Hey guys,
I know Business Term Deposits might be a bit niche but would like what you guys think is the best rate being offered currently?
After a quick google I came up with 3.5%p.a. by AMP Bank Term Deposit 12 months. However there is a caveat that you can't just apply on your own you need to find a 'planner' to lodge an application to them on your behalf.
Cheers guys!
Sorry for the late reply, but thanks for the recommendations bluesky. I will most likely go for ME bank just to squeeze out that extra 0.2%. Thanks a bunch again.
You are most welcome. Please share after your contact with them whether they provide a good or adequate service. I suspect the lack of response the last time I tried to start an FD with them could be something out of the ordinary, and not necessarily representative.
Yeah I will let you know how the application process goes. One thing of note, it looks like Rabobank is not taking on any new business customers and is only offering its business savings accounts to its existing customers; I guess it's not too bad in my case since MEbank has a better offering.
Rabobank is not taking on any new business customers
Oh, I didn't know that.
Here are two options for 12 months' business term deposits :-
Rabobank is offering 3.3%.
I have used them before and it is all online, relatively easy to setup. No need to rely on any cust rep. At the end of the term, if you renew, you will get a 0.10% bonus on top of whatever the rate is at the time.
ME Bank is offering 3.5%.
Haven't used them for a while now. The last time I started one, it was quite manual - you fill a form, send to them and they will create the term deposit. The business team is a different team - and they used to be pretty good a number of years ago. A person would liase with you, and help set up everything. But around a few years ago, I could not even get anyone to call back when I wanted to start one. It could just be that period of time, and things might have improved where customer service is concerned.
If you like to be able to do everything yourself easily online then Rabobank is good. ME Bank's process, on the other hand, was pretty manual and required their side to set the TD up. This is assuming the process is largely unchanged from the past.