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Mini meca 2022

Challenger Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
3.25% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes
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Mozo editorial review Challenger Term Deposit - last updated: 22 July 2022

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What's hot
  • 3.40% p.a. interest rate for a 2 year term
  • No account keeping fees
  • 2022 Mozo Experts Choice Award winner
What's not
  • Interest rate reduction applies for early withdrawal
Mozo snapshot

Looking for somewhere to park your rainy day fund? Why not check out this term deposit from Challenger. There are no account keeping fees, and you'll be able to deposit as little as $5,000 or as much as $1,000,000 for up to five years. It also snagged an award for best Term Deposit in the 2022 Mozo Expert Choice Award.

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Key features

With Challenger's term deposit you can stash away amounts between $5,000 and $1,000,000. Terms range from as short as one month to as long as five years, and you can opt to have your interest paid annually or at maturity, or monthly (in which case you'll be offered slightly lower interest rates). 

Another thing to keep in mind is that early withdrawals from a term deposit usually incur a fee or penalty. This term deposit is no exception, and you will have to give Challenger 31 days written notice of your decision.

Withdrawing early will also incur an interest rate reduction - according to Challenger’s terms and conditions your interest rate may be reduced to 0.25% p.a. If your money has been in the term for less than one month, you may not receive any interest at all. 

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Who is it good for

Challenger’s term deposit could be a good option for someone looking to get serious with their savings, while at the same time earning a tidy sum of interest on their stash.

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Any catches

If you need to access your funds early, there will be an interest rate reduction.

Details

Rates and fees information correct as at 13 August 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

1.10% p.a. ($5,000 to $1,000,000)

1.80% p.a. ($5,000 to $1,000,000)

2.55% p.a. ($5,000 to $1,000,000)

2.75% p.a. ($5,000 to $1,000,000)

3.25% p.a. ($5,000 to $1,000,000)

3.40% p.a. ($5,000 to $1,000,000)

3.55% p.a. ($5,000 to $1,000,000)

3.70% p.a. ($5,000 to $1,000,000)

3.75% p.a. ($5,000 to $1,000,000)

Other financial bits

$5,000.00

$1,000,000.00

Features

yes

yes

For deposits of $500,000+ please contact Challenger. Interest is calculated daily and paid on maturity.

none

Different interest rates apply to different amounts or different interest payment frequencies.

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About Challenger