Bank of us Term Deposit

Mozo snapshot

If you’re looking to build your nest egg, then the Bank of us Term Deposit could be worth a look, as it comes with decent interest rates across a range of terms. Terms start from as short as one month and go all the way up to three years. Once your deposit hits maturity, your funds will automatically roll over or you can opt to exit with your newly earned interest.

Key features

The Bank of us Term Deposit comes with terms ranging from one month up to three years. Depending on the term you’ve picked and the amount you’ve put inside, your interest rate can vary anywhere from 0.10% for one month terms (up to $25,000) to 1.60% for eight month terms ($100,000 to $200,000).

With the Bank of us Term Deposit, interest rates follow a three-tier system. You’ll snag the highest rate if you stash between $100,000 to $200,000 inside the term deposit, while the second highest rate is given to customers who lock away amounts between $25,000 and $100,000. Any amount below $25,000 will earn you the least return for your money.

For instance, for eight month terms, your rate would be:

• 1.40% for $5,000 to $24,999

• 1.50% for $25,000 to $99,000

• 1.60% for $100,000 to $200,000

What’s more, the Bank of us Term Deposit offers customers the option to have their interest paid to another bank of their choice, either as direct credit or cheques. Just bear in mind that this term deposit also has an automatic rollover feature, which means you’ll have to opt out at maturity if you want to access your funds and interest without penalty.

Who is it good for

The Bank of us Term Deposit suits committed savers looking to grow balances between $100,000 to $200,000, as you’ll earn the most interest for amounts within this range.

Any catches

Before letting your term deposit automatically roll over, be sure to check whether the rate being offered is still competitive by comparing other offers.