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Long term deposits paying 3.20%
Today’s stingy term deposit market is forcing consumers to lock their money away for long terms if they want to maximise their returns.
For those looking to invest $5,000 for 12 months, ME Bank is offering one of the highest term deposit interest rates on the market, at 2.80 per cent (see table below).
That would earn you $140 of interest, leaving you with $5,140 at the end of the term.
If you were to lock that $5,000 away for three years instead of one, you could earn 3.00 per cent interest.
At the moment, The Mutual, Big Sky, Heritage Bank, QBank and ME Bank are all paying 3.00 per cent for three-year term deposits, which would leave you with $5,450.
Returns are slightly better for five-year term deposits, with Greater Bank paying 3.20 per cent.
At that rate, your $5,000 would turn into $5,800 at the end of the five-year term deposit.
$5,000 for 1 year
| Lender | Interest rate | Final total |
|---|---|---|
| ME Bank | 2.80% | $5,140 |
| People’s Choice Credit Union | 2.70% | $5,136.80 |
| QBank | 2.65% | $5,132.50 |
| Teachers Mutual Bank | 2.65% | $5,132.50 |
| UniBank | 2.65% | $5,132.50 |
$5,000 for 3 years
| Lender | Interest rate | Final total |
|---|---|---|
| The Mutual | 3.00% | $5,450 |
| Big Sky | 3.00% | $5,450 |
| Heritage Bank | 3.00% | $5,450 |
| QBank | 3.00% | $5,450 |
| ME Bank | 3.00% | $5,450 |
$5,000 for 5 years
| Lender | Interest rate | Final total |
|---|---|---|
| Greater Bank | 3.20% | $5,800 |
| Rabobank | 3.15% | $5,787.50 |
| RaboDirect | 3.15% | $5,787.50 |
| People’s Choice Credit Union | 3.00% | $5,750 |
| Big Sky | 3.00% | $5,750 |
Disclaimer
This article is over two years old, last updated on March 25, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent term deposits articles.
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Product database updated 20 Apr, 2024
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