MyLife MyFinance Term Deposit

Last updated: Aug 5, 2020

Earn up to 0.8% on a 12 month term deposit with MyLife MyFinance.

The MyLife MyFinance Term Deposit account offers fixed interest rates on term lengths between one month and two years. Customers can enjoy a rate of up to 0.8% on a 12 month term. Different rates apply for different term lengths, as shown in the table below.

Up to 0.8% p.a.

Interest rate

1 month interest rate

$5,000

Minimum opening deposit

Account keeping fee

$500,000

Maximum deposit

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Details

Product Name	MyLife MyFinance Term Deposit
3 month interest rate	0.80%
6 month interest rate	0.80%
9 month interest rate	0.80%
12 month interest rate	0.80%
24 month interest rate	0.80%
Minimum Opening Deposit	$5,000

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Joint account availability	No
Min Deposit	$5,000
Available to children	No minimum age

Pros

Competitive, fixed interest rates
No set-up fees

Cons

Minimum deposit of $5,000 needed
No terms above 24 months are available

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over seven years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

Key features

Competitive fixed interest rates

You'll benefit from a fixed interest rate when you lock your money into this term deposit, so you can have peace of mind knowing the interest rate won't change for the life of the term.

Terms from one month to two years

You can choose between term lengths of 31 days, 3 months, 6 months, 9 months, 12 months or 24 months.

No account fees

There are no set-up fees or monthly account-keeping fees.

Minimum deposit of $5,000

You need to deposit at least $5,000 to open a MyLife MyFinance Term Deposit. For deposits above $500,000, contact MyLife MyFinance for information on the current rate offered.

Interest calculated daily

Interest is calculated on the balance daily and paid into the account on maturity.

Joint accounts available

You can open this term deposit account as a joint account with another person.

Options at maturity

You can elect to have your interest payments reinvested into your term deposit account at maturity or paid into any Australian bank account.

How to apply

You can apply online in 10 minutes. Make sure you meet the account eligibility requirements and have the following information ready before you start the application.

Eligibility

Minimum age. You need to be over 16 years old to apply for this account.
Residency. You need to be an Australian resident with an Australian residential address.

Documentation

Identification. You'll need to verify your identity using your driver's licence, Medicare card, birth certificate or passport details.
Tax file number. Providing your tax file number ensures that you'll be taxed at the correct marginal tax rate.

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2 Comments

Kay
September 6, 2019

Who owns MyLifeMyFinance?

Nikki
September 7, 2019

Hi Kay,

Thanks for your message. MyLife Finance is the only bank in Australia that is 100% owned by an industry super fund. You can find more information about this company when you visit their official website. Hope this helps and feel free to reach out to us again for further assistance.

Best,
Nikki

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