Compare high interest term deposits

Compare and calculate interest rates, returns, fees and more. - Last updated on 18 Oct 2019


Compare high interest term deposits

1 - 4 of 4
Max rate
Min. deposit
Interest rate
Next rate increased
Go To Site
Go to site

More details

Go to site

More details

Go to site

More details

Go to site

More details

While some people love high-risk and high-reward investments, others tend to gravitate toward investments that promise low-risk options.

High-interest term deposits are investments that provide reward without the risk. If you’re seeking an investment option that’s safe and secure, then high-interest term deposits might be your perfect starting point.

What’s the difference between a term deposit and a savings account?

Term deposits and savings accounts have a lot in common. They offer you a place to deposit your money, they earn interest and they’re housed in a financial institution, like a bank.

However, the two also have their differences. The biggest difference is accessing the funds in a term deposit and savings account. With savings accounts, you’re free to deposit and withdraw when you please, but this isn’t the case for term deposits. With term deposits, your money is not accessible until it reaches maturity at the end of the term. If you want to access your funds early, you’ll likely pay a penalty fee.

What are the most important features of high-interest term deposits?

As the name suggests, the most important feature of a high-interest term deposit is its interest rate. It’s important to find the best interest rate available because this is the rate your investment will earn throughout the entire term. The interest rate cannot change after your term has begun.

Apart from a high interest rate, there are other features you can look for in a term deposit, such as the payment frequency. The payment frequency refers to how often your interest is paid to you. Some common payment frequencies are annually, quarterly, monthly and at maturity.

Another feature to keep your eye on is partial withdrawal allowance. Some institutions will allow you to withdraw a portion of your money before the end of your term without being charged a penalty fee. If you suspect you may need to withdraw some of your deposit during its term, you might consider choosing a term deposit with partial withdrawal allowance.

How can you make sure you’re getting a high interest rate?

One of the best ways to ensure you’re getting a good interest rate is to compare term deposits. This will help you understand the current market and the financial landscape of high-interest term deposits.

It’s important to keep in mind that the financial market is always changing. This fact means that an excellent interest rate today might be entirely different to a great interest rate a year from now. The market is always fluctuating, with average rates moving higher and lower.

Try to grab the best rate available by researching your options and comparing the term deposits that fit you best.

How can I increase my term deposit earnings?

It can sometimes seem like you don’t have much control of your term deposit after your money is locked away, and in some ways this is true. That’s why if you want to maximise your deposit earnings, you need to do your research before applying for the term deposit.

The most efficient way to maximise your earnings is to find the highest interest rate possible. High-interest term deposits increase your earnings without much effort. Since the going rates are always changing, be sure to do your research to find the best rate available.

Another way to increase your term deposit earnings is to choose a special term deposit that will offer you compounded interest rather than simple interest. Compounded interest means that the interest you earn on your original deposit is reinvested so that it can earn interest itself. In other words, you earn interest on your interest. Compounded interest will make you more money in less time.

What do I need to apply for a high-interest term deposit?

The information you need to apply for high-interest term deposits is similar to what you need applying for a bank account. You’ll need your personal details, such as name, address and phone numbers, as well as your driver’s licence number or identification card. These items will help your bank verify your identity before you open an account.

You’ll also need to supply your bank with your tax file number so that your bank can withhold the appropriate amount of tax. In addition to your TFN, you should also bring along your transaction account details. Your bank will use these details to transfer your money at the end of the term.

If your term deposit allows more than one person to hold the account, you’ll also need the names of others on the account.

Enjoy a low-risk reward when you apply for high-interest term deposits.

Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for three years. She is passionate on topics such as gender pay and superannuation gap, and committed to helping young Aussies manage their finances better. Before RateCity, Alex spent time as an editor for magazines and has seen her work published in numerous print and online outlets.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on