With investment amounts of $100,000 or more, a term deposit could be a good option while you decide what to do with your money. A term deposit offers a fixed rate of return, and is very low-risk. Balances up to $250,000 in a term deposit are protected by the Australian Government Guarantee Scheme.
If you have recently inherited a large amount of cash, have proceeds from a home sale with no new home to buy yet, or are an investor who is in between opportunities, a $100,000 term deposit provides a safe solution for holding onto your cash. This is also a good account to consider if you want to ensure that your retirement funds will be available for when you are ready to start spending them.
Some banks in Australia have added the option of notice term savers accounts, where instead of choosing a length of time for the deposit, you choose how much notice you need to provide before withdrawing the money. Depending on the institution, you may find that the interest rates are slightly lower, but this is worth considering if you want a little more flexibility.
Bonus savings accounts often offer higher interest rates than term deposits, but you'll need to be willing to meet a few ongoing monthly account conditions (such as a monthly deposit condition).
If you're happy to meet some ongoing requirements like making regular deposits, making a set number of purchases or limiting your withdrawals then you can get a higher rate with a bonus saver. But if you simply want an account you can 'set-and-forget' your deposit, a term deposit will be the way to go.
Take a look at Finder's savings account comparison to see how much interest you can earn with a bonus savings account instead of a term deposit. Remember to note the different monthly account conditions for each account in order to earn the maximum bonus rate. You can use the calculator above the table to change your initial deposit value and the term length.
Check out Finder's review of Judo Bank's Term Deposit for SMSFs.
Lock in a fixed rate on a range of term lengths between 3 months and 3 years for deposits $1000 or more.
Australian Unity Term Deposit offers you a wide choice of term lengths for your investment, with a fixed rate of return on your money.
Earn a competitive interest rate on terms between 1 month and 2 years with a Heartland Bank term deposit.
If you struggle to save, you could benefit from a savings account that won’t allow you to withdraw funds.
With high interest rates offered in a variety of different terms, the AMP term deposit could be ideal for both short and long term saving goals.
When can you expect term deposit interest rates to increase? Find out in this handy guide.
When your term deposit matures it's time to decide the next move for your money. Here are your options, including term deposit rollover (tdr).
Set your own terms and conditions for how your money grows with a flexible investment account that rewards you with higher interest earnings.
Australian Military Bank’s Investment Plus term deposit lets your money earn competitive interest. You can choose a term as per your liking.