Fixed Term Deposits
At Broken Hill Bank we offer fixed-term deposit, where your savings find a secure home. Whether you're a seasoned saver or just starting to build your financial nest, our range of term deposit choices spans from 2 months to 3 years. A fixed-term deposit with Broken Hill Bank empowers you to lock in your money for a term that suits your financial goals.
Apply for a fixed-term deposit now or learn more about Broken Hill Bank’s fixed-term deposits
What are fixed-term deposits for and do I need one?
Fixed term deposits are a reliable way to grow your savings with a fixed interest rate over a specific period. They are ideal if you want a secure investment with a guaranteed return. If you're looking for a low-risk option and appreciate knowing exactly how much you'll earn, a term deposit might be the right choice for you.
Key features & benefits:
Fixed terms from 2 months to 3 years
Earn interest on your savings
Secure short or long-term investment
Minimum balance of $5000
For deposits of $500,000 and over, rates are by negotiation and subject to acceptance.
How to apply for a fixed-term deposit
To open a fixed term deposit account, you first need to fill out Broken Hill Bank’s Join Us form or if you’re already an existing member you can open an account here.
Once a request is received we will contact you to confirm details and create your fixed term deposit.
Confirmation of fixed term deposit will be provided to you.
To review our fixed term deposit accounts and latest rates, refer to our interest rate schedule. For more information about fixed-term deposits, contact us today.
Whether you're saving for a specific future expense or simply want to watch your money grow steadily, our fixed term deposits provide a reliable solution. Start securing your financial future today by exploring the benefits of Broken Hill Bank's fixed-term deposits. Open an account now and experience the peace of mind that comes with a secure and rewarding savings strategy.
Before applying for a Broken Hill Bank Fixed Term Deposit you should read the conditions of use, summary of accounts and fees and charges schedule to consider whether the product is appropriate for you before making any decisions.
Fixed-term deposit: FAQs
Is a fixed-term deposit a good idea?
Yes, a fixed-term deposit is a good idea if you seek a secure and predictable way to grow your savings with a fixed interest rate over a specific period. The potential earnings can be more modest than other investments such as property and shares, but a fixed term deposit typically carries less risk of loss. In addition, as a Broken Hill Bank customer, your money in our deposit accounts (up to $250,000 per account holder) is protected by the Financial Claims Scheme so you can be sure that your money is protected. We also can arrange a free no obligation initial consultation with our Financial Planner if you are looking at alternate investment opportunities.
How long should my term deposit be?
The ideal length of your fixed term deposit depends on your financial goals and timeline. Choose a term that aligns with you, Broken Hill Bank offers a range of terms ranging from 2 months to 3 years to suit various needs. Ensure you select a term that means your funds become available when you need them.
What happens if I need to get my money out of a fixed term deposit?
While fixed term deposits are designed to be held until maturity, if you need to access your funds before the term expires, early withdrawal may be possible. However, it usually incurs penalties or a reduction in interest earned. Contact Broken Hill Bank to discuss your specific situation and explore the available options or more information is available in our fees and charges schedule and summary of accounts.