Best rate (up to 1 year)
0.60% p.a.1 year
Minimum deposit
$1,000.00
Interest paid to another bank?
yes

Mozo editorial review Greater Bank Term Deposit

Last updated: 17 November 2020.

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What's hot
  • 0.50% p.a. interest for a 6 month term (balances over $5,000)
  • Option to have interest paid to another bank
What's not
  • Rate cut to 0.01% for early withdrawals
Mozo snapshot

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.

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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 0.60% 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 0.90% p.a. rate or for 5 years a 1.00% 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 a paltry 0.01%.

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Who is it 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.


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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 0.01%. If you think you may need to make regular withdrawals, you might want to consider a high interest savings account instead.

Details

Rates and fees information correct as at 27 November 2020. 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
  • 0.01% p.a. ($1,000 to $4,999)

    0.10% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.10% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.40% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.40% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.40% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.50% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.50% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.50% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.50% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.50% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.50% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.60% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.60% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.85% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.90% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    0.95% p.a. ($5,000+)

  • 0.01% p.a. ($1,000 to $4,999)

    1.10% p.a. ($5,000+)

Other financial bits
  • $1,000.00

  • none

Features
  • yes

  • yes

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

  • 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
8.8/10
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 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!!!

    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 7 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 efficient.

    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 7 years ago
  • Overall 10/10
    Fantastic customer service

    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.

    Read full review

    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 almost 8 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.

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