Term deposit interest rates vary depending on the amount of money you invest, the term you invest for and by the financial institution. So it really pays to weight up your options at a financial comparison website such as RateCity.
By visiting the site, you’ll save hours otherwise spent sifting through the hundreds of term deposit options available in the market. You’ll also save extra in interest by shopping around for the best interest rates on your term deposit.
Just be aware that while top interest rates are key to maximising your final balance at maturity, there are a few other considerations that may help you choose the best term deposit for your situation.
For instance, some other features of a term deposit may include a roll-over feature, partial withdrawal and also the payment frequency.
A roll-over feature refers to an account which will automatically roll over to a new account with the same term once it reaches maturity if you don’t instruct otherwise. Most financial institutions will alert you to the maturity date, so you can reassess your situation at that time.
Some financial institutions may pay interest on your term deposit at maturity, while others pay interest monthly, which is also referred to as compound interest. This means that interest is added to the principal, so from then on, the interest that has been added itself earns interest. This feature can have a significant impact on your final balance, so it’s worth taking into consideration when comparing features and interest rates on your high interest term deposit.
The table below displays some of today’s highest interest rates for 90 day term deposits.