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Mini meca 2021

MOVE Bank Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
0.65% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review MOVE Bank Term Deposit - last updated: 1 September 2021

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What's hot
  • 2021 Mozo Experts Choice Award
  • 0.75% rate for 2 year terms (interest paid annually, capped at $500,000)
  • Choose to have interest paid monthly, annually or at maturity
What's not
  • Early withdrawal may incur interest rate penalty
Mozo snapshot

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 the 2021 Mozo Experts Choice Award winning Term Deposit from MOVE Bank. You can deposit as little as $5,000 for as short a term as three months or as long a period as two years, but for terms over 12 months, interest is paid annually or monthly rather than at maturity.

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Key features

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 0.40% p.a. for shorter terms and 0.65% p.a. for 1-year terms, to 0.75% p.a. for two-year terms.

For terms 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 You will have to give MOVE seven days notice and the interest applied to the withdrawn amount will be reduced by up to 2.00% p.a. Plus, if MOVE has already paid you interest for the withdrawn amount, then you may have to pay the difference.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.

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Who is it good for

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.

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Any catches

You may incur an interest rate penalty if you have to withdraw your money early.

Details

Rates and fees information correct as at 16 October 2021. 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

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

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

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

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

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

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

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

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

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

0.65% p.a. ($5,000+)

0.65% p.a. ($5,000+)

0.75% p.a. ($5,000 to $500,000)

Other financial bits

$5,000.00

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Features

yes

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1.00% rate for 15 to 24 months is limited to a combined total of $500,000 for members with new deposits.

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

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