Bummed about Easter indoors? Plan for next year with a term deposit!
Aussies love a long weekend. But this Easter things are looking a little different than the usual four-day getaways, easter-egg hunts and long lunches with the extended family.
While you’re likely to spend the public holiday cooped up indoors, there is one benefit to a low-key Easter - you’ll probably end up saving a bit of money.
With that in mind, now may be the perfect time for you to get together your “Easter nest egg” and pop it in a term deposit, so you’re set by the time 2021 rolls around.
According to the Mozo database, the average 12 month term deposit rate currently sits at 1.46%.
Let’s say you have a stash of $10,000, if you put it into a term deposit at the average rate, over 12 months you’d end up making $146.
Imagine how many easter eggs you could buy with that!
Many providers in our database have 1 year rates that sit even higher than 1.46%, which could see you make even more in interest!
Want to check some term deposits out? Take a look below!
Judo Bank - Term Deposit
- 2.01% 12 month rate
- 2020 Mozo Experts Choice Award^ winner
- Option to have interest paid to another bank
Need a place to stash your nest egg over the next year? Judo Bank offers one of the most competitive 12 month interest rates at 2.01%! Depositors can lock away anywhere from $1,000 to $1,000,000 and still receive the same hot rate. Plus, the option to have interest paid into another bank is available and there is an automatic rollover feature if you decide you don’t want to dip into your savings once your term deposit matures. It’s no surprise that Judo Bank took out a 2020 Mozo Experts Choice Awards^ for best Term Deposit.
MyState Bank - Online Term Deposit
- 1.85% 1 year rate
- Interest can be paid into another bank
- Option to have interest paid at regular intervals
If you’re on the hunt for somewhere to lock away your savings, the MyState Bank Term Deposit might be the right place to put it. No matter how big or small your stash is, customers can deposit between $5,000 and $5,000,000. Not only can you snag a competitive 1.85% 12 month rate, you can also receive your interest payments at regular intervals rather than waiting until the term deposit matures. Plus, you can even get your interest paid into an account with another bank!
AMP Bank - Term Deposit
- 1.65% 1 year rate ($5,000 to $24,999)
- 1.85% 1 year rate ($25,000 to $5,000,000)
- 2020 Mozo Experts Choice Award^ winner
Want a term deposit with a competitive interest rate? The AMP Term Deposit may be what you are looking for. This product comes with two solid 12 month rates: 1.65% for deposits between $5,000 and $24,999, and 1.85% for $25,000 and $5,000,000. But it’s not only the hot rates that got AMP a 2020 Mozo Expert’s Choice Award for in the best Term Deposit category. AMP also offers customers the ability to have interest paid into another bank account, as well as an automatic rollover feature.
UBank - Term Deposit
- 1.50% 12 month rate
- Interest paid to another bank available
- 0.10% loyalty bonus if you decide to renew
The UBank Term Deposit might be the ideal way for you to see your stash grow over the next 12 months! With a solid 1.50% 1 year rate for deposits anywhere between $1,000 and $2,000,000, it really doesn’t matter how big or small your savings are. This term deposit comes with a couple of handy features as well, like interest payments into another bank account and automatic rollover if you decide not to dip into your funds after your term is up.
Great Southern Bank - Term Deposit
Do you have a stash of savings you want to see grow? Locking it away in a CUA Term Deposit might be a good option for you! CUA offers a competitive 2.00% 12 month rate for its customers with deposits between $5,000 and $1,000,000. And for savers that wish to, they can have their interest deposited in another bank account plus take advantage of an automatic rollover if they decide they want to keep their funds locked away.
^For the full list of winners take a look at the 2020 Mozo Experts Choice Awards for Term Deposits
Want to check out some more term deposit options? Jump over to our term deposit comparison table to see what else is on offer!
* 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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