Your selected term deposits
4.50% p.a.
5 years
$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected term deposits
4.50% p.a.
5 years
$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Your selected term deposits
4.35% p.a.
5 years
$25,000
Yes up to $250,000
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
Read our Mozo Review to learn more about the Heartland Bank Term Deposit
Your selected term deposits
4.00% p.a.
5 years
$1,000
Yes up to $250,000
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
Read our Mozo Review to learn more about the Newcastle Permanent Term Deposit
Your selected term deposits
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Yes up to $250,000
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Read our Mozo Review to learn more about the ING Term Deposit
Your selected term deposits
^See information about the Mozo Experts Choice Term deposits Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Term deposits can be a safe bet for growing a lump sum, letting you lock money away for a set time to accumulate interest. They offer certainty with a fixed rate, but for long-term investing, make sure that you're getting a good return now and in the future.
Before committing, consider two things: interest rates—might they rise or fall? If you think they'll rise, a shorter term like two years might be better. However, if the economy is in more of a holding pattern and the cash rate has been steady, a five year term might be worth a look.
Remember, early withdrawals incur break fees and might forfeit interest, so keep some savings on the side in a high-interest account for easy access.
If you’re looking for the best 5 year term deposit, there are some key features that you might want to check first. These include:
Interest rates: Term deposit interest rates are fixed for a period of your choosing, so you’ll want to make sure you’re getting a rate that will serve you well for the term.
Minimum deposit requirement: Providers generally have a minimum deposit requirement that usually varies from $1,000 to $5,000.
Compounding frequency: The most common compound frequencies are monthly, annually, and at maturity. Keep in mind that monthly compounding rates tend to be a bit lower due to the effects of compound interest.
When considering a 5-year term deposit, be sure to think beyond just the interest rate. For example, consider the economic landscape and your personal financial future. And, if you anticipate needing funds before maturity, be aware that early withdrawals often incur penalties.
Some providers offer more flexible terms, allowing partial withdrawals without breaking the entire deposit.
Inflation impact: Factor in the effects of inflation on your returns. Over a 5-year period, inflation can significantly erode the purchasing power of your money. Aim for an interest rate that outpaces, or at least keeps pace with, the projected inflation rate to ensure your savings maintain their real value.
Automatic rollover: Check the terms for renewal, especially if your term deposit is set to automatically roll over at maturity. The new interest rate offered at rollover might be significantly lower than your initial rate. Set a reminder before the maturity date to review your options and potentially negotiate a better rate or explore other investment opportunities.
Tax Implications: Keep in mind how term deposit interest is taxed as it is usually counted as income tax and could change what you pay come tax time.
Remember, while a long-term deposit can offer stability, it's also important to maintain some funds in more accessible accounts for unexpected expenses or opportunities.
A 5 year term deposit can be an effective method to put away your money and continually earn interest for the long term. If you have a lump sum of cash that you want to spend on something specific in the future, like say your child’s high school fees, a 5 year term deposit locks away your savings and ensures you won’t dip into them before it matures. Similarly, if you like the security of knowing exactly how much interest you will make on your money, you can lock in an interest rate that lasts the entire term. Because 5 years is on the longer side of term deposits, make sure that you are getting the best return on your funds not only when you make your deposit, but also in the future.
To access your money from your term deposit, you need to wait till the full term of your term deposit is complete - so in this case 5 years. 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!) We understand that 5 years is a big commitment, so if there is any reason you may need to access your money before the full term is up, you may be better off with say 2 year term deposit or even just a short term deposit.
For a long term deposit, you usually have options for when you receive your payment of your interest earnings. You can choose to receive interest monthly, quarterly, annually or at your term deposits maturity. While you must be patient when it comes to accessing your initial sum put down at the beginning of your term deposit, some banks give customers the option to receive their interest payments in a separate bank account. This means that you can see and use your earnings while the bulk of your money is still locked away. Have a read of our term deposit reviews to see different providers’ interest rates and features.
Unfortunately, unlike a savings account, there is no ‘top-up’ feature on a term deposit, as it is designed to accumulate interest on the one deposited amount. Once you have made your deposit, your funds are locked away and the key is hidden until your term deposit reaches maturity. To put it simply, nothing goes in or comes outs for 5 years, so if your someone who likes to stash cash on a regular basis, a high interest savings account may be better instead.
Is choosing a longer term deposit always better?
It’s true, you’re more likely to get a higher rate on a longer term deposit and for someone who spends whenever they have extra cash, it could be better to lock those savings away for longer so that they stay savings.
But, one of the downsides to a term deposit is that no-one can predict the future so there are a few things you need to consider. The first thing is interest rates. Are they likely to go up or down over the term? This can be difficult to predict but if you do think it’s more likely up then down, then it might be a more lucrative for you to choose a shorter term.
The second key thing to ask yourself if whether you can safely say that you won’t need to access the money in the time that its locked up. By not keeping your money in a term deposit for the full duration could see you pay hefty bank fees. For other term deposit options and to weigh up different providers, head to our term deposit comparison table.
A major benefit of term deposits, is that you are unlikely to encounter extra costs, like set up, annual or ongoing fees. You should always double check with your provider before you make your deposit, just to make sure you’re not paying more for no reason. Do keep in mind though, if you decide to withdraw your money before the end of the 5 year term deposit period, you should expect to be hit with break fees and see your interest rate decreased.
Can I add more money to my 5 year term deposit?
You can only add more funds to your term deposit at maturity. The only time extra cash will be contributed to your deposit is if you’ve chosen to have interest paid monthly or annually.
What’s the benefit of choosing a 5 year term deposit
The main benefit of choosing a 5 year term deposit is that you’ll have a fixed amount of interest over a longer period of time where you know how much of a return you’re getting.
You can get a SMSF term deposit. Some providers will advertise them as SMSF accounts while others might offer them under the same rate as a personal or business term deposit. If you're looking for the best term deposit options for SMSFs, head over to the Mozo Experts Choice Awards SMSF accounts section to see which providers and terms ranked best according to our money experts.
Very easy to have your accounts all in the one place and to use the online system.
Read full reviewVery easy to have your accounts all in the one place and to use the online system.
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