St.George Term Deposit

2.45% p.a.1 year

yes

 

St.George Term Deposit Review

Review published: 28 June 2018

What's hot:

  • 2.45% interest for 1 year term

  • Interest can be paid to another bank

What's not:

  • 31 days notice for early withdrawal

Mozo snapshot:

If you’re looking for a way to lock away some money in a safe and decently high earning account, then you’re looking for a term deposit. The St.George Term Deposit has a couple of great rates, particularly 2.45% on a 1 year term and 2.80% for terms of 5 years. It also lets you have your interest paid into an account at another bank if you want, and at the end of the term you can choose between having the account renewed, automatically rollover or exit with your newly earned interest.

Key features:

Since your savings will be locked away for a fixed period of time when you opt for a term deposit, the first thing you have to ask yourself is, ‘how long do I want to put this money away for?’

The general rule is the longer the term, the better interest rate you’ll snag, and the St.George Term Deposit is no different. The highest interest rate on offer is 2.80%, when you stash your money away for 5 years. If you can’t commit to such a long period, then the one year rate is nothing to sneeze at, as it comes in at 2.45%.

With the St.George Term Deposit, you’re able to automatically rollover into a new term once the agreed period is over, or you can close the account at the end of the term. And you’ll be able to have all that interest paid into your St.George bank account or an account at another bank if you want.

The minimum amount of money you’ll need to open a St.George Term Deposit is $1000, and the maximum amount is $250,000.

Who it's good for:

While most term deposits are most effective the longer you stash your cash, the St.George Term Deposit also has a few great shorter term deals. So if you’re not sold on a long-haul commitment, it might be a good choice for you. 

Any catches?

As with any term deposit, if you decide you want to withdraw your money before the maturity date, then the amount of interest you’ll earn will decrease significantly.

Another thing to remember is that if you allow your original deposit to automatically rollover into a new term, you may not get the same interest rate you had before - so be sure to check what deal you’re getting and make arrangements for when your term comes to an end.

Rates

  • 1.50% p.a. ($1,000 to $250,000)

  • 1.70% p.a. ($1,000 to $250,000)

  • 2.05% p.a. ($1,000 to $250,000)

  • 1.85% p.a. ($1,000 to $250,000)

  • 1.85% p.a. ($1,000 to $250,000)

  • 2.15% p.a. ($1,000 to $250,000)

  • 1.90% p.a. ($1,000 to $250,000)

  • 1.90% p.a. ($1,000 to $250,000)

  • 1.90% p.a. ($1,000 to $250,000)

  • 1.90% p.a. ($1,000 to $250,000)

  • 1.90% p.a. ($1,000 to $250,000)

  • 2.45% p.a. ($1,000 to $250,000)

  • 2.50% p.a. ($1,000 to $250,000)

  • 2.60% p.a. ($1,000 to $250,000)

  • 2.70% p.a. ($1,000 to $250,000)

  • 2.80% p.a. ($1,000 to $250,000)

  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

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

Compare other business term deposits
Advertisement