Bendigo Bank Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Best rate
5.10%
p.a. for 12 months
Minimum deposit
$5,000
to open
24-month rate
4.50%
p.a. — lower than 12m
About Bendigo Bank Term Deposits
Bendigo and Adelaide Bank is an ASX-listed Australian bank with a strong community banking focus. It offers term deposits from 1 month to 5 years, with the 12-month rate of 5.10% p.a. being the most competitive on its schedule.
A notable feature of Bendigo's rate schedule is its unusual shape: short-term rates (3m: 2.75%, 6m: 3.00%) are well below market, the 12-month rate is competitive (5.10%), but the 24-month rate drops back to 4.50% — lower than the 12-month rate. Investors should be aware of this before choosing a term.
For 12-month deposits specifically, Bendigo's 5.10% p.a. is competitive with BOQ and Westpac (both also 5.10%). The main alternative within the community/regional banking space is Newcastle Permanent or IMB Bank. Bendigo is an APRA-regulated ADI, with deposits protected up to $250,000.
Current Term Deposit Rates
| Term | Rate (p.a.) | Notes |
|---|---|---|
| 3 months | 2.75% | Low vs market — consider ING (4.75%) instead |
| 6 months | 3.00% | Low vs market — consider ING (5.05%) instead |
| 12 months | 5.10% | At maturity — best rate on the schedule |
| 24 months | 4.50% | Lower than 12m — consider 12m rollover instead |
Check Bendigo Bank's website for the latest rates before investing.
Pros and Cons
Pros
- ✓ 5.10% for 12 months — competitive at this term
- ✓ ASX-listed bank with strong community presence
- ✓ Government deposit guarantee up to $250,000
- ✓ Branch network across regional and metro Australia
- ✓ No establishment or management fees
Cons
- ✗ Short-term rates (3m: 2.75%, 6m: 3.00%) very low vs market
- ✗ 24-month rate (4.50%) is lower than the 12-month rate
- ✗ 12m rate below Judo (5.45%), AMP (5.40%), ING/Suncorp (5.30%)
- ✗ Unusual rate curve — check carefully before choosing term
How It Compares
- Judo Bank: 5.45% for 12m — highest 12m rate
- AMP Bank: 5.40% for 12m, $5k min
- ING: 5.30% for 12m — also best short-term rates
- Suncorp: 5.30% for 12m, $5k min
- NAB / CommBank: 5.20% for 12m
- BOQ / Westpac / Bendigo: 5.10% for 12m
For short terms (3 or 6 months), ING (4.75% and 5.05%) significantly outperforms Bendigo. Consider whether the 12-month term is the right fit before investing.
Information verified 18 May 2026. Rates and offers subject to change. Confirm current rates on Bendigo Bank's website before investing. This is not financial advice.