12 days of EOFY offers: Earn 6% on a term deposit with in1bank

Term deposits can be a great way to boost your savings – and they can offer several other benefits too!

The 12 Days of End of Financial Year Offers are here at Finder! Today, we're taking a look at term deposits. We've got a great offer from in1bank – and we take a look at somefeatures you may not have known you can get from a term deposit.

Explore all of our EOFY offers today

6 features you didn't know you can get from a term deposit

Term deposits can be a handy and relatively low-risk means to grow your wealth. We've put together some key features to look for when you're selecting one for your savings.

Learn more about term deposits with in1bank

1. Bonus interest

One way you can boost your savings is by looking for introductory offers or bonuses when you first sign up for a savings account or term deposit.

in1bank, a new digital entrant to the Australian banking world, is currently offering an EOFY interest bonus on its in1Deposit term deposits.

If you sign up before 30 June 2024, you can earn 6% p.a. on a 31-day Special Term Deposit. After this period, the interest rate will vary depending on the specific term that you have chosen. This starts from a minimum 4% p.a. in a combined transaction and savings account, with money available for withdrawal at any time.

Offers like this can help give your savings an additional bump as soon as you get started.

2. Customisable maturity dates

Though term deposits tend to be considered fairly low-risk forms of investment, they are also sometimes viewed as rigid in their terms¹.

However, individual providers are still able to offer some flexibility. For example, in1bank allows you to choose the exact number of days of your term deposit's maturation period – anywhere between 31-730 days (or 24 months!).

You're also able to manage your term deposit via the in1bank app 24/7 – more on that in a moment.

So whether you're looking to save for a specific occasion, have a lucky number of days in mind or simply want to start building wealth, you've got options at your fingertips.

3. Digital convenience

In a world of smartphones and apps, convenience is king. So if you're looking for a term deposit, it makes sense to look for one that can be easily applied for via smartphone, accessed outside normal working hours and at a rate that suits you.

As in1bank is a digital-first bank, you can sign up for an in1Deposit account via your smartphone. You'll need to provide some details to ensure account security, but there's no need to go through a lengthy in-person process – or having to take time out of work to visit a physical branch.

4. Transactions and savings in one spot

Similarly, managing your accounts should also be an easy process in an online world. Whether you're more of a smartphone fan or a desktop enthusiast, keeping track of multiple accounts online is a must-have these days.

in1bank allows you to oversee your everyday transactions and savings in a single account. This also includes an attractive minimum interest rate (currently 4% p.a.) on every dollar, as well as no account keeping or transaction fees.

This feature eliminates the need to transfer excess funds from a traditional transaction account to a traditional savings account. In turn, there's only one bank statement to manage.

Additionally, in1bank has its own QR code for transferring money between in1bank customers (P2P, B2C and B2B). These transfers are instant and free of charge. When you scan the QR code with the in1bank app, the app will also identify the payee – or show an error message for unverifiable QR codes. This way, you can be sure that the payment is going to the correct person.

Having this kind of access in place can help you significantly streamline your banking on a day-to-day basis with enhanced digital security.

5. Choosing your own bank account number

On the "nice-to-have" list of features is being able to choose your own account number. It's not essential, but if you want a number that's easy to remember or have a lucky number you're fond of, it's a great little bonus.

Accounts with in1bank allow you to do exactly this as an option – so you'll never need to worry about forgetting your account number again!

6. Security

One of the other reasons that term deposits have attracted investor attention is because the Australian Government's Financial Claims scheme provides guarantees of up to $250,000².

As in1bank is an authorised ADI – just like all the other banks in Australia – every customer with an in1Deposit account is guaranteed up to this amount. So you're also able to have peace of mind around your savings.

Learn more about setting up a term deposit with in1bank today