Looking for somewhere to park your rainy day fund? Why not check out this term deposit from MyLife MyFinance, which is part of the Challenger Group. There are no account keeping fees, and you'll be able to deposit as little as $5,000 or as much as $500,000 for up to five years. It also snagged an award for best Term Deposit in the 2022 Mozo Expert Choice Award.
With MyLife MyFinance’s term deposit you can stash away amounts between $5,000 and $500,000. Terms range from as short as one month to as long as five years, and you can opt to have your interest paid annually or at maturity, or monthly (in which case you'll be offered slightly lower interest rates).
Another thing to keep in mind is that early withdrawals from a term deposit usually incur a fee or penalty. This term deposit is no exception, and 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 at all.
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.
If you need to access your funds early, there will be an interest rate reduction.
|
0.35% p.a. ($5,000 to $500,000) |
|
|
1.20% p.a. ($5,000 to $500,000) |
|
|
1.80% p.a. ($5,000 to $500,000) |
|
|
2.20% p.a. ($5,000 to $500,000) |
|
|
2.70% p.a. ($5,000 to $500,000) |
|
|
3.00% p.a. ($5,000 to $500,000) |
|
|
3.35% p.a. ($5,000 to $500,000) |
|
|
3.65% p.a. ($5,000 to $500,000) |
|
|
3.75% 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.
