If you have some cash you want to lock away for a short or medium period of time, then a Firstmac term deposit could be your savings answer. With the option to have your interest paid into a separate bank account and rates of up to 0.30% p.a. for one and two year terms, Firstmac could be the flexible option to help your savings stash grow.
Firstmac offer term deposits for amounts between $5,000 and $5 million. Rates range from 0.10% p.a. (for 1-month terms) to 0.30% p.a. (for 12 month and 2-year terms).
You can choose to have interest paid at maturity or monthly for longer terms. Although keep in mind that the interest rate may vary, depending on what you go for.
Firstmac also gives you the option to have your funds automatically rolled over into another term, upon maturity. Or you can choose to split the principal from the interest or simply close the account. You can contact Firstmac at anytime before maturity, to adjust your payout instructions.
A Firstmac term deposit would be most suited to someone looking to stash a lump sum for a shorter period of time.
You can only apply for a Firstmac term deposit online. However, if you need help with your application or account they have a range of customer service options including web chat, Skype, email or phone.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.