With fixed interest rates starting at 1.50% p.a for a 1-month term, ranging up to 2.50% p.a for a 7-month term or even 2.75% for a term of 5 years (for accounts containing $50,000 to $1,999,999), the Commonwealth Bank Term Deposit account has the potential to earn you higher interest if you’re willing to deposit a big chunk of change into your account.
The Commonwealth Bank Term Deposit gives you the option have your interest paid either every 28 days, 6 months, annually or at maturity, depending on the length of their term period. You can also choose to have your interest paid into a different bank of your choosing once your account reaches maturity.
This term deposit also has an automatic rollover option for customers who want to extend their term past maturity. Just make sure you check the new deal is still competitive before letting it roll over.
Who it's good for:
The Commonwealth Bank Term Deposit offers a wide variety of terms and interest rates, so it could be a good option whether you’re after a quick boost to your savings, or a long-term nest-egg.
If you withdraw your funds before your term deposit reaches maturity, you’ll be charged additional fees, including a $30.00 administration fee, plus, you won’t earn the full amount of interest. Interest rates also vary quite significantly depending on how much money you deposit in your account, so make sure you double check the fine print.