Award winning term deposits to grow your savings stash
If it’s time you locked your rainy day fund away to grow, you might be on the hunt for an excellent term deposit offer - and the good news is, for those who know where to look, there are still some top spots to stash your savings.
The Mozo Experts have recently analysed over 500 products in our Experts Choice Deposit Awards to find the best value bank accounts, savings accounts and term deposits. Only the top 10% were named winners and we’ve picked out a few of our favourite term deposit options to consider so you can get your nest egg started today.
ME - Term Deposit
If you’re in it for the long haul, the ME Term Deposit will reward you with some pretty generous interest rates. The 3.00% available on 3-5 year terms is one of the best rates around at the moment, and you can deposit as little as $1,000. So if you’re after a safe and secure place to tuck your stash away so it can grow, this is a good place to start.
firstmac - Term Deposit
- 2.75% interest on 2 years term
- 2.65% interest on 1 year term
- 2.50% interest on 6 month term
A winner in the Short Term Deposits category, the Firstmac term deposit offers a healthy 2.50% interest when you lock your funds away for just 6 months - not half bad for a quick savings boost! You can even opt for shorter terms between 1 and 3 months and still score 2.00% or more interest on balances from $5,000 to $5 million.
These are just a few of our winners, so if you’d like to see more options for your rainy day fund, check out our full list of Experts Choice Term Deposit winners or take our term deposit search tool for a whirl.
Things to remember when you lock-in to a term deposit
Minimum deposit amounts may apply
Whether you’ve got a little or a lot to put away, chances are you’ll be able to find a term deposit to fit your savings - but make sure you check on minimum (and maximum) deposit amounts for each option you’re considering! Plus, remember that the more you lock away, the more interest you’ll earn, so it may be worth sweeping up every last dollar before you make your deposit.
Penalties apply for early withdrawal
There’s a reason we talk about “locking” your money in a term deposit. If you change your mind and want to take your money out of a term deposit before the time is up, there may be a fee for doing so, and you’ll earn less interest than you were counting on. So it’s important to plan your term deposit carefully, and only put away funds you’re certain you won’t need any time soon.
You need a plan for when the maturity date rolls around
When your term deposit ends, you’ll need to let your bank know what you want them to do with your money - pay it out into your bank account, or reinvest it into a new term deposit.
Remember that if you don’t make your wishes known, your deposit may automatically roll over into a new term. If this happens, you may not get the best possible interest rate, and you’ll be locked in until the new term is over, or risk being penalised.
*Different interest rates may apply to different amounts or different interest payment frequencies. Please check the details of each term deposit offer before applying.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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