Arab Bank Term Deposit

When you are comparing bank accounts and financial products you can often feel that the terms and conditions of the accounts are there to just protect the providers’ interest rather than your own. However, when you are comparing the Arab Bank term deposit options you will find intuitive features such as fee free internet banking and your choice of investment currencies, as well as the promise that if Arab Bank raises their standard rates on term deposit accounts within seven days of you opening your account, your rate will rise too.

Additional Benefits of an Arab Bank Term Deposit Account

Not only do the Arab Bank term deposit accounts have inclusive additional features, you also have all of the flexible choices you may have come to expect to see on a term deposit account, on top of which Arab bank have no minimum balance requires to make sure you feel welcome no matter what your deposit amount.

Features of the Arab Bank term deposits:

• Interest calculated daily. This allows you to earn compounding interest on your term deposit balance as the calculations from each day are added to your balance and included in the next day’s calculation so you can be earning interest on your interest for the entire term. This is one of the reasons you will secure higher returns on your term deposit if you choose to have your interest paid at maturity, because your interest has stayed in your account and added to your term deposit balance and increased your compounding interest.
• Your choice of terms from one month to five years. No matter what your financial situation or investment and savings dreams, you are sure to be able to find a term between one month and five years which allows you to meet those needs. Whether you are looking to secure a savings balance before a big purchase or if you are growing your savings for a house deposit or big holiday, all you have to do is plot your savings plan and choose an Arab Bank term which will give you access to your funds when you need them.
• Deposits available in Australian and international currencies. You can make a deposit to an Arab Bank term deposit account in Australian dollars, or, US dollars, the British pound, the Euro or in Swiss francs.
• An automatic rollover option. You can choose to have your term deposit automatically rolled over at maturity into another investment of the same term, at the current interest rate. This allows you to keep growing your investment because you are not missing the funds (out of sight out of mind) and you can continue to take advantage of rising interest rates as each term ends and your balance is rolled over into a new term deposit.
• If the Arab bank term deposit rate increases within seven days of opening your account, your rate will increase too. This means you can avoid that feeling you get when you buy something, only to find it is on sale the very next day; your Arab Bank term deposit rate will automatically increase if the bank increases their rates within seven calendar days of opening your account.
• No minimum opening balance is required. This means that you don’t have to feel as though it is not worth investing your savings even if you only have a few hundred dollars to spare, instead you can take the opportunity to grow those small initial savings into a thriving term deposit investment, all you need is time.
• For terms less than two years interest is paid at maturity. This gives you the opportunity to earn more compounding interest, because as interest is calculated daily, it is added to your balance, rather than paid out as a return. For Arab Bank term deposits of more than two years, your interest is paid annually, again giving your investment more opportunities to earn compounding interest.
• Your interest can be paid by cash, cheque or directly to a nominated account. Arab Bank has branches only in New South Wales and Victoria where you can collect cash or cheque payments. If you are outside NSW or Victoria you can have your returns directly credited to your bank account; all internet transactions are free, including the pay anyone feature, BPAY and internet transfers between linked accounts.

Compare the Arab bank term deposit rates:

• Comparisons of a $10,000 investment balance, with interest paid at maturity.
• On a one month investment you can earn 4.95% interest.
• On a one year investment you can earn 4.80% interest.
• On a five year investment you can earn 5.95% interest.

How to Apply for an Arab Bank Term Deposit

Arab Bank only has branches in New South Wales and Victoria, but if you are in either of these states you can visit a branch or have an Arab Bank representative come to visit you, to discuss your options and complete all the paperwork for you. Alternatively you can use the Arab Bank term deposit online application form and submit all your details over the internet at a time which suits you, the bank will then contact you with the progress of your application.