Applying online for a term deposit can take a lot of the hassle out of the experience. The advantage is that you can apply online immediately after seeing an attractive term deposit  interest rate offered online, so there is no chance the rate will have expired by the time you get a chance to call or attend a branch in person.

Typically, once you apply online for a term deposit you will be supplied with account details so that you can transfer or BPAY your funds into your new term deposit account. Depending on which bank you apply with, and where you intend on transferring your term deposit funds from, you may have the chance to request the initial transfer as part of the term deposit online application.

Regardless of the bank, if you are a new customer to a particular financial institution you will most probably be required to attend a branch for the purposes of identification sometime prior to being able to withdraw your funds from your term deposit at maturity.  As banks move closer to online identify verification in the coming years, in branch identification will become a thing of the past when applying online for a term deposit.

Apply for a term deposit online today!