Term Deposits

Unfortunately, our online application process is only available to Individuals.

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.

If you need to withdraw your Term Deposit funds early, 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.

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.

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.

Your application may have been declined due to the system being unable to verify your ID. This can be due to some slight variations of the information being input into the form compared to what is on your ID.

Some examples of this are:

• Misspelling of name
• Error in inputting the date of birth
• Middle name missing where it appears on the ID used
• Error in inputting the card number
• Your ID document may be expired
  

Here are some tips if you wish to re-apply:

• Ensure you input your name exactly as it appears on your ID (e.g. if your driver’s licence only shows an initial for your middle name instead of your full middle name, please put the initial)
• If you are having trouble with using your driver’s licence, you can try using an Australian Passport instead if you have one.
  

If you are still having trouble completing an application, please do not hesitate to reach out at hello@alex.bank or on 13ALEX and one of our helpful staff can guide you through the process.