A term deposit is a type of high interest savings account that is closed for withdrawals or deposits for the length of time that you choose. Interest is calculated at a fixed rate, and any payments made while the term is in place made to a separate account, allowing you to know precisely how much you will earn based on your deposit amount.
If you have a particular goal in mind that you are trying to reach, a term deposit calculator can help you determine how much you need to deposit and for how long the terms should be in order to reach that goal. Being that the rates are fixed, and not subject to change while your money is invested, it is easy to determine how much interest you will earn by using the term deposit calculator.
Term Deposit Calculator
With the right information in front of you, it should be easy for you to use the term deposit calculator to determine how much interest you will earn, or how much you need to deposit in order to reach your earning goal. Fill in the relevant fields with the correct information and within seconds you will have the details you need to help you decide which term deposit to choose:
- Deposit amount. This is the amount of money you plan to invest into the term deposit account.
- Term length. In this field you will put the number of months you will be investing for.
- Interest rate. Input the listed interest rate for the term deposit you are investigating. Pay attention to the details, as in most cases that amount will be different depending on a number of factors including; the length of terms, how much you invest, and how often you are receiving interest payments.
- Fees. This field will be left at zero for most term deposits, but you should always check to ensure that there is no establishment or ongoing fees with the account you are looking into. If there are, you will insert them into the appropriate field that indicates how often they are paid.
fixed for 6 months
Term Deposit Offer
Single or joint account-holders can apply online with MyState's online application process.
Pay no account setup or ongoing fees and choose a term length between 3 months and 2 years, with interest paid at maturity.
- Minimum investment: $5,000
- Monthly fees: $0
- Interest payment options: maturity
Frequently asked questions
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