Bank First term deposit interest calculator

Thinking about taking out a term deposit with Bank First? Use our term deposit calculator to see how much you can earn under different investment scenarios. You can also see how Bank First term deposits compare with other options.

Deposit Amount

$

Savings Duration

months

Final balance at the end of term would be

at interest rate 0.60 %

Bank First term deposits rates

Interest rate

0.50

% p.a

for 6 months

Min. deposit

$50,000

Next rate increased

0.60

% p.a

for 12 months

Max rate

0.60

% p.a

for 12 months

Balance Amount

$501,250

Features
Automatic Maturity Rollover
Early Withdrawal Available
Is Covered By Government Gurantee
Joint Application Available
Maturity Alert By Email
Maturity Alert By Phone
Go to site
More details
Interest rate

0.60

% p.a

for 12 months

Min. deposit

$5,000

Next rate increased
Max rate

0.60

% p.a

for 12 months

Balance Amount

$501,500

Features
Automatic Maturity Rollover
Early Withdrawal Available
Is Covered By Government Gurantee
Joint Application Available
Maturity Alert By Email
Maturity Alert By Phone
Go to site
More details
Interest rate

0.35

% p.a

for 5 months

Min. deposit

$500

Next rate increased

0.50

% p.a

for 5 months

Max rate

0.50

% p.a

for 5 months

Balance Amount

$500,875

Features
Automatic Maturity Rollover
Early Withdrawal Available
Is Covered By Government Gurantee
Joint Application Available
Maturity Alert By Email
Maturity Alert By Phone
Go to site
More details

Learn more about term deposits

Can I negotiate a fixed term deposit rate with the bank?

“Can I negotiate a fixed term deposit rate with the bank?” you may be wondering.

Many banks welcome negotiation when it comes to term deposit rates, especially with deposits of over $100,000. Even if your deposit is lower than $100,000, it may be worth a discussion with your bank.

Negotiating with your bank could secure you a higher fixed rate, which will earn you extra interest over your term. You may also discover bonuses or special offers you can acquire through your bank.

Securing the highest interest rate possible is the key to making the most of your term deposit. You may have compared deposits online or discussed your options with a financial adviser, but you also might be wondering about negotiation in order to get a better rate.

What are the current AMP Bank business term deposit rates?

Term deposit interest rates are subject to frequent market change. To view the most current AMP Bank business term deposit rates, it’s best to view the provider’s website directly

If you want to earn competitive rates on your fixed deposits for an amount between $100,000 and $500,000, AMP Bank deposit may worth considering. Term deposits with AMP Bank allow you to earn reliable returns for different tenures between one month and five years.

You can also choose when you want to receive the interest; monthly, quarterly, or half-yearly. If you wait until maturity, you’ll earn the full interest.

AMP Bank term deposits do not charge monthly maintenance fees. If you’re at least 13 years and an Australian citizen with a local address, you’re eligible for AMP Bank term deposit.

What is a term deposit account in a bank?

A term deposit account in a bank is a type of investment where you lock away a portion of your savings for a fixed period in return for earning a set amount of interest.

Opening a term deposit account in a bank is a safe way to earn a stable return on your investment of cash.

Term deposit accounts can be a good way to give your savings an extra boost without the need to actively watch or manage your funds during the term of the deposit.

Term deposit accounts in a bank are a popular type of investment because they’re safe and there’s very little risk that you could lose your money.

If you make a term deposit of up to $250,000 with an authorised deposit-taking institution, it’s guaranteed by the Australian government, which means there’s virtually no risk of losing your money and you’re guaranteed return.

Interest rates vary depending on the length of the term, the amount you deposit and the bank you choose.

What are ME Bank’s term deposit interest rates for businesses?

ME Bank offers a variety of rates for business term deposits, depending on the amount of time you choose. You won’t have to pay any set-up or account-keeping fees for your business deposit. You can invest as little as $5,000 or as much as $2 million with a term duration between one and 60 months. 

The ME business term deposit rate is determined based on the term and when you wish to receive interest payments. 

While rates are set by the lender, you should always check with ME Bank to find out what the term deposit rates are, and which are applicable to your situation. 

How do you break a term deposit?

If you have found yourself in sudden need of funds, you may be wondering how to break your term deposit and access your savings.

If you need to break your term deposit, your first step should be to check the terms and conditions with your bank or provider. Many banks now require 31 days’ notice before you can access the funds in your term deposit, so in many cases you should first notify your bank that you will be breaking the term.

Once you have notified the bank and know when you will have access to your funds, you will then be liable to pay a breakage fee. Check with your provider to see how much this fee will be. You may also need to sacrifice a percentage of your interest as a penalty for breaking the term early.

Once you know when you will have access to your funds, and how much you will need to pay to do so, you are in a good position to decide whether you want to break your term deposit.

What are Suncorp Bank's term deposit rates for businesses?

A term deposit with Suncorp Bank allows you to lock away a specific amount of money at a fixed interest rate for a nominated period. You will need to make a minimum investment of $5,000 and up to $2,000,000, and can select a period from one month to 36 for your investment. Term deposit investments ranging from one to 12 months are based on interest paid at maturity, while investments from 12 to 36 months are based on interest paid annually. 

While the interest rate will differ based on your investment amount and term duration, here are some of the most popular Suncorp Bank business term deposit rates as of January 2021: 

Term $5,000-$99,999 $100,000-$999,999 $1,000,000-$2,000,000
4 Months  0.50% p.a. 0.55% p.a. 0.60% p.a. 
7 Months  0.55% p.a.  0.60% p.a.  0.65% p.a.
12 Months  0.50% p.a.  0.55% p.a.  0.60% p.a. 
24 Months  0.65% p.a.  0.70% p.a.  0.75% p.a.

Please note that these interest rates are effective from 13th November 2020 and are subject to change without notice. Moreover, if you choose from an early withdrawal, the interest rate will be adjusted, and other charges are likely to be applied. 

 

What should I know about ING’s business term deposit rates?

ING Direct offers several term deposit options for businesses looking to save over some time. 

The business term deposit rates ING offers are compounded annually, meaning that the interest earned after the first year is added to the amount you originally deposited. 

During the second year, the interest is calculated on the new amount. If you close the term deposit once it matures, you can ask for the money to be transferred to your business account either with ING or another bank. You can also renew the term deposit and choose to reinvest the total amount earned through the earlier term deposit. Alternatively, you can opt to renew with just the sum you originally deposited, and withdraw the interest earned.

You’ll need to deposit a minimum of $10,000 for at least 90 days if you open a term deposit with ING. In the current low-interest environment*, the annualised interest rate for a 90-day deposit is 0.05 per cent. This means you’d earn $1.25 over a three-month term if you deposit $10,000. 

If you opted for a longer time frame, such as two years, you’d get an annualised interest rate of 0.30 per cent on your deposit. If you deposited $10,000, in two years the interest accrued would amount to approximately $60. Again, this is an estimate only based on current rates.

* Rates correct as of January 2021

What are BOQ term deposit rates for businesses?

As term deposits are rising in popularity, many banks are offering competitive term deposit interest rates. Among them is BOQ, which offers the term deposit rates for new funds and rollovers. You don’t need to pay any establishment or account keeping fees,] and you can re-invest, add extra money or withdraw money at the end of your term without any hassles. 

BOQ gives you the option to invest your funds in terms ranging from 30 days to five years. The BOQ business term deposit rates vary based on the term duration. 

Term length Interest rate  Interest paid 
90 days  0.55 per cent  At maturity
120 days 0.50 per cent At maturity
180 days 0.70 per cent At maturity
270 days 0.60 per cent At maturity
1 year 0.60 per cent At maturity
2 years 0.65 per cent Annually
3 years 0.70 per cent Annually
5 years 0.75 per cent Annually

Rates are current as at 21/01/21, but subject to change. 

What rates offered by Citibank on business term deposits?

Citibank’s business term deposits rates vary based on how long you invest. The bank offers short-term deposits for one, three, six, nine, and 12 months. You can also invest for longer terms between two and five years. The minimum investment is $10,000, and the maximum investment is $2 million.

What are the Commonwealth Bank business term deposit rates?

You can invest surplus funds in a Commonwealth Bank (CBA) business term deposit for between one month and five years. The minimum deposit amount required by Commonwealth Bank is $5,000. The CBA business term deposit interest rates are based on the length of time or term you set when first investing your funds. Each term attracts different interest rates.

When it comes to other fees, there are no establishment fees or ongoing account keeping fees for business term deposits. The CBA business term deposit rates are fixed, so you know the exact amount you will receive on maturity. But suppose you want to withdraw the amount before maturity. In that case, you need to give 31-days’ notice and may also have to pay an admin fee, and the interest rate may also be reduced.

You can open a CBA business term deposit if you’re over 18 years and possess a Tax File Number (TFN) and Australian Business Number (ABN) for your business.

You can find the current rates on CBA's website.

What can a Westpac business term deposit offer me?

If you have a business registered in Australia, you can earn fixed returns on your funds with a Westpac business term deposit. These accounts are offered for a minimum investment amount of $50,000.

Westpac business term deposit interest rates vary based on the term and interest payment frequency that you select.

If you are a Westpac customer and use online banking, you can apply for a Westpac business term deposit online. If you don't have a Westpac account currently, you need to speak with a business banker to discuss your term and repayment options. You can find details on this webpage and can ‘request a callback’ from someone in the business team.

If you are an existing customer you may be eligible for a bonus rate on top of the standard Westpac bank business term deposit rates. You can log in to your bank account to check whether your banking records qualify you for extra interest.

If you open a deposit and need to access your locked funds before the maturity of your term deposit, you must provide 31 days of notice, except in cases of hardship.

Can students make term deposits?

If you are a student who has managed to save some money and are looking for a safe investment option, you may be considering a term deposit. Most term deposits (and other bank accounts) are open to anyone who is at least 18 years old.

There are also some term deposits open to younger students, some even without an age limit. These term deposits are usually opened on the student’s behalf, by their parent or guardian.

A term deposit is generally a safe investment option, especially if you want to make sure you can’t touch your savings for a set period of time. If you are 18 or older, shop around for a competitive interest rate before committing. If you are under 18, speak to your parent or guardian to get started.

What is a term deposit rate?

The term deposit rate is the agreed interest rate for your term deposit. It remains fixed for the term of the deposit.

For example, if you deposit $5,000 for 12 months at a 2.5 per cent term deposit rate, that 2.5 per cent term deposit rate will be fixed for the entire 12 months and won’t change until the term matures.

The term deposit rate is one of the most important factors to consider when comparing your term deposit options. The general rule of thumb is that the longer the term, the higher the term deposit rate.

Term deposits are a popular type of investment because they’re safe and provide reliable returns.

The return you get on your term deposit will be determined by the amount you initially invest, the amount of time you choose to invest it for, and the term deposit rate.

Are term deposits compounded?

Term deposits can be compounded, depending on what you choose to do with the interest.

There are two ways to receive interest from a term deposit: either a lump sum at maturity; or paid on a regular basis, usually monthly. If you get your interest paid regularly, you can get it paid into a transaction account, or back into the term deposit account. By using this second option, you’re getting interest paid on your interest. In other words, it’s compounding.

Having the money paid into a transaction account means you can access it for your day-to-day spending, while compounding the interest means you get a better overall return on your investment. Both have advantages, depending on your needs, but be aware that some term deposit accounts that pay interest regularly may offer a lower interest rate to offset the effect of compounding.

What is a short term deposit?

Sometimes you only want to tie up your money for a short period, maybe because you want to make a quick return on a large sum, or just to have more flexibility and access to your money. That’s where a short term deposit can come in.

Short term deposits are usually less than 12 months (e.g. 30 days, 90 days, six months or 12 months), though you will still not be able to access your money for the length of the term without incurring a penalty fee.

At the end of the term, you can roll your deposit over, or you can withdraw it. An advantage of short term deposits is that you can take advantage of higher interest rates with a different financial institution, if they are available.