Searching for an account that gives you a secure return on your savings? The RaboDirect Term Deposit offers competitive interest rates on a range of terms from one month to five years on investments between $1,000 and $2,000,000.
For a six month term on balances between $1,000 and $2,000,000 you’ll be able to earn a 2.85% interest rate. For a four year term, you’ll earn an interest rate of 3.20% and for a five year term, you’ll recieve an interest rate of 3.40%. And best of all, if you automatically reinvest your term deposit into a new one when it reaches the maturity stage, an extra 0.10% interest is added for your loyalty.
When it comes to interest RaboDirect provides flexibility, giving their users the choice to have their interest payments paid monthly, quarterly, bi-annually, annually and at maturity. Just keep in mind that there is a 31 day notice requirement for the withdrawal of any funds from the term deposit, otherwise the earliest you may be able to obtain the funds is at the maturity stage. Also, money will be automatically rolled into a new account for the same terms if you fail to give RaboDirect one business day notice before reinvesting your deposit into new terms.
Who it's good for:
The RaboDirect Term Deposit is a great choice for savers with a minimum balance of $1,000 ready to store away and who won’t be tempted to withdraw it early.
Just keep in mind that there is a 31 day notice requirement for the withdrawal of any funds from the term deposit.