBank $5,000 to $500,000 offered by the Commonwealth Bank of Australia for the year 2011 is given below:

Term Interest Rate Interest Paid
60 months 6.40% p.a. Annually
36-47 months 6.20% p.a. Annually
12 months 6.00% p.a. At the end of the term
7 months 5.80% p.a. At the end of the term
4 months 5.50% p.a. At the end of the term

Term Interest Rate Interest Payment Option
12 months 5.90% p.a. Compounded 6 monthly
7 months 5.80% p.a. Compounded 6 monthly
4 months 5.50% p.a. Compounded 6 monthly

There are no set up or establishment fees as such for Term Deposits. However, if individual seeks prepayment before the maturity date, one may incur interest adjustment and for that, one may be charged with an administration fee of $30.

Commonwealth Bank Term Deposit Early Withdrawal

Withdrawals of Term Deposits prior to maturity date for deposit that has a nominated term of 2 years or less is done at the discretion of the bank. But for deposit that has a nominated term of 2 years or more, one can withdraw part or all of the Term Deposits before the maturity date. However, in both the cases, a prepayment adjustment and prepayment administration fee will apply.

To open a Term Deposit at Commonwealth Bank, one needs a minimum deposit of $5,000, should be 18 years and above, Commonwealth Bank deposit account number and debit/credit account number (existing customers), or if not existing account holders, one existing personal bank account and Tax File Number or TFN exemption.

For more information about Commonwealth Bank Term Deposits, and to use the calculator tool or to obtain all other related info, please log on to the official website of the bank.



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