Alex.Bank, Australia’s newest Authorised Deposit-Taking Institution (ADI), has unveiled its new Term Deposit product, further bolstering its growing product portfolio.

With the digital bank committed to providing simple, fast, fair and flexible financial products and services, its Term Deposit is designed to offer customers a secure and profitable investment option with protection of the Australian Government's Financial Claims Scheme deposit guarantee up to $250,000.

“Since becoming an ADI in December, Alex.Bank has been working tirelessly and I'm thrilled to announce the launch of our new Term Deposit product just one month into our ADI status,” said Simon Beitz, CEO of Alex.Bank.”

Mr Beitz added, “This launch signifies a crucial turning point in our journey towards a full range of banking products and significant lending growth. It also presents us with the opportunity to match fund our own lending portfolio.”

“I am proud of this product and firmly believe that we have introduced a robust offering to the market, with competitive rates and terms that will benefit our customers, protected by the Australian Government guarantee.”

The Term Deposit product affords Alex.Bank customers the security of locking a fixed rate of return with an added bonus for customers that continue to roll over with Alex.Bank.

“Partnerships are a vital aspect for Alex.Bank and investing in them is a natural inclination for us. That's why we are thrilled to collaborate with Australian Money Market (AMM) to bring this product to the market.”

On the partnership, Stephen Jewell, Managing Director of Australian Money Market said, "We're excited to partner with Alex.Bank on their Term Deposit which has already sparked interest amongst our client base over the last week."

In 2023, Alex.Bank aims to expand both its lending and deposits by offering fast, straightforward, and competitive products and services for both customers and brokers. The broker channel plays a critical role in achieving the bank's goals for lending portfolio growth, with 77% of Personal Loans being originated solely through brokers in the past half-year.