Is a term deposit right for me?

Term deposits can be a great option if you’re saving for something specific; with a fixed interest rate, you’ll know exactly how much you’ll have at the end of the term. Contrary to popular belief, term deposits at BankVic offer the same flexibility as many savings accounts.  

Here we bust some myths to help you understand whether a term deposit is right for you. 

In an emergency, accessing funds from a term deposit might not be possible. – FALSE

Term deposits at BankVic offer a secure method for saving, ensuring that your funds are set aside for a specific period. While your money is committed for the term, you do have the option to make a withdrawal in case of emergency (please note that withdrawing funds will result in a loss of interest earnings).

I’ll be charged a fee if I need to withdraw my funds before the term ends – FALSE 

You shouldn’t be punished when circumstances change unexpectedly so BankVic won’t charge early withdrawal fees if you need to access your money. 

Term deposits have high fees – FALSE 

We don’t charge account keeping or set up fees so you’ll pay $0 to build your savings in a BankVic term deposit.  

Opening a term deposit 

It’s easy to open a BankVic term deposit online via internet banking / Accounts / New term deposit. Simply choose the term deposit you want by selecting your preferred term and rate and then follow the on-screen instructions to open your account.  

Compare our term deposits  

We’re here to help 

If you have any questions call us on 13 63 73.

Information in this article is general in nature and does not take into account your objectives, financial situation or needs. You should consider the appropriateness of this information and refer to the relevant Terms and Conditions or Product Disclosure Statement before acquiring a product. 

Police Financial Services Limited ABN 33 087 651 661 - trading as BankVic | AFSL and Australian Credit License 240293.