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How we picked theseFinder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.
A term deposit allows you to deposit an amount of money an earn a fixed return. If you have $100,000 (or even more) to invest, a term deposit provides a safe solution for holding onto your cash.
Perhaps you've 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 term deposits is an incredibly low-risk option to earn a return on the money while you're not yet using it elsewhere.
You can choose a term length (from 1 month to 5 years) and you'll get a fixed interest rate for this time, meaning the rate won't change. You can also choose how often to receive your interest payments, whether it's monthly, annually or at maturity.
Look for a term deposit with a high interest rate. Banks will offer different rates on different term lengths.
If you know exactly how long you want to lock your money into a term deposit, compare the rates for this term length only. Some banks will offer a lot more choice in term length than others.
How often does the term deposit pay you interest? Some will give you the choice to receive interest payments monthly, quarterly or annually while others will only pay interest on account maturity.
Banks will often charge you a penalty if you need to withdraw your savings balance before the terms end. Some will charge a fee, some will reduce your interest, and some will do both. Check what the rules are before you open the term deposit, just in case you need to access the money early.
Finder data reveals if Australians found themselves with $100,000 all of a sudden, almost 20% of us would put the money into a high interest savings account.
High interest 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. This usually includes things like making regular deposits (sometimes up to $1,000 per month), making a set number of purchases or limiting your withdrawals. Term deposits don't have any ongoing requirements to meet - it's a set-and-forget option.
Savings accounts also offer variable interest rates, meaning they can change at any time. Term deposit rates are fixed, so you can have peace of mind the rate won't change for the life of your term. This could help with planning as you're able to calculate exactly how much your deposit will grow by the end of your term.
"One benefit of a savings account over a term deposit is that you can access the money instantly whenever you need it. This is helpful if you have a large, unplanned expense pop up or you find another investment opportunity that you want to act on quickly.
If you're going to invest a large sum of money into a term deposit, make sure you also keep enough cash aside in either a bank account or savings account to access quickly if you need to."
You can score up to 25,000 Qantas Points, but is the interest rate good enough?
When can you expect term deposit interest rates to increase? Find out in this handy guide.
They offer a fixed interest rate (so you don't need to worry about any market volatility) and your deposit up to $250,000 is protected by the government.
Want to withdraw money from your term deposit before it matures? Penalties apply, so check out this guide to term deposit penalties and how they will affect you.
A 5-year term deposit combines competitive fixed interest rates with the security of guaranteed returns.
Term deposits with loyalty bonuses reward customers for their ongoing business by offering a bonus interest rate on term deposit balances.
With the help of a term deposit calculator you get a better idea of how much you need and for how long to invest so you can meet your financial goals.
The added level of control coupled with the high interest earning potential of notice savers makes this a savings account worth considering. Ensure that you understand exactly how it works, and if it will fit in with your financial goals before making a final decision.
A term deposit can help you save and manage your personal finances to help plan for future expenditure.