If you’re looking to lock away some cash for a while with a term deposit, you’ll need an option that offers simplicity and of course, great interest rates. Introducing the Greater Bank Term Deposit, a hassle-free term deposit that can help hit your long term savings goals. With the highest rates on offer for 6 month or 5 year terms, you’ll never have to worry about earning a decent return on your hard earned savings.

Plus being an award winner doesn't hurt. The Greater Bank Term Deposit was named a 2019 Mozo Experts Choice Award winner for best Term Deposit.

Key features:

The Greater Bank Term Deposit can give you a secure and competitive return on your savings stash. One of the features you need to know is that the Greater Bank Term Deposit offers two different rates - one for balances between $1,000 and $4,999 and another for balances over $5,000.

For a one year term on a balance of $5,000, you’ll earn a 1.45% p.a. interest rate. As with most term deposits, generally speaking longer terms come with higher interest rates. If you lock in for 3 years, you can score a 1.65% p.a. rate or for 5 years a 1.75% p.a. rate, both on balances of $5,000.

Plus, there’s no fuss about having your interest paid to another bank. However, if you no longer want to keep the term deposit open after the term ends you will need to let Greater Bank know, as the account does roll over automatically.

One thing you’ll need to keep in mind is that while there is no minimum notification for early termination, if you decide to withdraw your cash before the maturity date your rate will be reduced to 0.10%.

Who it's good for:

The Greater Bank Term Deposit is a good choice for Aussies with at least $5,000 ready to be locked away and who won’t be tempted to withdraw the money early.

Any catches?

Term deposits are designed to not be touched before the maturity date and if you are thinking about making a withdrawal, you will have your rate cut to 0.10%. If you think you may need to make regular withdrawals, you might want to consider a high interest savings account instead.

Details

Rates

1 month

0.35% p.a. ($1,000 to $4,999)

0.55% p.a. ($5,000+)
2 months

0.35% p.a. ($1,000 to $4,999)

0.75% p.a. ($5,000+)
3 months

0.35% p.a. ($1,000 to $4,999)

1.50% p.a. ($5,000+)
4 months

0.85% p.a. ($1,000 to $4,999)

1.45% p.a. ($5,000+)
5 months

0.85% p.a. ($1,000 to $4,999)

1.45% p.a. ($5,000+)
6 months

0.85% p.a. ($1,000 to $4,999)

1.45% p.a. ($5,000+)
7 months

0.70% p.a. ($1,000 to $4,999)

1.30% p.a. ($5,000+)
8 months

0.70% p.a. ($1,000 to $4,999)

1.30% p.a. ($5,000+)
9 months

0.70% p.a. ($1,000 to $4,999)

1.30% p.a. ($5,000+)
10 months

0.70% p.a. ($1,000 to $4,999)

1.30% p.a. ($5,000+)
11 months

0.70% p.a. ($1,000 to $4,999)

1.30% p.a. ($5,000+)
1 year

0.85% p.a. ($1,000 to $4,999)

1.45% p.a. ($5,000+)
13 months

0.80% p.a. ($1,000 to $4,999)

1.40% p.a. ($5,000+)
2 years

1.00% p.a. ($1,000 to $4,999)

1.60% p.a. ($5,000+)
3 years

1.05% p.a. ($1,000 to $4,999)

1.65% p.a. ($5,000+)
4 years

1.10% p.a. ($1,000 to $4,999)

1.70% p.a. ($5,000+)
5 years

1.10% p.a. ($1,000 to $4,999)

1.70% p.a. ($5,000+)

Other financial bits

Minimum deposit

$1,000.00
Maximum deposit

none

Features

Interest payment options

direct credit
Interest paid to another bank?

yes
Automatic rollover

yes
Other restrictions

No minimum notification for early termination applies. A reduced Interest Rate of 0.10% applies if breakout occurs prior to maturity date.
Other benefits

none

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

Customer Reviews

How are Greater Bank term deposits rated by the Mozo community?

Overall customer rating

8.8/10

Based on 34 Greater Bank term deposit reviews

Price

8.6/10

Features

7.1/10

Customer service

9.1/10

Convenience

8.6/10

Trust

8.8/10

Latest reviews of Greater Bank Term Deposit

Overall

10/10

Competitive, great girls who always have a smile!

I had my term deposit with ANZ and when the term was up I thought they would contact me to ask if...

Read full review

I had my term deposit with ANZ and when the term was up I thought they would contact me to ask if I wanted to continue instead I go to my savings account and there is over $140,000.00 in it which freaked me out as I am disabled and my carer knows my pin etc. I went to them and took it all out and opened the greater which I took out for 9mths as the interest was higher but If I put even $1 in a month it will continue until I stop it. The girls were wonderful and told me everything I needed to know and it made me understand better as I do not have much history of money, trading etc. I need to double that money so I may have to learn trading somehow or will never get a house. I applied for quite a few home loans but was knocked back for being on a pension even thought I pay over $300 a week rent. I have not tried the Greater yet as I want them to see that I can also save $100 a week and pay all my bills and then they might say yes. Fingers crossed for next January!!!

Price

10/10

Features

6/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Debbie | New South Wales

reviewed over 6 years ago
Overall

10/10

Pleasant service, helpful and efficient

I like the branch because they are easy and accessible, internet banking is clear and safe and...

Read full review

I like the branch because they are easy and accessible, internet banking is clear and safe and efficient.

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Christine burke | New South Wales

reviewed over 6 years ago
Overall

10/10

Fantastic customer service

The Greater makes it so easy to pay your bills online the staff are always helpful &...

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The Greater makes it so easy to pay your bills online the staff are always helpful & friendly. Internet banking is free and there are fee free accounts and they tell you how to avoid paying transaction fees if you don't qualify for a fee free account.

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Patsy | New South Wales

reviewed over 6 years ago

Greater Bank

About Greater Bank

Greater Bank offers a range of personal and business banking products around a quarter of a million customers in NSW and Queensland. Its products include savings and investment accounts, home loans, personal loans, credit cards, business banking, financial planning, travel money and insurance. Greater Bank is owned by its customers, not shareholders, and has a focus on providing great rates, low fees and superior service.

See Greater Bank term deposits

Promoted

UBank

USaver with Ultra Transaction Account

Maximum rate

2.10% p.a. (for $0 to $200,000)

standard interest rate

1.04% p.a.(for $0 to $5,000,000)

account fee per month

$0.00

Greater Bank Term Deposit

Mozo Review Greater Bank Term Deposit Review

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Key features:

Who it's good for:

Any catches?

Details

Rates

Other financial bits

Features

Customer Reviews

How are Greater Bank term deposits rated by the Mozo community?

Overall customer rating

Latest reviews of Greater Bank Term Deposit

Competitive, great girls who always have a smile!

Pleasant service, helpful and efficient

Fantastic customer service

About Greater Bank

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