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.
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 - 0.70% p.a.
3 months - 0.70% p.a.
6 months - 0.70% p.a.
9 months - 0.80% p.a.
1 year - 0.90% 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 0.85% p.a. 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 seven 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 0.50% p.a. If your money has been in the term for less than one month, you may not receive any interest on it.
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.
Interest is mainly only available at maturity and if you need to access your funds early, there will be an interest rate reduction.
0.70% 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)
0.90% p.a. ($5,000 to $500,000)
1.00% p.a. ($5,000 to $500,000)
$5,000.00
$500,000.00
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.
This product is not currently reviewed.
Teachers Mutual Bank
Term Deposit
0.90% p.a.
$1,000.00
Yes up to $250,000
BankVic
Term Deposit
0.70% p.a.
$5,000.00
Yes up to $250,000
Teachers Mutual Bank
Term Deposit
0.90% p.a.
$1,000.00
Yes up to $250,000
BankVic
Term Deposit
0.70% p.a.
$5,000.00
Yes up to $250,000
