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 January 21, 2019
3.15% p.a.
5 years
$25,000
Interest payable every one, three or six months (special conditions or reduced rates apply)
$5,000,000.00
yes
yes
Details Close
3.00% p.a.
5 years
$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
Details Close
3.00% p.a.
5 years
$1,000
No set-up fees & Apply online in minutes. No account keeping fees.
$2,000,000.00
yes
yes
Details Close
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Reviews, news, tips and guides to help find the best term deposit for you.
Fast and understanding.
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Fast and understanding.
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Agavale | Victoria
reviewed about 1 month 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 about 1 month ago
There are small problems like any other bank but I still find it not bad. When transferring money...
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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.
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Steven | New South Wales
reviewed about 1 month ago
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