Compare term deposits with no fees

Compare and calculate interest rates, returns, fees and more. - Data last updated on 24 Aug 2019


Compare no fee term deposits

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Term deposits are a popular investment option for those who want a low-risk and low-maintenance way to grow their savings. The trick is finding a term deposit with a high interest rate and no fees.

Do term deposits charge fees?

Unlike other bank accounts, term deposits typically don’t charge fees, such as a monthly maintenance fee. So, yes, finding a no-fees term deposit is a realistic goal.

However, you may come across term deposits that ask for establishment fees, adjustment fees or administration fees. Because there are so many no-fees term deposits out there, it’s a good idea to at least consider a no-fees term deposit.

Are there any hidden fees I should look out for?

While it’s unlikely your term deposit will charge administration or maintenance fees, you should be aware of any penalty policies associated with your deposit.

Many financial institutions enforce a penalty that applies if you want to access your money before the end of your term. The exact penalty will vary from bank to bank, which is why it’s important to understand your early withdrawal policy before choosing a term deposit.

Of course, if you set up your finances in such a way that you don’t need to make an early withdrawal, an account with an early withdrawal fee effectively becomes a no-fees term deposit.

What should I look for in a term deposit?

In addition to looking at term deposits with no fees, you should also consider the minimum deposit, payment frequency and interest rate.

Many term deposits require a certain amount of money for the account to be opened. Some common minimum requirements are $500, $5,000 and $10,000, but if your budget is low, you might want to look for a deposit without a minimum requirement.

The payment frequency is another important component to consider. The payment frequency refers to how often that you’ll be given the interest your deposit has earned. You may receive your interest monthly, annually or when your term reaches maturity.

Of course, you should pay special attention to the interest rate on offer. Don’t forget that this is the rate at which your balance will earn interest throughout your entire term, so you want to find the highest interest rate possible before you lock yourself into the term.

What steps should I take before locking into a term deposit?

If you want to make the most of your term deposit, you’ll want to take the necessary steps to prepare.

One way you might want to prepare for your term deposit is by setting aside a separate emergency fund. Needing to access your money early will probably mean incurring a fee, and therefore cutting into your earnings. Setting aside a fund for any unexpected expenses can save you from having to withdraw your deposit early.

You should also consider creating a budget for everyday spending. By sticking to a budget, you’ll prevent yourself from dipping into your term deposit or your emergency fund. You might even find yourself saving more money every day.

Another step you might want to consider is to set yourself a reminder for when your deposit reaches maturity. Your bank will typically contact you when your money is accessible, but setting your own reminder will ensure that you know exactly when your term has expired. This will prevent your money from being automatically rolled over into a new term, without your knowledge.

^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.

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