The Bank First Term Deposit offers consistently competitive rates, depending on how much you deposit and how long you lock it away for. Generally speaking, the bigger the deposit and the longer term you commit to, the higher the rate on offer.
Rates start at 1.70% for a deposit of $500 or more for just one month, and range all the way up to 3.00% on a deposit of over $50,000 for 5 years.
If you don’t want your interest gains confined to your Bank First bank account, then great news! You are able to have your interest paid out into an account of your choosing.
One thing to keep in mind is the automatic rollovers do apply to this term deposit offer. That means you should be sure to let Bank First know whether you want to reclaim your funds or have them roll over into a new term before the maturity date.
Who it's good for:
Terms deposits are a low risk saving strategy, good for people who are interested in locking away some funds to make consistent and safe returns and this is no different with Bank First’s term deposit.
If you do want to make an early withdrawal from the account, you can do so with 31 days notice, but this will lower your interest rate significantly for the rest of the agreed period and should be avoided if possible.