12 Month Term Deposit Rates Compared
Unimpressed by the stormy investment seas? Don’t put your cash under the mattress - make it work hard for you with a high interest term deposit. After all, where interest is concerned more is more.
Read moreUnimpressed by the stormy investment seas? Don’t put your cash under the mattress - make it work hard for you with a high interest term deposit. After all, where interest is concerned more is more.
Read moreAfter your term deposit period is finished you’ll be able to access your money and the interest you’ve earned. At this point,you could sign up again for another term deposit, transfer the cash into other investments or just spend it and enjoy your interest earnings. Some banks will also give you the option of automatic rollovers so you can continue to receive high interest until you make up your mind. Want more info? Check out our guide, Term Deposit Features.
It sure does! Interest is usually calculated daily, so the sooner that money is yours (ie the more frequently you’re paid) the sooner it can be in your account working hard for you and earning you more interest. Do pay attention to the payment frequency as it can really add up! Spot the difference that payment frequency will make with our term deposit calculator.
It’s really simple to do just like opening a bank account. Once you’ve found the best bank term deposit that best suits your needs simply click the ’go to site’ button and you’ll be guided through an easy online application.
Page last updated January 21, 2019
2.70% p.a.
1 year
$1,000
Competitive rates & invest as little as $1,000. Choose between a term & interest rate that suits you.
$1,000,000.00
no
yes
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2.75% p.a.
1 year
$25,000
Interest payable every one, three or six months (special conditions or reduced rates apply)
$5,000,000.00
yes
yes
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2.75% p.a.
1 year
$1,000
No fees whatsoever. Choice of a 1, 3, 6, 9 or 12-month term for deposits from $1,000 - $2 million
$2,000,000.00
Yes
Yes
Details Close
2.75% p.a.
1 year
$1,000
No set-up fees & Apply online in minutes. No account keeping fees.
$2,000,000.00
yes
yes
Details Close
2.45% p.a.
1 year
$100,000
Highly competitive rates for new to bank funds & a $0 Setup and account-keeping fees
$20,000,000.00
no
yes
Details Close
2.50% p.a.
1 year
$1,000
Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly (reduced rates may apply)
$2,000,000.00
no
yes
Details Close
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Reviews, news, tips and guides to help find the best term deposit for you.
A year might seem like a very long time but rest assured, if you've done your homework, investing in a 12 month term deposit can work in your favour to maximise your wealth. A term deposit is where the interest rate is guaranteed not to change therefore your savings grow over the year. If you have a long term savings goal perhaps for a house or an overseas holiday, a 12 month term deposit is a good way to achieve those financial ambitions.
Locking your savings away for a whole year may seem a little daunting, as a lot can happen in 12 months with the market and your personal financial situation. So take the time to consider the following features before taking the leap into the world of term deposits.
Do you have a large amount of cash you're not sure what to do with? Are you someone that doesn't like taking risks and would rather take a conservative approach when it comes to money? If so, a 1 year term deposit may just suit you and your savings.
Fair enough though if you feel a little scared at the thought of opening up a one year term deposit, especially given you can't access the funds over the term without penalties. So it's important to do a budget that ensures you can survive a year without the funds in your term deposit. Also make sure you have an emergency stash of cash to avoid penalties for dipping into the deposit before maturity.
Crunch some numbers in the Mozo savings goal calculator.
Interest can be paid monthly, quarterly, bi-annually, annually or on maturity. Discuss the options with your bank.
Usually via direct credit into your nominated account. In some cases the financial institution that holds your term deposit may pay the interest to another bank of your choice.
As many as you like, there's no limit.
A minimum of $1000.
It's free!
The financial institution can debit funds directly from your nominated bank account or you can transfer funds into a new term deposit
In most cases, the beauty of the online world allows you to open a term deposit with the click of a few buttons but you may have to visit branch
You can't make additional deposits until the term has ended
Yes but it will come at a cost! Do everything you can to avoid the early withdrawal penalty.
The Australian Government guarantees term deposits of up to $250,000 with Authorised Deposit-taking Institutions (ADIs) such as your bank, credit union or building society. So your pennies up to this amount are safe if anything unexpected happens to your ADI.
Withdrawal your money and go on a shopping spree, rollover your funds for another term or reinvest your funds once you've found a higher interest rate.
Fast and understanding.
Read full review
Fast and understanding.
Less
Agavale | Victoria
reviewed about 1 month ago
I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
Read full review
I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
Less
Stephen | New South Wales
reviewed about 1 month ago
There are small problems like any other bank but I still find it not bad. When transferring money...
Read full review
There are small problems like any other bank but I still find it not bad. When transferring money between accounts, there is great privacy and you feel safe.
Less
Steven | New South Wales
reviewed about 1 month ago
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