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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

  • promoted

    Term Deposit

    • Terms from 1 month up to 5 years
    • No set up or monthly service fees
    • Interest paid at maturity

    interest
    rate*

    2.95% p.a.
    5 years

    Minimum
    deposit

    $1,000

  • promoted

    Term Deposit

    • No set up, monthly service or management fees
    • Pick the term from one week to 5 years
    • Choose to invest from $5,000 or more

    interest
    rate*

    2.85% p.a.
    5 years

    Minimum
    deposit

    $5,000

Want more? Compare all 77 term deposits in the Mozo comparison engine.

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

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