Term Deposit FAQs

Geelong Bank is a mutual financial services organisation and as such is owned by its members. Part of the membership process is to open an account.

You can open a fixed term deposit account with a minimum of $500 or a minimum of $5,000 for a regular income account.

Your funds are available at the end of your chosen term. Prior to maturity you will receive notification from us advising maturity of your term deposit. You can pre-arrange to withdraw your money either by cheque or transfer to an existing account with Geelong Bank or another financial institution.

You will also have 5 working days after maturity to make any changes to your deposit.

At maturity you can:

  • Automatically re-invest your funds for another term;
  • Add extra funds;

We will provide you with a statement of transactions at least six monthly. More frequent or duplicate statements can be requested at any time, however a fee may apply for duplicate statements. Account balances and statements are also available through our Internet and phone banking services.

If you are in a position to invest for longer than 12 months, you may wish to consider alternative or complimentary investments that offer additional advantages. We have friendly financial planners who would be happy to discuss your long term options with you. Please contact us to arrange a meeting at your convenience.