Term Deposit Special Interest Rates: 6 Months 2.60% p.a, 12 Months 3.15% p.a. (Minimum $1,000 Balance) @ Gateway Bank

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Mokr on 17/06/2022 - 14:57 gatewaybank.com.au (468 clicks)
Last edited 17/06/2022 - 15:40 by 1 other user

Interest for term deposits is calculated daily and, depending on the term chosen and interest payment frequency option, is paid either monthly, 6 monthly, annually or at maturity if the term is for 1 year or less.

A 31 day notice period applies to early withdrawal from this Term Deposit product

Gateway Bank is an Authorised Deposit-taking Institution (ADI), just like the big banks and other customer owned banks and credit unions. This means that your money is guaranteed in the extremely unlikely event that anything happen to Gateway Bank.

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Gateway Bank

• 

  M00Cow on 17/06/2022 - 15:19

  This means that your money is guaranteed in the extremely unlikely event that anything happen to Gateway Bank.

  Up to $250k per account holder

  From
  https://moneysmart.gov.au/glossary/australian-government-gua…

  provides protection to depositors of up to $250,000 per account-holder per authorised deposit-taking institution (ADI) (bank, building society or credit union) in the event of the ADI failing. For joint accounts, each account holder is entitled to the $250,000 guarantee.

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  M00Cow on 17/06/2022 - 15:21

  +6

  I do like their origin story

  Founded in 1955, with just one employee and a briefcase,

  Sounds like they robbed another bank to start their own.

  I wonder if they're speculating that deposit interest rates will hit 3+% within a year? That's a fairly high rate currently.

  • 

    boban on 17/06/2022 - 15:57

    +3

    Yes, the banks need liquidity and the cost of borrowing from overseas already much exceeds 3%. I believe that's about 15-20% of the total amount they source. The cheaper way is just to fund from term deposits/savings accounts, 60% is from there. You also have the issue of the US Fed raising interest rates faster than the RBA, which devalues our currency relative to the USD, therefore quite risky to borrow from those sources.

    I'm frankly surprised the deposit interest rates aren't higher at this point, but I guess it's the banks getting a bit greedy here.

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  Cyb3rGlitch on 17/06/2022 - 16:00

  +3

  ING is at 2.1% now, and the cash rate futures suggest another 0.65% hike in July. You might not need to lock your money away if banks pass that on.

  • 

    boban on 17/06/2022 - 16:05

    +2

    BoQ is at 3% for 19-35 year olds for a savings account, up to 50k too.

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  countmein on 17/06/2022 - 17:10

  Is the rate locked or gonna be adjusted if we chose to be paid monthly?

  • 

    M00Cow on 17/06/2022 - 17:39

    Locked at the rate.

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  manity on 17/06/2022 - 17:55

  How does one make sure this isn't a scam website like the ANZ/investment one seen recently in the news.

  • 

    Nevski123 on 17/06/2022 - 22:15

    Gateway is legit. It was formerly the credit union for CommBank and Reserve bank staff (CBOA Credit Union). Yep, the bank for bankers.

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  Tigersboy on 17/06/2022 - 18:40

  Thanks for sharing. The disparity across the 12mth range is interesting!