Brought to you by the Mozo Experts Choice Savings Bank of the Year for 2018, you can be sure you’re getting a good deal on your savings stash with UBank’s Term Deposit. Arguably its most distinguishing feature, the 0.10% loyalty bonus that is added onto your deposit at renewal means you have the chance to build your interest rate over the long term.
You’ll have the option to have the interest, which is paid at maturity, paid into another bank at no additional cost and if you’re happy with the rate you’re earning, simply sit back and let the automatic renewal feature do its thing.
If you want to get started you’ll need an initial sum of at least $1,000 to kick things off, but serious savers will be able to deposit as much as $2 million.
Who it's good for:
Aussie savers on the lookout for a competitive set of fixed interest rates without having to commit their money for years on end can benefit from UBank’s Short Term Deposit. It’s a particularly good option for digital dwellers who are comfortable managing their money online or over the phone because UBank is an online only, branchless bank.
Aside from the maximum investment of $2 million, just be aware that you’ll need to give UBank a months notice if you want to access your cash before your deposit matures.