If you’re looking for a way to lock away some money the St.George Term Deposit could be just the place. It's flexible, as it offers a wide range of term options. Plus, it 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 automatically rolling over or exiting with your newly earned interest.
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 St George Term Deposit offers a range of terms from one month up to five years. Fixed rates start from 0.05% p.a. for one month and go up to 0.35% p.a. for one to five years.
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, either as direct credit or cheque.
The minimum amount of money you’ll need to open a St.George Term Deposit is $1,000, and the maximum amount is $2,000,000.
The St.George Term Deposit suits savers looking to earn interest on balances between $1,000 and $2,000,000. It's also good for those who want flexibility with the interest they earn.
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. You'll also need to give St. George 31 days notice before any early withdrawals.
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.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.