Gateway Bank currently offers a market leading 1 year term but if you are not an existing customer be warned that this rate is an illusion as opening a term deposit with them is very difficult. My experience is that I transferred my funds to Gateway Bank as they instructed and have heard nothing from them since. I have phoned them and spoken to someone who could offer no assistance and just took down my details. I have since emailed Gateway Bank twice to confirm their receipt of my funds and got no response. I am now going to have to lodge a complaint and potentially go to the Australian Financial Complaints Authority if I cannot get a satisfactory response. I strongly recommend new customers avoid Gateway Bank as the small amount by which their term deposit rate leads competent competitors is quickly lost with your money sitting idle earning nothing while you try to find a staff member who is able to open the account.
Gateway Credit Union operates almost exclusively online. It has an office in Sydney but has managed to set up policies and procedures that make online banking very easy. I have been a customer for over 30 years (previously known as CBAO credit union) and have had a home loan through them and am now able to enjoy their term deposit accounts. No fees and usually the highest rates on offer. Many options for interest payments and we always get notified before maturity. A very happy customer.
ALthough not the leading interest rates for tem deposits, they are steady and reliable and no fees
Gateway Credit Union term deposits have always been competitive and the paperwork is negligible. I have been a customer for 30 years and am a very satisfied customer.
Gateway is only for staff/ex-staff and families of CBA & RBA
Reply from Gateway Bank
Anyone can become a Member, you do not need to work in a particular industry or belong to a certain club to join Gateway. Eligibility to become a Member depends on successfully completing the Membership form along with the Identity Certification process and paying a $2 share subscription.
Different interest rates apply to different amounts or different interest payment frequencies.
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