In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Challenger Term Deposit
Interest rate 6 months interest rate
Up to 5.2% p.a.
Minimum opening deposit
$25,000
Account keeping fee
$0
Maximum deposit
$1,000,000

Summary

Earn up to 5.15% on a 12 month term deposit with Challenger.

The Challenger Term Deposit offers fixed interest rates on term lengths between one month and five years. Customers can enjoy a rate of up to 5.15% on a 12 month term. Different rates apply for different term lengths, as shown in the table below.

Pros

  • Competitive, fixed interest rates
  • No set-up fees

Cons

  • Minimum deposit of $25,000 needed for new customers and $5,000 for existing customers

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Challenger Term Deposit
3 month interest rate 4.75%
6 month interest rate 5.20%
9 month interest rate 5.15%
12 month interest rate 5.15%
24 month interest rate 4.70%
36 month interest rate 4.20%
48 month interest rate 4.10%
60 month interest rate 4.10%
Minimum Opening Deposit $25,000
Minimum age requirement 14
Government guarantee Yes

Eligibility

Minimum Age Requirement 14
Joint account availability Yes
Min Deposit $25,000
Available to children Not available for children under 14 years of age

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.


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 14 years or older to apply for this account.
  • Residency. You need to be an Australian resident with an Australian residential address.

Your reviews

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Ask a question

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Alison Finder

Editor

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philip

March 26, 2024

We have a little over $300000 do we have to open two term deposits or have the term deposit in two names to be guaranteed by the govt.


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Sarah Megginson Finder

March 26, 2024

Hi Philip,


The gov. guarantee covers $250,000 per person, per organisation. So if your balance is $300,000 for one person, you would want to put $50,000 with a different institution. If its in the name of 2 people, you can have $250k each.


Hope this helps!


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peter goonewardene

August 25, 2023

the money we deposit is guaranteed by government?


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Alison Banney Finder

September 21, 2023

Hi Peter, yes this bank is included in the government guarantee scheme.


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Terry

August 20, 2023

Does Challenger accept Term Deposits from SMSF’s?


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Alison Banney Finder

September 21, 2023

Hi Terry, yes you can apply as an SMSF or Trust.


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KH

June 07, 2022

Am i able to open an account for my child savings money and get better interest with a 12 month fixed term and still not pay tax as they are a child, as this is currently occurring with Com Bank ?


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Alison Banney Finder

June 24, 2022

Hi Keith,


To open a MyLife MyFinance Term Deposit account you need to be 14 years or older. If your child is younger than this, the account can be opened with you as a signatory.


Regarding the tax, even if the account is in your child’s name if the money belongs to you then you need to pay tax on it. If the money belongs to the child, they may need to pay tax on it depending on how much interest is earned. You can see more details on this via the ATO here.


Thanks,

Alison


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Roland

May 31, 2022

Is a term deposit insured up to $250000?


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Alison Banney Finder

June 20, 2022

Hi Roland,


Yes, the Financial Claims Scheme (FCS), applies to a wide range of deposit accounts including term deposits. With this scheme, deposits of up to $250,000 per account holder per ADI is government guaranteed.


Best,

Alison


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