If you’re looking for a place to lock away funds for a few months or even a few years, then you may be interested in MOVE Bank’s Term Deposit. With this particular term you can deposit as little as $5,000 for as short a time as three months or as long a period as two years. For interest paid at maturity, rates range from 0.65% p.a. to 1.00% p.a.
With MOVE Bank’s term deposit you can choose to stash a minimum of $5,000 away for between three months and two years. Rates range from 0.65% p.a. for shorter terms to 1.00% p.a. for 12 month terms. Terms between 15 and 24 months come with a 0.80% p.a. interest rate.
For terms of or longer than 12 months, you can opt to have interest paid to you either annually or monthly. Just keep in mind that rates can vary, depending on what interest payment options you go for.
When the term matures, you can choose to have the money roll over into another term for the same amount of time. Just make sure you let MOVE know your intentions at least seven days after the maturity date, otherwise the bank will automatically start another term for you.
If you find yourself in a position where you have to withdraw your funds early, then your interest rate may be reduced. You will have to give MOVE seven days notice and the interest applied to the withdrawn amount will be reduced by up to 2.00% p.a. Plus, if MOVE has already paid you interest for the withdrawn amount, then you may have to pay the difference. In this instance, MOVE will most likely deduct the amount from the funds you withdraw early.
MOVE Bank’s Term Deposit would be well-suited to anyone who wants to not only lock money away for a substantial amount of time to earn a decent interest rate on their funds.
You may incur an interest rate penalty if you have to withdraw your money early.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.