Challenger Term Deposit
- Interest rate 6 months interest rate
- Up to 5.15% p.a.
- Minimum opening deposit
- $25,000
- Account keeping fee
- $0
- Maximum deposit
- $1,000,000
Summary
Earn up to 5.15% on a 12 month term deposit with Challenger.
The Challenger Term Deposit offers fixed interest rates on term lengths between one month and five years. Customers can enjoy a rate of up to 5.15% on a 12 month term. Different rates apply for different term lengths, as shown in the table below.
Pros
-
Competitive, fixed interest rates
-
No set-up fees
Cons
-
Minimum deposit of $25,000 needed for new customers and $5,000 for existing customers
Details
Key details
| Product Name | Challenger Term Deposit |
| 3 month interest rate | 4.75% |
| 6 month interest rate | 5.15% |
| 9 month interest rate | 5.15% |
| 12 month interest rate | 5.15% |
| 24 month interest rate | 4.70% |
| 36 month interest rate | 4.20% |
| 48 month interest rate | 4.10% |
| 60 month interest rate | 4.10% |
| Minimum Opening Deposit | $25,000 |
| Minimum age requirement | 14 |
| Government guarantee | Yes |
Eligibility
| Minimum Age Requirement | 14 |
| Joint account availability | Yes |
| Min Deposit | $25,000 |
| Available to children | Not available for children under 14 years of age |
Your reviews
Alison Finder
Editor
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Sarah Megginson Finder
March 26, 2024
Hi Philip,
The gov. guarantee covers $250,000 per person, per organisation. So if your balance is $300,000 for one person, you would want to put $50,000 with a different institution. If its in the name of 2 people, you can have $250k each.
Hope this helps!
peter goonewardene
August 25, 2023
the money we deposit is guaranteed by government?
Alison Banney Finder
September 21, 2023
Hi Peter, yes this bank is included in the government guarantee scheme.
Terry
August 20, 2023
Does Challenger accept Term Deposits from SMSF’s?
Alison Banney Finder
September 21, 2023
Hi Terry, yes you can apply as an SMSF or Trust.
KH
June 07, 2022
Am i able to open an account for my child savings money and get better interest with a 12 month fixed term and still not pay tax as they are a child, as this is currently occurring with Com Bank ?
Alison Banney Finder
June 24, 2022
Hi Keith,
To open a MyLife MyFinance Term Deposit account you need to be 14 years or older. If your child is younger than this, the account can be opened with you as a signatory.
Regarding the tax, even if the account is in your child’s name if the money belongs to you then you need to pay tax on it. If the money belongs to the child, they may need to pay tax on it depending on how much interest is earned. You can see more details on this via the ATO here.
Thanks,
Alison
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Roland
May 31, 2022
Is a term deposit insured up to $250000?
Alison Banney Finder
June 20, 2022
Hi Roland,
Yes, the Financial Claims Scheme (FCS), applies to a wide range of deposit accounts including term deposits. With this scheme, deposits of up to $250,000 per account holder per ADI is government guaranteed.
Best,
Alison
philip
March 26, 2024
We have a little over $300000 do we have to open two term deposits or have the term deposit in two names to be guaranteed by the govt.