Terms between 3 months and 5 years
$1000 minimum deposit
0.10% p.a. loyalty bonus when you roll over your term deposit
If you’re looking for a stable and secure investment opportunity, term deposits could be the perfect choice. They offer a fixed interest rate that won't change for the duration of the term (so you don't need to worry about any market volatility), and your deposit up to $250,000 is protected by the government.
Term deposits are one of the safest investments around. Unlike other investments, for example shares or property, there is almost no risk of losing the money you deposit. There are no establishment or ongoing service fees attached to term deposits (unless you withdraw your funds early), so you don’t have to worry about hidden fees and charges eating away at your savings balance.
These accounts allow you to earn a fixed interest rate on your account balance, so you don’t have to worry about falling interest rates harming your savings like you do with a savings account. This also means that you can calculate exactly how much interest you will earn on your term deposit, allowing you to budget for future expenses and investments ahead of time.
In short, term deposits are a safe place to park your money and let it grow. There’s no ongoing account management required and virtually no risk attached to your investment.
Similar to bank accounts and savings accounts, term deposits are protected by the Australian Government Guarantee. Under this arrangement, deposits of up to $250,000 in an Authorised Deposit-taking Institution (ADI) are guaranteed by the Australian government. In other words, if the bank with which you open a term deposit gets into financial trouble and collapses, you won’t lose any money as it'll be covered by the government. The majority of banks, building societies and credit unions are including in this scheme.
This $250,000 cap applies per person and per ADI. This means if you have $500,000 to invest, you can put half of it in a term deposit with one bank and the other half with another bank to make sure the whole lot is covered.
There are several reasons why term deposits are so safe:
Although term deposits are a safe and secure investment, they’re not without some drawbacks.
Earn a competitive interest rate on terms between 1 month and 2 years with a Challenger term deposit.
This account offers fixed interest rates for terms ranging from one month to five years, so you can enjoy secure, guaranteed returns on your business funds.
With competitive interest rates and terms ranging from 3 to 24 months, a MOVE Bank Term Deposit can help you reach your financial goals.
Passively watch as your money grows in a high interest earning term deposit from BankVic
A variety of terms to choose from along with interest payment options make the P&N Bank Term Deposits worth a closer look.
Take control of your super with a flexible account that allows you to manage all of your needs in one convenient place.
Give your money the benefit of a high interest savings account boost with a flexible term deposit that allows you to structure the terms to meet your needs.
You can grow your savings quickly and easily by locking them into a term deposit from Rural Bank.
With its relatively low opening balance, IMB’s term deposit could make it easy for Australians to begin making a positive investment towards their financial future.
Bendigo Bank term deposits can give you easy means to save for a short or long term goal. Though, you can find other similar offerings out there, so compare a few before deciding.