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Impact Term Deposit pilot

Fixed interest rate

6 months term
Investments of $500 - $250,000
Interest paid at maturity

Create targeted impact for people and the planet while you grow your savings.

Please note, this pilot closed on 25 November 2022. From this date we will not be taking any more customers. We will continue to update you on new products and updates across our website and via our newsletter.

We know that driving positive change is one of the key reasons our customers bank with us. So we were pleased to invite customers to be part of an exciting pilot program to test an innovative savings product – the Impact Term Deposit.

This pilot was open exclusively to our existing customers. Savings supported lending into some of our key focus areas including green homes and affordable and accessible housing.

By taking part in this pilot customers were directly contributing to supporting our community and protecting nature, and helping us tailor our savings products to align even more with what our customers care about. Participants received a guaranteed rate of return on their deposit, and it was fee-free. As this was a pilot, there was a limit on participant numbers and the amount of funds we invested.

How does your Impact Term Deposit create change?

These deposits supported lending across specific environmental and social impact areas, and directly contributed to three Sustainable Development Goals (SDG) including SDG10 Reduced Inequalities, SDG11 Sustainable Cities and Communities, and SDG15 Life on Land.

Below are some of the environmental and social impact assets this pilot supported because our customers invested in the Impact Term Deposit. To learn more, read our Impact Term Deposit Framework or the full Impact Term Deposit pilot report.

Supporting green upgrades to homes like adding solar panels, window glazing and insulation.

New energy efficient construction that protects an equivalent area in our conservation reserve.

Supporting lower and middle income buyers to help purchase a home through government backed programs.

Organisations providing community housing and specialist disability accommodation.

Charities or nonprofits working in education, health care, social inclusion, or disability. 

Things you need to know

  • The pilot was only available for established Bank Australia customers
  • 1 Impact Term Deposit per customer
  • Savings are protected by the Australian Government guarantee on combined deposits up to $250,000
  • Terms and conditions apply

Is this product right for you? Find out more

How did the Impact Term Deposit pilot go?

The initial 6-month pilot was successful, with $29.7m in funding helping to finance 49 energy efficient green homes, specialist disability accommodation for 33 residents, and more.

Sun setting over the Bank Australia conservation reserve at Salvana

Frequently asked questions

What is a term deposit? 

Fixed term deposits offer a guaranteed rate of return on your money for the life of an investment. It can be an attractive option because the interest rate is usually higher than regular savings account rates. But if you withdraw some or all of the deposit before the agreed term finishes, you may incur a penalty that is deducted from the accrued interest.

Why did we offer the Impact Term Deposit?

Our history as a credit union and now a customer-owned bank has always been one of coming together to achieve something bigger than we could individually. And we understand that caring for people and the planet is a key reason our customers bank with us. 

We offered the Impact Term Deposit to our existing customers as a pilot program, with the potential to offer it more broadly and ongoing once the pilot concluded (and following an assessment of your feedback).

How was the Impact Term Deposit different to your other savings products?

All banking with us including any fixed term deposit helps create positive change, underpinned by our responsible banking policy. Our new Impact Term Deposit was the latest targeted way for you to do so, by actively supporting lending specifically for environmental and social impact.

What was expected when participating in this pilot?

With the Impact Term Deposit, we were trying something new. Some things might not be perfect as we were still building and testing it. We wanted to offer you savings products that actively align with your values and that have clear outcomes. Running this pilot helped us assess the viability of offering this option more broadly and to new customers. We wanted to know what you think of it.

So, after tjhe Impact Term Deposit, and throughout the pilot, we asked for participant feedback, usually via online surveys sent via email. We also had a feedback form where participants could provide any comments or suggestions throughout the pilot. We also included a write up of the pilot’s results in our impact report. The results would not be attributed to individuals without prior consent.

What happened when the Impact Term Deposit matured?

Once the Impact Term Deposit term ended, it was rolled over to another 6 Month Impact Term Deposit term due to the success of the pilot. At the maturity of this second term it will roll over to a regular 6 month term deposit.

What happens if I change my mind after opening the Impact Term Deposit?

If participants wanted to make a change after opening the Impact Term Deposit, there was a grace period of 14 days from the date term deposit was opened to provide alternative instructions without incurring a fee.

Is the Impact Term Deposit Framework assured by an external party?

For the pilot period, the Impact Term Deposit Framework was not subject to a third party opinion or external assurance. Bank Australia tracked the balance of Impact Term Deposits under the pilot product via its internal reporting systems, ensuring all eligible assets in the Impact Term Deposit were appropriately identified with monitoring reports provided quarterly to the Responsible Banking Committee similar to that used for Bank Australia’s sustainability bond program.

Family members chopping vegetables together in kitchen

We want to hear from you

If you participated in the pilot, we'd love to hear about your experience. Positive or negative.

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Calculate your returns

See how much you could earn with different terms, investment amounts and interest rates.

We're working on it

We’re trying something new with our Impact Term Deposit so we are still building and testing it. We’re hoping to offer more savings products that align with our customers values.