If you’re looking to put your money away for 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 for your children’s education but just beware of putting all your eggs in one basket.
Read moreTo 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.
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.
Isn’t that a million dollar question? Term deposits are certainly a good 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.
Page last updated May 25, 2019
Promoted
2.40% p.a.
5 years
$1,000
No set-up fees & Apply online in minutes. No account keeping fees.
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Promoted
2.75% p.a.
5 years
$5,000
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.
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Promoted
2.55% p.a.
5 years
$10,000
Choose when you receive interest payments & your first $250k is protected by the Australian Government Guarantee
$499,999.00
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Read our Mozo Review to learn more about the Gateway Bank Term Deposit
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Reviews, news, tips and guides to help find the best term deposit for you.
I like this bank because it offers great rates for a small investment. Setting up the term...
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I like this bank because it offers great rates for a small investment. Setting up the term deposit was very straight forward and easy to organise, and if you need to make any alterations a simple phone call will suffice. I found the process easy and simple to complete.
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Jill | New South Wales
reviewed 2 months ago
Fast and understanding.
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Fast and understanding.
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Agavale | Victoria
reviewed 5 months ago
I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
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I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
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Stephen | New South Wales
reviewed 5 months ago
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