Greater Bank Term Deposit

2.60% p.a.13 months

yes

Greater Bank Term Deposit

2.60% p.a.13 months

yes

Mozo Review   Greater Bank Term Deposit Review

Last updated: 27 February 2019.

What's hot:
  • 2.60% interest for a 1 year term (balances over $5,000)

  • 2019 Mozo Experts Choice Award

  • Option to have interest paid to another bank

What's not:
  • Rate cut to 0.10% for early withdrawals

Mozo snapshot:

If you’re looking to lock away some cash for a while with a term deposit, you’ll need an option that offers simplicity and of course, great interest rates. Introducing the Greater Bank Term Deposit, a hassle-free term deposit that can help hit your long term savings goals. With great rates on offer for 1, 3 and 5 year terms, you’ll never have to worry about earning a decent return on your hard earned savings.

Plus being an award winner doesn't hurt. The Greater Bank Term Deposit was named a 2019 Mozo Experts Choice Award winner for best Term Deposit. 

Key features:

The Greater Bank Term Deposit can give you a secure and competitive return on your savings stash. One of the features you need to know is that the Greater Bank Term Deposit offers two different rates - one for balances between $1,000 and $4,999 and another for balances over $5,000.

For a one year term on a balance of $5,000, you’ll earn a 2.60% p.a. interest rate. As with most term deposits, generally speaking longer terms come with higher interest rates, although at the moment the highest on offer is 2.90% p.a. for a 2 year term and a deposit of $5,000 or more.

Plus, there’s no fuss about having your interest paid to another bank. However, if you no longer want to keep the term deposit open after the term ends you will need to let Greater Bank know, as the account does roll over automatically.  

One thing you’ll need to keep in mind is that while there is no minimum notification for early termination, if you decide to withdraw your cash before the maturity date your rate will be reduced to 0.10%.

Who it's good for:

The Gateway Bank Term Deposit is a good choice for Aussies with at least $5,000 ready to be locked away and who won’t be tempted to withdraw the money early.


Any catches?

Term deposits are designed to not be touched before the maturity date and if you are thinking about making a withdrawal, you will have your rate cut to 0.10%. If you think you may need to make regular withdrawals, you might want to consider a high interest savings account instead.

Details

Rates and fees information correct as at 21 March 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.75% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000+)

  • 0.75% p.a. ($1,000 to $4,999)

    1.50% p.a. ($5,000+)

  • 0.75% p.a. ($1,000 to $4,999)

    2.25% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.40% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.00% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.40% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.45% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.55% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.60% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.60% p.a. ($5,000+)

  • 1.75% p.a. ($1,000 to $4,999)

    2.60% p.a. ($5,000+)

  • 2.50% p.a. ($1,000 to $4,999)

    2.60% p.a. ($5,000+)

  • 2.50% p.a. ($1,000 to $4,999)

    2.60% p.a. ($5,000+)

  • 2.80% p.a. ($1,000 to $4,999)

    2.90% p.a. ($5,000+)

  • 2.65% p.a. ($1,000 to $4,999)

    2.75% p.a. ($5,000+)

  • 2.65% p.a. ($1,000 to $4,999)

    2.75% p.a. ($5,000+)

  • 2.65% p.a. ($1,000 to $4,999)

    2.75% p.a. ($5,000+)

Other financial bits
  • $1,000.00

  • none

Features
  • direct credit

  • yes

  • yes

  • No minimum notification for early termination applies. A reduced Interest Rate of 0.10% applies if breakout occurs prior to maturity date.

  • none

*Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

This product is not currently reviewed.

Greater Bank

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