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MyLife MyFinance Personal Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
0.85% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes
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Mozo editorial review MyLife MyFinance Personal Term Deposit - last updated: 6 September 2021

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What's hot
  • 1.00% p.a. interest rate for a 2 year term
  • No account keeping fees
  • Deposit between $5,000 and $500,000
What's not
  • Interest rate reduction applies for early withdrawal
Mozo snapshot

Looking for somewhere to park your rainy day fund? Why not check out this term deposit from MyLife MyFinance. Not only are there no account keeping fees, but interest rates for one and two year terms are pretty competitive. Plus, depending on how much you want to stow away, there’s the option to deposit as little as $5,000 to as much as $500,000.

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Key features

With MyLife MyFinance’s term deposit you can stash away anywhere between $5,000 and $500,000. Terms range from as short as one month to as long as two years. On top of this, interest rates for interest paid at maturity are fairly competitive, they are as follows:

  • 1 month - 0.50% p.a.

  • 3 months - 0.70% p.a.

  • 6 months - 0.70% p.a.

  • 9 months - 0.80% p.a.

  • 1 year - 0.85% p.a.

  • 2 years - 1.00% p.a.

Prefer to receive your interest monthly? The option to have interest paid monthly instead of at maturity is available for one and two year terms. However, at 0.80% and 0.95% p.a. respectively, the rate for both is five basis points less than if you were to have the interest paid at maturity. 

Another thing to keep in mind is that early withdrawals from a term deposit usually come with some kind of fee or penalty. This term deposit is no exception. You will have to give MyLife MyFinance 31 days written notice of your decision.

Withdrawing early will also incur an interest rate reduction - according to MyLife MyFinance’s terms and conditions your interest rate may be reduced to 0.25% p.a. If your money has been in the term for less than one month, you may not receive any interest on it.

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Who is it good for

MyLife MyFinance’s term deposit could be a good option for someone looking to get serious with their savings, while at the same time earning a tidy sum of interest on their stash.

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Any catches

Interest is mainly only available at maturity and if you need to access your funds early, there will be an interest rate reduction.

Details

Rates and fees information correct as at 20 September 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

0.50% p.a. ($5,000 to $500,000)

0.70% p.a. ($5,000 to $500,000)

0.70% p.a. ($5,000 to $500,000)

0.80% p.a. ($5,000 to $500,000)

0.85% p.a. ($5,000 to $500,000)

1.00% p.a. ($5,000 to $500,000)

Other financial bits

$5,000.00

$500,000.00

Features

yes

yes

For deposits of $500,000+ please contact MyLife MyFinance for a rate. Interest is calculated daily and paid on maturity.

none

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

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