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 the highest rates on offer for 6 month or 5 year terms, you’ll never have to worry about earning a decent return on your hard earned savings.
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 0.60% p.a. interest rate. As with most term deposits, generally speaking longer terms come with higher interest rates. If you lock in for 3 years, you can score a 0.90% p.a. rate or for 5 years a 1.00% p.a. rate, both on balances of $5,000.
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 a paltry 0.01%.
The Greater 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.
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 0.01%. If you think you may need to make regular withdrawals, you might want to consider a high interest savings account instead.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.