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5 year term deposits

  • If you're looking for a safe place to put your money in the long term, a high interest earning term deposit might be a good choice for you. As a cash investment, term deposits are a useful addition to balance risk and diversify your portfolio or keep money safe for your children's education but just beware of putting all your eggs in one basket.

  • When can I access my money?

    To access your money (and that tidy sum of interest you've earned) you need to wait till the full term of your term deposit is complete.

  • How could 'break fees' affect me?

    Break fees are a penalty for accessing your money before the full term of your term deposit contract is complete. The exact penalty is at the discretion of your lender but you can expect to be penalised between 40% and all of your interest earnings. (Ouch!) 5 years is a big commitment - if there is any reason you may need to access your money before the full term is up, you may be better off with a shorter term deposit say 2 year term deposit, or a high interest savings account instead.

  • Is a 5 year term deposit the right investment for me?

    Isn't that a million dollar question? Term deposits are certainly a safe place to stash your cash but higher returns (and more tax effective investments) may be available in property, shares and managed funds or a number of other asset classes. If you're talking about large sums it may be worth speaking to a financial planner about diversifying your portfolio.

Term deposit comparisons on Mozo Rates updated daily

  • Bankwest Online Term Deposit

    Bankwest Online Term Deposit

    • No fees
    • Invest anything from $1,000 to $5 million
    • 100% secure online application process

    interest rate*

    2.65% p.a.
    5 years

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    More info

    • No fees
    • Invest anything from $1,000 to $5 million
    • 100% secure online application process
    • Minimum deposit: $1,000
    • Maximum deposit: $5,000,000
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    7.7

    Based on 47 Bankwest term deposit reviews

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  • Citibank Term Deposit

    Citibank Term Deposit

    • Minimum investment $75,000, 31 day notice period applies
    • No establishment or account keeping fees
    • Feel secure in your investment, with guaranteed returns at maturity.

    interest rate*

    2.35% p.a.
    5 years

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    More info

    • Minimum investment $75,000, 31 day notice period applies
    • No establishment or account keeping fees
    • Feel secure in your investment, with guaranteed returns at maturity.
    • Minimum deposit: $75,000
    • Maximum deposit: $1,000,000
    • Can interest be paid to another bank?: no
    • Automatic rollover: yes
    Overall rating

    9.0

    Based on 3 Citibank term deposit reviews

    Need more information?
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    More info

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

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