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Term Deposit Special 5 to Less Than 6 Months @ 6% Broadmeadows Bank of Melbourne

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Term Deposit Special 5 to Less Than 6 Months @ 6% Broadmeadows Bank of Melbourne
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AssociatedLBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 10:15 img696.imageshack.us (182 clicks)
Last edited 09/12/2011 - 10:17

Hi OzBargainers,

My name is Antonio and i am the Branch Manager of the Broadmeadows Bank Of Melbourne. I've been an OzBargainer for some time now and I thought I’d share with you what i think is possibly the best term deposit interest rate on the market today.

We are offering, for a limited time, a high interest Term Deposit Special from the Broadmeadows Bank of Melbourne. The offer is available on funds from $5,000 to $5,000,000

This rate is not available at all Bank Of Melbourne branches. It is not advertised on our website.

With the current interest rate cut by the RBA, we might not see another 6% term deposit for some time.

I am happy for you to compare prices with the Big4. We'll match the Big 4 on price and we'll beat them on service.

Feel free to Call me and the team at Broadmeadows on 03 9098 6600 or send us an email
[email protected]

Regards

Antonio

Financial Bom Interest

Related Stores

Bank of Melbourne
Bank of Melbourne

closed Comments

  • thejew on 09/12/2011 - 10:23

    I've never made use of a Term Deposit before.

    is the interest calculated daily or just a flat rate?

    the flyer says Victorian residents only.

    I've never seen something like that before!.

    • jv on 09/12/2011 - 10:29
      -3

      it depends, you need to read the conditions of this particular term deposit…

      NOTE: it says on the link that Fees and charges may apply

      • [Deactivated] on 09/12/2011 - 11:08
        +1

        JV this has been answered - so you can elect to remove your negative vote.

        Also please realise that for SOME people this maybe a deal. Some people may want to tie their money up in a term deposit, given that the online savings rates havent yet reflected the latest RBA cuts.

        Also the virgin deal as it stands (without factoring in any rate cut in 4 months time, ie 4.9% for 2 months after the first 4 months) averages around the 5.8% mark for 6 months. AND some here maybe coming to the end of the 4 month 6.12% term so they cant get that rate again.

        You realise negative voting can hide this deal from people, so they may miss the opportunity to evaluate the deal. I know it doesnt suit everyone including you. Your comments make that very clear.

        • jv on 09/12/2011 - 11:11
          -4

          my neg vote is for the comment below, not the one above…

          Also please realise that for SOME people this maybe a deal

          well they can vote +ve then, since in can easily earn more interest over the 5 months by putting my money elsewher, i don't see it as a bargain, that's why i voted -ve. Isn't that what the -ve voting is for ????

          Also the virgin deal as it stands …. averages around the 5.8% mark for 6 months

          move your money after 4 months, it doesn't cost anything… plenty of other financial institutions are offering more than 6%

        • [Deactivated] on 09/12/2011 - 11:31
          +1

          Well not according to the date stamp, on the system, but hey its your choice.

          You make some pretty strong assumptions in your comments that maybe your reality but not everyones.

          1. How can you get more when the citibank deal expires. In 4 months anything may happen. Rates could have gone down twice, and the the current rate cut hasn't even been factored in. Yep it can also increase, but some people may just want some surety.

          2. Not everyone has $250K. Well thats true, but SOME do, and they maybe ok with a fixed rate.

          3. Compare like with like. Do you know of any better 6 month term deposits?

          If not just leave this to those who might want the deal. Stop imposing your own personal likes on others. We are grown up here, especially those attracted to this type of deal. Not many 15 YO's will have money to put in a TD. That said some just might :)

          In response to your edited additions.

          NO thats not what negative voting is about. Thats what positive voting is about. No vote = not interested, doesn't suit me. Negative vote means somethings wrong with the deal, that people should be alerted to that they may not be aware of. eg Better TD's offered elsewhere

          I can only find Investec bank offering a 6.01% TD the next best is 5.9% with ME bank

          Again this is not a Online savings account vs TD debate. Compare LIKE with LIKE

        • jv on 09/12/2011 - 11:37
          -5

          No vote = not interested, doesn't suit me. Negative vote means somethings wrong with the deal

          yes, for me, something is wrong with the deal, i can make more money investing elsewhere…

        • [Deactivated] on 09/12/2011 - 11:46

          And I think X is better than Y

          That doesnt mean you can negative vote, so now you have declared your true reason for voting down the deal, and this isn't within the guidelines here. Compare like with like. We are discussing TD rates here .

          http://www.ozbargain.com.au/wiki/help:voting_guidelines

          Negative vote removal referred to another mod for adjudication regarding removal

          yes, for me, something is wrong with the deal, i can make more money investing elsewhere…

          Not if you chose a TD

        • loremoon on 09/12/2011 - 12:00

          Just solely for the sake of pointing things out…

          BoM's term deposite is only for 5 months.

          Which would end up putting virgin at 5.876

        • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 12:02

          the term is 5 but less then 6 months.
          5 months and 29 days is an option :)

        • jv on 09/12/2011 - 12:10
          -6

          That doesnt mean you can negative vote

          So i can't -ve vote because i can get more interest elsewhere ???

          the guidelines say :

          A negative vote would also be appropriate for cheaper prices elsewhere. In this case, please include a link or description of where it is cheaper

        • [Deactivated] on 09/12/2011 - 12:36

          My god, talk about revisionist and selective arguments.

          Like with Like is in the guidelines.

          this isnt like with like.

          No more discussion here - again TWAM is where you can argue this further. Just like last time.

      • jv on 09/12/2011 - 13:31
        -4

        Like with Like is in the guidelines

        yep, i'm comparing 'interest earned' from a financial institution…

        that is 'like with like' for my purposes…

        I've made my point numerous times, not going to discuss it further… I followed the guidelines and gave a reason for my -ve vote…

    • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 11:07
      +1

      Hi

      the interest is calculated on the whole amount over the term of the deposit.
      there are no fees to open or maintain the term deposit.
      The only time you may pay fees is if you require to close or access the funds in your term deposit before the term expires.
      BoM operates in victoria and it's products are designed for victorians.

  • jv on 09/12/2011 - 10:27
    -7

    6.12% for 4 months here…

    http://virginmoney.com.au/savings/

    zero fees, and unlike a term deposit, you can deposit or withdraw at any time…

    • Cluster on 09/12/2011 - 10:39
      +2

      Why the negative vote? You're comparing an online savings account where the interest rate can change at any time with a term deposit that locks in and guarantees the rate. Virgin's product is advertised as a variable rate.

      Virgin's 6.12% and UBank's 6.11% were set before the latest RBA 0.25% interest rate cut. I would confidently bet that 6.12 and 6.11 will be cut within the next week or two below 6%.

      • loremoon on 09/12/2011 - 10:43
        +1

        Wrong?

        Virgin is giving you 6.12 for four months like a term deposit, but after the 4 months, it reverts back to 4.9 (or whatever the rate is in 4 months). So, no it won't drop below 6 for another 4 months, assuming you are a new customer.

        • FarQ on 09/12/2011 - 10:49

          so based on your calculations, over 6 months the BoM deal gives a better average interest rate…..

        • jv on 09/12/2011 - 11:13
          -1

          but after the 4 months, it reverts back to 4.9

          so move it to ING Direct and get 6.1%… there are no costs involved in closing the account…

        • jv on 09/12/2011 - 11:15
          -1

          so based on your calculations, over 6 months the BoM deal gives a better average interest rate…..

          no, you would move your money after 4 months to another high interest account…

      • nookular on 09/12/2011 - 11:07

        I wouldn't bet so confidently. Ubank cut their rate by 0.4% last month so they might not cut at all this time.

      • jv on 09/12/2011 - 11:11
        -1

        Why the negative vote?

        because you can earn more interest elsewhere this the same amount of risk… so there are better deals

      • c64 on 09/12/2011 - 11:48

        .

  • keejoonc on 09/12/2011 - 10:54

    What's the point? So what online savings account interest rate could be changed at any time?
    It's highly unlikely it'll change any more than 0.25% within 6 months. Besides, as if 0.25% is going to make a huge difference. I'd rather get slighly less interest and have access to my money whenever I want/need rather than having it locked away for 6 months.
    I'll stick to Ubank.

    • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 11:10
      +1

      Hi keejoonc

      the Usaver is an excellent product if you are comfortable with online only interface.

      term deposit is geared towards customers who prefer to do their banking in person and be able to see the organisation they use. It's the comfort of being able to walk in to a branch and transact.

      Antonio

      • udyz on 09/12/2011 - 13:05

        hummmm….. 4mths terms deposit!!! how often would i wanna talk to a person in the bank?

        I prefer not!!

        • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 13:07
          +3

          C'mon now, we're good people :)

      • Cluster on 09/12/2011 - 13:52

        Most online banks such as UBank, ING and Rabo offer term deposits too.

        The main point of TDs is that you trade the convenience of accessing your money at any moment for the certainty of a particular return. Sometimes you can even beat the banks at their own game. I have a small TD with Rabo for 7.1%pa (paid monthly) since mid 2010 for 5 years. Looks pretty good at the moment.

    • nfr on 09/12/2011 - 11:37
      +1

      It's highly unlikely it'll change any more than 0.25% within 6 months.

      What makes you think that? During 2008 Oct-2009 April RBA cut cash rate by 4% within 6 months.

  • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 10:58
    +1

    Hi guys

    there are no fees to open and maintain a term deposit. The only fees that may apply is if you require some or all of your funds before the term maturity. The cost is taken away from the amount of interest you have earned. The cost will vary depending on the amount you wish to take out and how much you have left on your term. We all experience unexpected events and circumstances, depending on the situation you can always negotiate with the branch manager. We are here to help.
    The virgin product is solid but a different type of product and limited to 250k.

    Antonio

    • jv on 09/12/2011 - 11:17
      -1

      and limited to 250k.

      I think you have targeted the wrong audience ?????

      • braddsey on 09/12/2011 - 11:38
        +2

        No - my mother sold her house late last year and needed somewhere to park $300K for 6 months until she decided what to do with it. She put that in a term deposit for 6 months with a big-4 bank where she had an existing relationship because she didn't know any better.

        Should that have happened now, then she would be interested in this product, and I would have been in a position to tell her about it.

        Don't assume everyone is in the same position you are - just because someone goes trawling for bargains to save a few bucks here and there, doesn't mean they are cash poor.

        • jv on 09/12/2011 - 11:45

          Don't assume everyone is in the same position you are

          I'm not, I vote for my own circumstances, I don't vote for others… You should do the same…

        • braddsey on 09/12/2011 - 11:51

          I wasn't referring to your vote, I was referring to your comment:

          "I think you have targeted the wrong audience ?????"

          This offer isn't specifically targeted at you. You, perhaps, are the wrong audience. Don't assume everyone else here is. If at least 1 person takes up this offer as a result of the listing, then it has been worth the OP's effort, and the correct audience has been found.

        • jv on 09/12/2011 - 12:14

          I was referring to your comment:
          "I think you have targeted the wrong audience ?????"

          that was 'tongue in cheek'…

        • Cluster on 09/12/2011 - 12:23
          +1

          jv: "I'm not, I vote for my own circumstances, I don't vote for others… You should do the same…"

          While your self interest is a natural top priority, deals should be judged on their merits as a deal for the general public, and not strictly whether it's useful to you.

        • jv on 09/12/2011 - 16:08

          "deals should be judged on their merits "

          deals are subjective to individuals circumstances, otherwise they would all be positive or all be negative and voting would be pointless…

  • topstuff on 09/12/2011 - 11:30
    +2

    Tempted to vote neg
    Reasons:
    Rang up and a chick said it was all week there, but now ending 5pm today. Kind
    of a hassle to transfer from other accounts (who knows exactly when they get done)
    into main linked account, then from main account into BoM all before 5pm today?
    Why advertise it only today if it ends today eh?

    • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 11:39

      hi topstuff

      i suppose it's no different to a one day sales.
      I know it's not perfect and i value your feedback.

      Antonio

      • topstuff on 09/12/2011 - 11:44

        More like a one day sale on Catch of the day or airline website. If all the stars
        line up exactly, you may have a shot. Next Time, give us more time to get our funds
        in order. I don't have >5k under my bed ready for you this instant. Maybe someone
        out there does? (ie the VERY few to get through to book $1 flight).

        • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 11:50

          Hi topstuff

          thank you for your feedback.

          Antonio

  • jv on 09/12/2011 - 11:30
    -5

    7% here…

    http://www.ozbargain.com.au/node/59225

    • FarQ on 09/12/2011 - 11:39

      that account is useless if you withdraw…you get bugger all interest if you withdraw money. plus the interest is capped to $500/per month max deposit. And to top it off, you have to start earning interest from $0 on the anniversay of opening the account.

      • jv on 09/12/2011 - 11:51
        +1

        that account is useless if you withdraw…

        so is a term deposit…

    • braddsey on 09/12/2011 - 11:41

      Completely different account! Maximum opening balance $500, with regular deposits of $500/month.

      At least read what you're comparing before posting it!

      • jv on 09/12/2011 - 11:47

        At least read what you're comparing before posting it!

        I did, the 7% works out much better for me…

  • c64 on 09/12/2011 - 11:46
    +1

    nah, i'll just stay with ubank @ 6.11% at call

  • MrZ on 09/12/2011 - 12:27

    I'm not signing up unless Jack Thompson endorses it personally.

  • bargainhunter_dande on 09/12/2011 - 12:28

    jv, it seems like some one really hates you here. Negging all of your comments.

    • c64 on 09/12/2011 - 12:48

      nah, that's normal for jv :)

    • jv on 09/12/2011 - 13:32

      up to them if they want to waste their -ve votes, they only get 5 per day… it's not as if it makes any difference to me… but if they enjoy getting their rocks off that way… :S

    • Cluster on 09/12/2011 - 13:50
      +2

      jv is a bit of a negative voting magnet on OzBargain. He or she looks at deals from a different perspective to most people and that usually rubs people the wrong way. Doesn't mean jv's perspective is the best one however :-)

  • Dan3490 on 09/12/2011 - 14:21

    Broadmeadows, gee whiz. Be lucky to get out of there alive.

    • AssociatedBoM Broadmeadows @ Bank of Melbourne on 09/12/2011 - 15:58

      Be nice. Broadmeadows is a lovely multicultural Suburb.

  • Realsteel on 09/12/2011 - 15:21
    +1

    Totally agree with you Cluster there! Today I gave my 5 negative votes to JV!

    • jv on 09/12/2011 - 16:12
      +1

      try for a 6th…

  • Realsteel on 09/12/2011 - 16:37

    I have given you a + for your persistence to neg!

  • The Chad on 09/12/2011 - 19:59

    Good price well done on having a go antonio

    I joined last week and have quickly realised people love having a sook.

    Your intrest rate is good, hope some people take up the offer and save some "real " money insted of saving 25 cents on 10 toilet rolls

    • AssociatedBoM Broadmeadows @ Bank of Melbourne on 10/12/2011 - 11:06

      Thank you for your support

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