Alex Bank adds term deposits to its range of products
After being granted a banking licence just before Christmas in 2022, Alex Bank has added term deposit products to its portfolio, powered by a banking cloud.
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.
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.
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 April 29, 2024. View disclaimer.
Harry O'Sullivan
Jacob Cocciolone
Georgia Indian
