Alex Bank began offering personal loans in 2018, and introduced waitlisted savings accounts shortly after APRA granted the banking licence.

Five months on from receiving its unrestricted banking licence, Alex Bank announced it will be launching a range of online only term deposit products.

The digital bank uses the Temenos banking cloud, an end to end digital banking platform, aiming to offer a streamlined, user friendly online banking service.

CEO Simon Beitz says the expansion into term deposits will help the bank continue to scale.

"This allows Alex Bank to rapidly grow its balance sheet and improve our cost of funds and margin," he said.

Last year was a volatile period for the neobank industry with Volt voluntarily handing over its banking licence due to lack of funding, while 86 400 was enveloped by NAB's uBank.

Alex Bank term deposit rates

The term deposits are currently only available via invitation, or through selected intermediary companies, and rates will vary between the two.

To receive an invitation directly from Alex Bank, interested customers need to register their interest and wait to hear back, but clients of approved intermediaries are able to apply.

Current Direct rates (as per Alex Bank website)

Term length Deposit size Payment frequency Interest rate
Six months $10,000-$250,000 End of term 3.80% p.a
One year $10,000-$250,000 Monthly 4.10% p.a
One year $10,000-$250,000 End of term 4.10% p.a
Two years $10,000-$250,000 Monthly 4.25% p.a
Two years $10,000-$250,000 Annually 4.25% p.a
Two years $10,000-$250,000 End of term 4.25% p.a

Current intermediary rates

Term length Deposit size Payment frequency Interest rate
Six months $10,000-$250,000 End of term 4.55% p.a
One year $10,000-$250,000 Monthly 4.80% p.a
One year $10,000-$250,000 End of term 4.80% p.a
Two years $10,000-$250,000 Monthly 4.80% p.a
Two years $10,000-$250,000 Annually 4.80% p.a
Two years $10,000-$250,000 End of term 4.80% p.a

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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.

Provider

At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Guaranteed rate of return
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  • Choose your own term - Options range from one month to five years

Term Deposit - 6 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

    Online Term Deposit - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

      SMSF TD - 6 months (at maturity)

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($10k-$500k) - 6 months

          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 13, 2024. View disclaimer.

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