Compare Term Deposit Rates

Investing in a term deposit account can be one of the safest and easiest ways to get a high interest rate. Government guarantees covering your money coupled with the banks competitive interest rates make investing in a term deposit an attractive option. Term deposit accounts with leading banks and savings companies require you to lock your money in for fixed periods but compensate you with a higher return on investment. So if you can lock a lump sum away for a fixed period of 12 months or more, then your savings can really start to work hard for you!

Term Deposit Comparison

Investing in a term deposit account can be one of the safest and easiest ways to get a high interest rate return on your money. The Australian Government guarantees that cover your cash, coupled with banks’ competitive interest rates, make investing in a term deposit an attractive option for long-term savers. Term deposit accounts with leading banks and savings companies require you to lock your money in for fixed periods but compensate you with a higher return on investment – higher than even the best online saving accounts. The rate of interest is agreed in advance and your rewards are guaranteed, so you know exactly how much money you’ll receive at the end of the term. Finding the right term deposit with our comparison service enables you to invest and get rewarded with a tidy fixed, regular income on the cash you save away. If you can afford to lock a lump sum away for a fixed period your savings can really start to work hard for you.

Reasons for Applying for a Term Deposit

Choosing a term deposit account is a great option for savers who want to make sure their money is safe and the rewards are secured, defended against market fluctuations and guaranteeing a fixed return at the end of the selected term. This period of time can be anything from 90 days to several years, so term deposits are great for safely planning your short, medium and long-term financial plans.

Apart from the security, high interest rates and fixed rewards that term deposits provide, many Australian savers enjoy these accounts because the bank takes care of managing the money. This means you don’t need any financial expertise, just sit back and wait for your account to mature and pay you the profits.

Term Deposits Features

The best way to compare the features banks offer on term deposits is to work out how much you want to invest and for how long. With these figures you can use our free comparing service to quickly calculate how much money you will gain at the end of the fixed term.

Most banks require a minimum saving amount to start with, which is usually $1,000, and you should also look out for any fees that may be applied to opening, closing or monthly running of the account. Some accounts allow you to withdraw funds before the term ends, but this usually means that you lose your interest or are charged a cancellation fee. Look for these fees and work out the likelihood of you may need to access to your account before it matures.

Applying online is an attractive option for many savers because you can be panoramic view of the whole market in one place, removing the need to visit the banks. Online term deposits allow you to watch your money grow through emailed statements, and use Internet banking to reinvest or cash-in your accounts.

The best features for choosing a term deposit is the guarantee of a fixed income from your savings at the end of the agreed time period, safe from changes in interest rates and the whims of the financial markets.

Suitability of Term Deposits

Term deposits are suitable for any saver who has a lump of money they want to safely invest for a set amount of time with fixed rewards. They are great for saving and growing money for life plans and expenses. This could be to put money aside for next summer’s holiday, to raise the deposit for a house or to prepare for the birth of a baby. Whatever you are saving for, if you can afford to leave the sum untouched for the fixed period then term deposits are an excellent way of securely growing money.

Benefits of Term Deposits

The benefits of term deposits come from the unique features of this type of saving account. You can select the period of investment to meet your financial ambitions. At the end of this period you know exactly how much interest your money will create. Once up and running, term accounts are extremely easy to manage. Providing you don’t need to access the funds before the fixed period is over you can relax and await the fruits of your investment. Your interest rate and your returns are secured, free from the influence of the Reserve Bank of Australia’s cash rate and the ups and downs of the financial markets.

Open Your Term Deposit Now!

Once you have calculated the sum you want to save and for how long, use our free online comparing service to find the very best term deposit to make the most of your money. Apply today and get your cash working for you immediately, the sooner you set up your account the sooner it will mature and you can start enjoying its rewards.