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 2.75% interest rate. For a three year term, you’d earn an interest rate of 3.00% and for a five year term, you’ll an interest rate of 3.10%. 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.
The 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 you will have your rate reduced by 0.10%.
Who it's good for:
The Gateway Bank Term Deposit is a good choice for Aussies with $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 by 0.10%. If you think you may need to make regular withdrawals, you might want to consider a high interest savings account instead.