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A Term Deposit with Qantas Points

Let your savings take off. Discover a Term Deposit with a competitive rate that also gives you Qantas Points.

Qantas Frequent Flyer Logo
Australian Government $250k deposit guarantee badge

Your deposits with Alex.Bank up to $250,000 are protected by the Australian Government Financial Claims Scheme.

Alex.Bank Term Deposit

5.05%p.a.

Fixed Interest Rate3

12-month term with interest paid at maturity (other terms available).

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Competitive Rates

Get competitive rates on our Fixed Interest Term Deposits with multiple term and maturity options available.

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Earn Qantas Points

Earn 100 Qantas Points with every $1,000 invested in a Term Deposit from Alex.Bank, up to 25,000 points+

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Fast turnaround

It’s quick and easy to apply online – the average time is 3 minutes.

Apply in 4 easy steps

Calculate your Term Deposit

To get started, use our calculator below. Simply enter your deposit amount and your fixed investment term.

Apply online in minutes

Gather your ID, financial information and Qantas Frequent Flyer details to complete our quick 3 minute application form.

Confirm your identity

You’ll be prompted to perform a digital ID check with a photo of your ID and headshot. It’s safe, secure and as easy as a selfie!

Fund your term deposit

You’ll have 7 calendar days to fund your Term Deposit. Qantas Points will be credited to your Qantas Frequent Flyer account within 30 days of funding.

From savings to take off

Alex.Bank has partnered with Qantas Frequent Flyer to offer our Award-Winning^ Term Deposit but now with Qantas Points.

Not only do you get a secure investment, but you can also earn up to 25,000+ Qantas Points and use them on flights, upgrades and more.

It takes just 3 minutes to apply online and deposits up to $250,000 are protected by the Australian Government Financial Claims Scheme.

Put your money on the runway

Put your money on the runway with Alex.Bank, where banking is fast, fair, and flexible.

Our Term Deposits are designed to provide you with a simple and fast experience – whilst providing strong returns.

Enjoy competitive rates and earn 100 Qantas Points for every $1,000 deposited up to $250,000 with an Alex.Bank Term Deposit.

Ways to use your Qantas Points

Choose from thousands of amazing rewards:

Flights

Use your Qantas Points on every eligible flight with Qantas, Jetstar and over 30 oneworld member, partner airlines and their affiliates to more than 1,200 destinations globally.<

Classic Upgrade Rewards

Use your Qantas Points to request an upgrade to Premium Economy, Business or First on Qantas marketed and operated flights and add a little luxury to your next trip.~

Hotels and Holidays

Make your dream trip a reality and use your Qantas Points to book curated holiday packages, unforgettable tours and over 500,000 hotel stays.#

and more!

Discover thousands of other amazing rewards waiting for you, from retail therapy to wine, entertainment and so much more.

Term Deposit of the Year^

For a second consecutive year Alex.Bank have taken home Term Deposit of the Year and Term Deposit - Best for Value at the WeMoney Awards!

Learn more

Read our product description and guides to understand our Term Deposit product better.

Consider the Target Market Determination and Terms and Conditions before making a decision.

Frequently asked questions

  • When will I receive my Qantas Points?

    After you’ve funded your Term Deposit, Qantas Points will be credited to your Qantas Frequent Flyer account within 30 days.

  • What if I am not a Qantas Frequent Flyer member?

    A joining fee usually applies, however, Alex.Bank has arranged for this to be waived for new customers who join here. Membership and points are subject to the Qantas Frequent Flyer program Terms and Conditions

  • Can I access my Term Deposit before the maturity date?

    Term Deposits are designed to offer the certainty of a fixed rate for the agreed investment term.

    They are not ‘at call’ which means you do not have access to your Term Deposit once it has been invested. Your funds are locked away for the agreed investment term.

    You'll need to give us 31 days' notice (but not beyond the maturity date) to withdraw all of your funds if your Term Deposit hasn’t reached the end of the fixed term.

    An interest adjustment may apply if you withdraw your funds early. To see an example of how the Prepayment Interest Adjustment is calculated, see our Terms & Conditions.

    If you’re experiencing hardship and need access to your funds immediately or before the end of the 31-day notice period, please contact Alex.Bank as soon as possible and we’ll discuss your situation with you. Under some hardship circumstances, you may be able to access your funds immediately and/or qualify to have the prepayment adjustment and prepayment administration fee waived.

    To assess your prepayment request due to hardship, you’ll need to provide us with evidence (e.g. invoices, Statutory Declaration, etc.) supporting your reason(s) for needing to withdraw your funds immediately or before the end of the 31-day notice period. Any evidence you provide must satisfy our requirements. If you’re not sure what documents you need, our staff can help.

  • Is my account protected by the Government Guarantee or Financial Claims Scheme?

    The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, which includes Alex Bank, for up to $A250,000 per person.

    The Financial Claims Scheme (FCS) is an Australian Government scheme that was established during the 2008 global financial crisis to provide financial protection for consumers in the unlikely event of a failure of a bank, credit union, building society or general insurer.

    The FCS provides protection for depositors of banks, credit unions and building societies that are incorporated in Australia (also known as authorised deposit-taking institutions or ADIs), for deposits up to $250,000 per account holder per ADI. The scheme aims to return deposits to account holders within seven days of activation of the FCS.

  • What is my nominated bank account?

    You must nominate a valid Australian bank account for us to pay your interest and repay your investment into. The account name must be in the same name as your term deposit. The account can be held with any other Australian bank.

Learn more about us

We’re a digital-first bank passionate about building the future of banking in Australia.

Borrow with Alex.Bank

Get a competitive rate, and flexible repayment options with our award-winning unsecured personal loan.

Important information

3Fixed Term Deposit Interest Rates current as at 18 July 2024 and subject to change without notice.

Qantas Points

+ You must be a Qantas Frequent Flyer to earn and redeem Qantas Points. A joining fee usually applies, however, Alex Bank has arranged for this to be waived for new customers who join here. Membership and points are subject to the Qantas Frequent Flyer program Terms and Conditions. Australian resident Qantas Frequent Flyer members who make an eligible deposit of at least $10,000 into an Alex Bank Term Deposit on or after 3 June 2024 will earn 1 Qantas Point per $10.00 deposited. Qantas Points will be capped at a maximum of 25,000 points for a term deposit value of $250,000. For example, if a Qantas Frequent Flyer member invests $25,000 they will receive 1 Qantas Points for every $10.00 invested which equates to 2,500 Qantas Points in this scenario. You must register your Qantas Frequent Flyer number and the last name attached to your Qantas Frequent Flyer account upon application to earn Qantas Points. Qantas Points will be credited to the member’s Qantas Frequent Flyer account 30 days after the Term Deposit is funded. You will receive an email from Alex Bank informing you that your Qantas Points have been credited to your Qantas Frequent Flyer account. Unless specifically referred to, this offer cannot be used in conjunction with any other advertised or promotional offer, and may be withdrawn, changed or removed at any time. For full terms and conditions of the Alex Bank Term Deposit visit www.alex.bank/legal/term-deposit-t&cs.

<Classic Flight Rewards are available on Qantas, Jetstar and partner airlines. Seats are subject to capacity controls, availability is limited, and some flights may not have any Classic Flight Rewards available. Taxes, fees and carrier charges are payable to Qantas (excluding any amounts payable to third parties at the airport) by an Accepted Payment Card in addition to the points required on Classic Flight Reward flights. Qantas Points required and taxes, fees and carrier charges are subject to change and quoted at the time of booking. For more information, visit Classic Flight Rewards

~Classic Upgrade Rewards are available on Classic Flight Rewards in Economy and Premium Economy, Classic Plus Flight Rewards in Economy and Premium Economy, eligible paid and confirmed Qantas domestic and international flights with a Qantas (QF) flight number on your ticket, and from time to time on codeshare flights operated by another carrier that have a QF flight number on your ticket. Classic Upgrade Rewards are not available from all fare types. See tables for details. Classic Upgrade Rewards are subject to capacity controls and availability (which is limited). For more information, visit Classic Upgrade Rewards or see the Terms and Conditions

# Qantas Hotels: Members will not be able to redeem points for, or earn points on, additional charges paid to the accommodation provider for extras (including cots, breakfasts and other incidentals) on check-in or check-out (as applicable). Cancellation and refund policies and conditions differ for each hotel, check at the time of booking. View full terms and conditions. Points Plus Pay: Points Plus Pay allows you to choose the number of Qantas Points you redeem above the specified minimum level of 5,000 and pay for the remainder of the booking value with an Accepted Payment Card (including VISA, MasterCard or American Express). Points Plus Pay is not available for Classic Hotel Rewards. The ability to use Points Plus Pay is subject to meeting the minimum points requirement of 5,000 Qantas Points. Classic Hotel Rewards: Minimum night stays and blackout dates may apply. Classic Hotel Reward must be booked using Qantas Points only. Qantas Holidays: Points Plus Pay: Qantas Frequent Flyer members can redeem Qantas Points when booking hotel accommodation through qantas.com/hotels or holiday packages through qantas.com/holidays, using Points Plus Pay. Members cannot redeem points for additional charges paid to the hotel for extras (including cots, breakfasts and other incidentals) on check-in or check-out (as applicable). Points Plus Pay allows you to choose the number of Qantas Points you redeem above the specified minimum level of 5,000 and pay for the remainder of the booking value with an Accepted Payment Card (including VISA, MasterCard or American Express). Points Plus Pay is not available for Classic Hotel Rewards. View full terms and conditions here.