Compare Competitive Interest Rate’s And Have The Flexibility To Choose Term’s That Matches Your Investment Goals.
Simply want to lock your money away for a year and forget about it? This is an example of a rate you will get
Monthly account fee
The above rates are based on an investment of between $25,000 and $499,999
Term deposits are a type of savings account. Your term deposit funds are invested for a specific term at a fixed interest rate.
Term deposits are a low-risk way to invest your money and earn a fixed rate of interest. They lock away your money for the time that you choose (the term), usually between one month and five years. If you need your money before the term ends, you have to pay a penalty fee. You need a minimum amount to open a term deposit, for example, $25,000.
Term deposits offer a higher interest rate than most transaction and saving accounts. Generally, the more money you put in, or the longer you invest, the higher the interest rate.
Terms deposits are a low-risk investment. They are protected by the Australian Government’s Financial Compensation Scheme. This guarantees to pay you up to $250,000 for deposits in the unlikely event your bank, credit union or building society fails. This guarantee applies per person and per institution.
When you apply, you choose how much you’d like to invest and how long you want the money invested. The minimum deposit amount is $25,000 and term lengths range from one to five years. The interest rate you earn depends on the length of the fixed term you choose.
If you choose to withdraw some (or all) of your funds early, a reduction of interest will apply. Unlike a regular savings account, you must provide 31 days notice to withdraw your funds.
The end of your term is known as ‘maturity’. At maturity you can:
Interest is calculated daily and paid when your term deposit matures. For terms of 12 months or more, you can elect to have your interest paid half-yearly or annually – whichever works best for you.
This varies from provider to provider, but in general you’ll need to give at least 31 days’ notice. Please note that accessing your funds before maturity will often incur a prepayment cost, which is usually outlined in the terms and conditions.
If you haven’t provided instructions for when your term deposit matures, more often than not it will automatically be reinvested for the same term at the interest rate applicable on the date of maturity. You often will have seven calendar days after your funds are reinvested to make any changes (such as adding or withdrawing funds) at no cost.
The maximum amount you can deposit depends on the provider.
In general the maximum deposits are $499,999
If you’d like to apply for a higher term deposit amount, speak with the product provider who can instruct you on the process.