Fixed Term Deposits

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Fixed Term Deposits

When you compare term deposit accounts, you will notice that they are all fixed term deposits. This is the big difference between term deposit accounts and other deposit accounts such as an online savings accounts. Fixed term deposits have a fixed interest rate for a set period of time so the rate you open the account with at the start of the term is the same rate you receive interest for throughout the whole term.

The important thing to remember when comparing fixed term deposits include choosing how long you want to lock your money away. This is important for several reasons including the fact that if you need access to use your money before the end of the term and want to withdraw it, you are likely to be lumped with a fee. This could make opening your term deposit not worthwhile to begin with as all of the money you made in interest could end up going towards this break fee. And secondly, if interest rates are on the rise and you lock in your money at today’s high interest rate for a particular term, you could potentially miss out on a higher interest rate tomorrow when rates rise.

Refer to the table above for a list of fixed term deposits

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Company Product Nominal Rate Effective Rate Payment Frequency Go To Site
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Suncorp Bank Term Deposits 3.35% 3.39% At Maturity Go to Site
Westpac Term Deposits 3.15% 3.18% At Maturity Go to Site
Bank of Melbourne Term Deposits 2.9% 2.93% At Maturity Go to Site
BankSA Term Deposits 2.9% 2.93% At Maturity Go to Site
St.George Bank Term Deposits 2.9% 2.93% At Maturity Go to Site
St.George Bank-Vic Term Deposit 2.9% 2.93% At Maturity Go to Site
Hume Building Society Term Deposits 2.8% 2.83% At Maturity Details
Intech Credit Union Term Deposits 2.75% 2.78% At Maturity Details
Quay Credit Union Term Deposit 2.75% 2.78% At Maturity Details
IMB Term Deposits 2.5% 2.52% At Maturity Details
Citibank Term Deposits 1.54% 1.55% At Maturity Details

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Data last updated April 21st, 2014

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Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.