
Thinking of opening a term deposit this year? 3 things to consider first
Term deposits have many benefits, but there are also a few things to be aware of.
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An introductory savings account is a type of high interest savings account that offers a sign up bonus interest rate for the first few months after opening the account. However, after the introductory period ends the rate usually drops to a much lower rate.
An introductory bonus savings account, also known as a honeymoon savings account, offers a higher interest rate the first 3 to 5 months after you open the account. It's a form of welcome bonus offer, to incentivise you to open an account. These savings accounts usually don't have any deposit conditions to meet to earn the bonus interest for the first few months making them a great option for saving money easily in the short term.
Keep in mind these bonus rates will often only apply to the first account you open, which means if you close the account and then open the same savings account again, it's likely that you won't get the bonus rate a second time.
A honeymoon rate is just another term for an introductory rate. It's a high interest rate offered on a savings account, but is only available for a couple of months which is why it is sometimes referred to as a 'honeymoon' rate.
Term deposits have many benefits, but there are also a few things to be aware of.
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Read more…The cash rate has gone up for the first time in more than 11 years as the Reserve Bank of Australia tries to combat rising inflation. Home loan rates are rising – but so are savings rates.
Read more…Picture: Shutterstock
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for over 8 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 Greater Bank, bcu 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.
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I have $90000.00 to invest and I want to just leave it there for a long period of time. I want the best interest rate possible. Please advise
Hi Noela,
Thanks for reaching out to us. I hope you are doing fine today.
I am sorry because I am unable to recommend a specific option for you as we are a comparison website and general information service. Your decision or choice would entirely depend on your needs.
On the page you are viewing, we have a panel wherein you may enter details and click “Calculate” so you would be able to compare the options. Also, you may click “Go to site” of each option so you would be able to read more important details.
On the other hand, you may also find other options from our list of term deposits account. In comparing options, please take time to review relevant details as well as the Product Disclosure Statements / Terms & Conditions of each option so you would be able to choose the one that would suit your needs.
I hope this helps.
Cheers,
Judith
I propose to close a low interest internet a/c with a large sum and tranfer to another bank at higher into rate. the existing bank only permits $25k transfer at a time – do i need to do it by bank ghq and how do you deposit a bank chq where there is no branch?
Hi Wayne,
Thanks for your question.
You can speak to your current bank about increasing your transfer limit, so then you can do it in one transaction rather than multiple transactions.
To deposit at a bank with no branches, you can utilise their Bank@Post service which means you deposit the funds at a local Post Office.
Hope this helps,
Shirley
Want a high interest saving or term deposit without introduction period and can withdraw at least once a month and no deposit necessary. Can you help please.
Thank you
Mario
Hi Mario,
Thanks for your question.
If you would like to withdraw at least once a month and not make regular deposits, an introductory savings account could work in your favour.
You may want to check the introductory bonus savings accounts featured on our website. Please let me know if you have any follow up questions.