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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

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.

Terms from one month to five years

You can choose between term lengths of 31 days, 3 months, 6 months, 9 months, 12 months, 24 months, 36 months, 48 months or 60 months.

No account fees

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

Invest between $25,000 and $1,000,000.

New customers need to deposit at least $25,000 to open a MyLife MyFinance Term Deposit, and can invest up to $1,000,000. For deposits above $500,000, you'll need to contact MyLife MyFinance's call centre to discuss account application options. Existing customers have a $5000 minimum deposit requirement.

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 14 years or older 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.

Compare other term deposit accounts

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Name	3 Mths p.a.	4 Mths p.a.	5 Mths p.a.	6 Mths p.a.	7 Mths p.a.	12 Mths p.a.	24 Mths p.a.
ING Term Deposit $10,000 min. deposit	3 Mths p.a. 4.75%	4 Mths p.a. 4.75%	5 Mths p.a. -	6 Mths p.a. 4.85%	7 Mths p.a. 4.65%	12 Mths p.a. 4.90%	24 Mths p.a. 4.50%	Go to site More Info Compare
Judo Bank Term Deposit Finder Award$1,000 min. deposit	3 Mths p.a. 4.90%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 5.10%	7 Mths p.a. -	12 Mths p.a. 5.10%	24 Mths p.a. 5.10%	Go to site More Info Compare
Newcastle Permanent Term Deposit $1,000 min. deposit	3 Mths p.a. 3.50%	4 Mths p.a. 3.50%	5 Mths p.a. 3.50%	6 Mths p.a. 4.60%	7 Mths p.a. 3.80%	12 Mths p.a. 4.50%	24 Mths p.a. 4.00%	Go to site More Info Compare
MyState Bank Online Term Deposit $5,000 min. deposit$50,000,000 max. deposit	3 Mths p.a. 2.50%	4 Mths p.a. 4.20%	5 Mths p.a. 4.40%	6 Mths p.a. 4.60%	7 Mths p.a. 5.00%	12 Mths p.a. 4.80%	24 Mths p.a. 3.95%	Go to site More Info Compare
BCU Term Deposit $1,000 min. deposit$999,999 max. deposit	3 Mths p.a. 4.40%	4 Mths p.a. 3.70%	5 Mths p.a. 3.40%	6 Mths p.a. 4.70%	7 Mths p.a. 4.00%	12 Mths p.a. 4.50%	24 Mths p.a. 4.40%	Go to site More Info Compare
Bankwest Term Deposit $1,000 min. deposit$10,000,000 max. deposit	3 Mths p.a. 3.75%	4 Mths p.a. 3.00%	5 Mths p.a. 3.00%	6 Mths p.a. 4.25%	7 Mths p.a. 4.00%	12 Mths p.a. 4.75%	24 Mths p.a. 4.40%	Go to site More Info Compare
Community First Bank Term Deposit $5,000 min. deposit$99,999 max. deposit	3 Mths p.a. 4.20%	4 Mths p.a. 4.20%	5 Mths p.a. 4.20%	6 Mths p.a. 4.45%	7 Mths p.a. 4.45%	12 Mths p.a. 4.70%	24 Mths p.a. 4.75%	Go to site More Info Compare
Community First Bank Term Deposit - $100,000+ $100,000 min. deposit$1,000,000 max. deposit	3 Mths p.a. 4.25%	4 Mths p.a. 4.25%	5 Mths p.a. 4.25%	6 Mths p.a. 4.50%	7 Mths p.a. 4.50%	12 Mths p.a. 4.75%	24 Mths p.a. 4.80%	Go to site More Info Compare

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Alison Finder

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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.

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!

peter goonewardene

August 25, 2023

the money we deposit is guaranteed by government?

Alison Banney Finder

September 21, 2023

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

Terry

August 20, 2023

Does Challenger accept Term Deposits from SMSF’s?

Alison Banney Finder

September 21, 2023

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

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 ?

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?

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

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Challenger Term Deposit

Pros

Cons

Key features

Competitive fixed interest rates

Terms from one month to five years

No account fees

Invest between $25,000 and $1,000,000.

Interest calculated daily

Joint accounts available

Options at maturity

How to apply

Eligibility

Documentation

Compare other term deposit accounts

Sources

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