If you are in the market to get a great bank term deposit, then you’ll likely be comparing your options based on interest rates, and this is a great place to start.
A simple way to get a best bank term deposit with a great interest rate is to visit a financial comparison website such as RateCity. Here you’ll be able to narrow your search field and get a great bank term deposit that will best suit your needs.
While the interest rate is key to maximising your term deposit balance on maturity – it can mean hundreds more in your pocket at the end of the term – there are other factors to consider before you get a bank term deposit.
Understand your term deposit
Selecting a good term deposit can be lucrative, given the low level of risk you’re accepting.
But there are some conditions attached to this type of investment, which you will need to understand before you lock in. So here’s a snap shot of what you can expect when you get a great bank term deposit:
- It’s a relatively low-risk investment option, so there is little chance that you’ll lose your money
- Interest rates on term deposits are often higher than most savings accounts, and yield can be competitive with other investment options including dividends
- You’ll feel secure knowing that your money is safe in a high interest term deposit and that the agreed interest rate is fixed for a set period
- However, it’s not a liquid asset so you can’t easily access your finances without incurring fees
- Term deposits may be less flexible and may provide lower income than other investment types
The table below displays some of today’s highest interest rates for bank term deposit accounts.