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 $25,000 or as much as $1,000,000 for up to five years.
With Challenger's term deposit you can stash away amounts between $25,000 and $1,000,000. Terms range from as short as one month to as long as one year, 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 accumulated may be reduced up to 90%. If your money has been in the term for less than one month, you may not receive any interest at all.
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.
If you need to access your funds early, there will be an interest rate reduction.
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3.85% p.a. ($25,000 to $1,000,000) |
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4.75% p.a. ($25,000 to $1,000,000) |
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5.20% p.a. ($25,000 to $1,000,000) |
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5.15% p.a. ($25,000 to $1,000,000) |
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5.15% p.a. ($25,000 to $1,000,000) |
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4.70% p.a. ($25,000 to $1,000,000) |
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4.20% p.a. ($25,000 to $1,000,000) |
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4.10% p.a. ($25,000 to $1,000,000) |
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4.10% p.a. ($25,000 to $1,000,000) |
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$25,000.00 |
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$1,000,000.00 |
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yes |
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yes |
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For deposits of $500,000+ please contact Challenger. Interest is calculated daily and paid on maturity. |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
