Product details
If you’re looking for consistent, reliable returns on the money you invest, take a look at an Adelaide Bank Money Market Term Deposit Account. With fixed-interest rates as high as 2.90% p.a. Adelaide Bank offers terms ranging from 30 days to 5 years so you can choose the investment period that suits your financial goals. The minimum investment amount is $5,000 and you can choose to have your matured deposit re-invested or transferred to your nominated account.
- Product Name
- Adelaide Bank Money Market Term Deposit Account
- 1 month interest rate
- 1.40%
- 3 month interest rate
- 2.40%
- 4 month interest rate
- 1.65%
- 6 month interest rate
- 2.58%
- 9 month interest rate
- 2.59%
- 12 month interest rate
- 2.65%
- 24 month interest rate
- 2.70%
- Min Deposit
- $5,000
- Max Deposit
- $5,000,000
- Minimum Age Requirement
- 18
What are the features of the Adelaide Bank Money Market Term Deposit Account?
Choice of terms
Adelaide Bank Money Market Term Deposit Accounts are available for the following investment periods: 1 month, 2 months, 3 months, 4 months, 5 months, 6 months, 7 months, 8 months, 9 months, 10 months, 11 months, 1 year, 2 years, 3 years, 4 years or 5 years.
Minimum deposit of $5,000 required
You must invest at least $5,000 to open an account. The maximum deposit allowed is $5 million.
Minimum operating deposit of $1,000
Adelaide Bank needs to approve any withdrawals from your account during the term. However, an interest rate reduction will apply to the withdrawn funds, and you will need to retain a minimum operating deposit of $1,000.
Interest payments
If you select a term of 179 days or less, interest will be paid upon maturity. A monthly interest payment option is available for terms greater than 179 days, while terms above 365 days allow you to select monthly, quarterly, half-yearly or yearly interest payments. If you don’t select an interest payment frequency, interest will be paid at maturity or annually.
Statements
Statements on your account are issued per interest payment frequency.
No monthly fees
There are no setup or establishment fees attached to an Adelaide Bank Money Market Term Deposit Account.
Available for:
Individuals, companies, trusts, super funds, partnerships, estates and co-operatives can open term deposit accounts.
Fixed-interest rates
Adelaide Bank Money Market Term Deposit Accounts pay fixed interest on the money you invest, providing guaranteed returns. Interest rates vary depending on the term and interest payment frequency you select as per the table above. Compare other Adelaide Bank products.
Pros
- Interest calculated daily
- Offers terms ranging from 30 days to 5 years.
- Provide higher interest rates
- No monthly fees
Cons
- Minimum opening balance of $5,000 is required
What you’ll need to know before applying
If you like the sound of the features and interest rates offered by Adelaide Bank’s Money Market Term Deposit Account, click on one of the “Find out more” links on this page. This will take you to the Adelaide Bank website where you can read the full account terms and conditions. You can then contact Adelaide Bank for details on how to apply.
However, make sure you meet the following criteria before applying to open an account:
- Minimum age. You must be at least 18 years of age.
- Residency requirements. You must be an Australian resident to apply for an Adelaide Bank Money Market Term Deposit Account.
- Depository requirements. A minimum opening deposit of $5,000 is required to open a term deposit.
The Adelaide Bank Money Market Term Deposit Account is certainly worth considering if you want to earn competitive fixed interest on the money you invest. However, before you choose this or any other term deposit, make sure to compare a wide range of options so you find the account that offers the best deal.
