Best rate (up to 1 year)
3.00% p.a.1 year
Minimum deposit
Interest paid to another bank?

Mozo editorial review People's Choice Term Deposit - last updated: 12 August 2022

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What's hot
  • 2.50% p.a. for 6 month term
  • Terms ranging from 2 months to 5 years
  • No account fees
What's not
  • Interest cannot be paid into another bank
  • Minimum opening deposit of $5,000
Mozo snapshot

With a 2.50% p.a. fixed interest rate for a 6 month term, a range of flexible term options and no account fees, the Term Deposit account from People’s Choice could be the very thing that gets you to your personal savings goals.

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Key features

The People’s Choice Term Deposit hits the ground running with term options ranging from as little as 2 months, right up to 5 years. With a fixed rate of 0.40% p.a. for a 2-month term, up to a fixed rate of 3.00% p.a. for a 5 year term.

For terms shorter than 1 year, interest is paid after the account reaches maturity, however, for terms longer than 1 year, interest is paid either yearly, half-yearly, quarterly, monthly, or every 28 days. If you decide to keep your account after it matures, you can choose to have your account roll over automatically. Just make sure to double-check that your new deal is still competitive before rolling it over.

Plus, you’ll find keeping track of your term deposit account to be a total breeze with the help of the People’s Choice mobile app or via Internet Banking.

Who is it good for

If you’re lacking in the self-control department and find yourself dipping into your savings despite good intentions, then perhaps locking your money in a People’s Choice Term Deposit is the answer to your saving blunders.

To open a People’s Choice Term Deposit, you must be at least 13-years old, making this a great first term deposit account for teens with a part-time job who want to start saving for the future.

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Any catches

As with most term deposits, if you need to access your funds before your account reaches maturity, you’ll need to give at least 31 days notice, and you might be faced with an Early Redemption fee.


Rates and fees information correct as at 14 August 2022. 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.

0.40% p.a. ($5,000 to $999,999)

1.37% p.a. ($5,000 to $999,999)

1.00% p.a. ($5,000 to $49,999)

1.00% p.a. ($5,000 to $999,999)

2.50% p.a. ($5,000 to $999,999)

1.40% p.a. ($5,000 to $999,999)

1.40% p.a. ($5,000 to $999,999)

1.60% p.a. ($5,000 to $999,999)

1.60% p.a. ($5,000 to $999,999)

1.60% p.a. ($5,000 to $999,999)

3.00% p.a. ($5,000 to $999,999)

3.00% p.a. ($5,000 to $999,999)

3.00% p.a. ($5,000 to $999,999)

3.00% p.a. ($5,000 to $999,999)

3.00% p.a. ($5,000 to $999,999)

Other financial bits








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

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