Short Term Deposits

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Short Term Deposits

Short term deposit are a great way to invest your money for many different reasons. These include:

  • If you are unsure whether you will need your money at some point in time in the near future
  • You have a short-term goal to save your money and spend it on a holiday or a deposit for a house
  • You may decide to invest it in short term deposits because you’re unsure if interest rates will rise higher
  • You have never invested in a term deposit before and want to try it out
  • You have been given a large amount of money and are tempted to use it so you want to lock it away in a short term deposit until you really need it
  • Or perhaps you would like to invest in several short term deposits with many different terms such as three months, six months and nine months.

Short term deposits are definitely worthwhile for many investors who like the idea of securing their money at a good rate of return without locking it away for too long. Start comparing from a wide range of products from the table above and find an account that is right for you.

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Company Product Nominal Rate Effective Rate Payment Frequency Go To Site
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ING DIRECT Term Deposits 3.20% 3.24% At Maturity Go to Site
Suncorp Bank Term Deposits 3.05% 3.09% At Maturity Go to Site
Bank of Melbourne Term Deposits 2.70% 2.72% At Maturity Go to Site
BankSA Term Deposits 2.70% 2.72% At Maturity Go to Site
St.George Bank Term Deposits 2.70% 2.72% At Maturity Go to Site
Westpac Term Deposits 2.50% 2.52% At Maturity Go to Site
IMB Term Deposits 2.50% 2.52% At Maturity Details
Citibank Term Deposits 1.50% 1.51% At Maturity Details

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Data last updated September 2nd, 2014

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.