Find and compare $100,000+ term deposits
Product | Max rate | Min. deposit | Company | Interest rate | Next rate increased | Features | Real Time Rating™ | Go to site | |
|---|---|---|---|---|---|---|---|---|---|
1.00% p.a for 36 months | $50,000 |  Term Deposit | 0.65% p.a for 6 months | Automatic Maturity Rollover Early Withdrawal Available Is Covered By Government Gurantee Joint Application Available Maturity Alert By Email Maturity Alert By Phone | More details | ||||
1.00% p.a for 12 months | $50,000 |  Term Deposit | 0.70% p.a for 6 months | Automatic Maturity Rollover Early Withdrawal Available Is Covered By Government Gurantee Joint Application Available Maturity Alert By Email Maturity Alert By Phone | More details | ||||
1.00% p.a for 12 months | $5,000 |  Term Deposit | 0.90% p.a for 6 months | Automatic Maturity Rollover Early Withdrawal Available Is Covered By Government Gurantee Joint Application Available Maturity Alert By Email Maturity Alert By Phone | More details | ||||
1.00% p.a for 5 months | $50,000 |  Term Deposits | 0.75% p.a for 6 months | Automatic Maturity Rollover Early Withdrawal Available Is Covered By Government Gurantee Joint Application Available Maturity Alert By Email Maturity Alert By Phone | More details | ||||
1.05% p.a for 3 months | $10,000 |  Term Deposit ($10k - $250k) | 1.05% p.a for 6 months | Automatic Maturity Rollover Early Withdrawal Available Is Covered By Government Gurantee Joint Application Available Maturity Alert By Email Maturity Alert By Phone | More details |
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If you have a lump sum of over $100,000, you may decide to put it in a term deposit as a secure way of holding your money for a period of time while it earns interest.
Interest rates for term deposits over $100,000 tend be relatively generous because it’s a significant sum of money. The longer you’re willing to keep it deposited, the higher the interest rate is likely to be as well.
However, investing in a term deposit isn’t your only option. Here are some of the potential benefits and drawbacks of investing over $100,000 in a term deposit, as well as some other investment options to consider.
Advantages of a term deposit over $100,000
- High interest rate – The interest rate for deposits over $100,000 are likely to be relatively high, as an incentive for you to keep a significant sum of money in a bank for an extended period.
- Low risk – The interest rate on a term deposit is fixed and your money isn’t exposed to the fluctuations of the market, so it won’t lose value.
- Deposit is guaranteed – If you’ve deposited your money in an authorised deposit-taking institution (ADI), it’s protected by the Australian government if something happens to the ADI. This is the case for deposits up to $250,000.
- Low maintenance – Once you’ve deposited your money, you can set it and forget it while it passively earns interest until maturity.
Disadvantages of a term deposit over $100,000
- Money is locked in – If you need to access your money or another investment opportunity arises before the end of the term, it may take some time to access it and you’ll probably have to pay a penalty fee.
- Returns could be modest – Compared with other investment options for amounts over $100,000, the earnings from a term deposit could be relatively low, even with a high interest rate.
Other ways to invest $100,000+
Term deposits are one of the safest ways to invest more than $100,000, but as we’ve seen above, they do have their downsides.
Some of the other popular investment options for $100,000-plus investments include the following:
- High-interest savings account – These accounts earn a higher-than-average interest rate, but the interest rate is variable (i.e. it can change) and your money isn’t locked away for a specified time period. Some savings accounts also come with minimum deposit requirements and maintenance fees.
- Managed fund – With a managed fund, an investment manager buys and sells shares or other assets on your behalf. This type of investment exposes you to the volatility of the market, so it tends to be riskier.
- Passive fund/index fund – Contrary to a managed fund, this fund simply involves buying a portfolio of assets that imitates an entire index (the All Ordinaries, for example) and generates a return comparable to that index. Management fees are usually lower than for an actively managed fund.
There are many other ways to invest, and each comes with its own benefits and drawbacks, so it’s worth doing some research to choose an investment option that suits your needs and goals.
How do you find the best interest rates over $100,000?
If you’ve decided to go with a term deposit as a low-risk, low-maintenance investment for your money, take a look at RateCity’s term deposit comparison tool.
You can enter a minimum deposit amount (over $100,000, for example) and a minimum term to see results tailored to your preferences.
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FAQs
The best interest rate for a fixed term deposit changes all the time, as interest rates move up and down and banks compete with each other to win market share.
To find the best interest rate for a fixed term deposit, it’s helpful to understand how interest rates are applied to term deposits.
There are three factors that determine the fixed interest of term deposits:
- The size of your deposit
- The duration of the term
- The frequency of interest paid
Term deposits vary in duration from one month to five years or more. Interest rates generally work on a sliding scale; shorter terms get a lower rate, longer terms get a higher rate.
Here are a couple of examples of how interest is applied to term deposits.
- A $10,000 term deposit taken out over 12 months, with interest paid at maturity, might receive a fixed interest rate of 2.20 per cent.
- A $10,000 fixed term deposit taken out over 12 months, with interest paid quarterly, might receive a fixed interest rate of 2.00 per cent.
Using the size of your deposit, the duration of the term and how often you want to be paid interest, you can shop around for the best interest rate for a fixed term deposit.
One of the main components of a term deposit is your agreement that you won’t access your money until your term has expired. However, life can hand us unexpected expenses, and you might be asking yourself, “Can I break a term deposit?”
In most cases, you are able to withdraw money early from your term deposit, but it will usually come with a penalty. The penalty amount will vary from bank to bank, which is why it’s important to understand your deposit’s early withdrawal policy.
You should also be aware that some financial institutions enforce a waiting period for early withdrawals. This waiting period is typically up to 31 days and commences after you submit a request to withdraw your funds.
If you’ve been shopping around for a term deposit, you might be wondering which bank has the best term deposit rates.
Term deposit rates will generally be affected by the amount you choose to deposit and whether you opt for a short or long term deposit.
Longer term deposits tend to have higher interest rates than shorter terms. The trade-off for earning a higher interest rate on your term deposit is that you can’t access your funds for the duration of the term deposit.
When comparing which bank has the best term deposit rates, it pays to do your research and compare how your funds will fare over the short and long term.
Unlike home loans or savings accounts which give you the option of fixed or variable rates, term deposits are always fixed, which means you get a guaranteed amount of interest over the term of the deposit.
Ultimately, whether term deposits will work for you will depend on your particular financial needs.
Term deposits can be a great way to get your money working for you. By locking it away and forgetting about it for a period of time, it can earn interest for you. If you have the interest paid on a regular basis, rather than at maturity, you can either have some extra spending money or you can reinvest it into the term deposit to compound.
Of course, locking your money in a term deposit means you cannot access it for the length of the term, without paying a penalty for early withdrawal. This can remove the temptation to spend the money, while it also earns interest.
When you open a term deposit, you agree to lock your money away for a set period and earn a fixed amount of interest during that period.
Where everyday transaction accounts give you the flexibility to deposit and withdraw funds as frequently as you like, term deposits trade flexibility for higher interest rates.
Once your funds are deposited in a term deposit, they’re fixed for the length of the term, meaning you can’t add additional funds midway through the term.
When the term deposit matures, you may have the option to add additional funds and roll the funds over for another term, or you may choose to withdraw the money at that point.
If you have extra funds to invest, you could consider opening an additional short term deposit account or a high-interest savings account.
It’s worth noting that you can withdraw the funds midway through the term, but a penalty is likely to apply.
Yes, term deposits are covered by the Australian government guarantee.
Under the Financial Claims Scheme, the Australian government guarantees term deposits up to $250,000, capped at one person, per financial institution.
This means that your term deposit (if it’s $250,000 or less) is protected in the unlikely event the bank, building society or credit union collapses.
If you have more than $250,000 in a term deposit with one the one bank, for example, then only up to $250,000 of your principal is covered.
If you’ve got more than $250,000 and you wish to invest in a term deposit, you could consider dividing your money between term deposits and banks (limiting each deposit to $250,000 per bank).
That way all of your deposits are protected by the Australian government guarantee and you will not suffer any financial losses.
Term deposits are flexible, low-risk, and earn you interest over time. But before you apply to open a term deposit, you might be wondering: how do term deposits work?
A term deposit is an agreement you make with a financial institution. This agreement will specify a certain amount of money that you will give the bank for a certain amount of time. In return, you’ll earn a fixed amount of interest on your deposit throughout your term.
Term deposits work as an exchange between a financial institution and an individual. You can think of your term deposit as a loan to the bank. Because you’ve loaned the bank your money, they’re willing to pay you interest on your deposit.