Elders Rural Bank Term Deposit

A term deposit account allows you to lock away a portion of your savings at an agreed rate, while you go about the business of managing your everyday finances and your everyday life. The concept of a term deposit investment is simple, but choosing the right term deposit with the variables which will best maximise your interest returns takes some time and some comparisons, so following are the details of the Elders term deposit account so you can decide if these are the features you need in an investment account.

Features of the Elders Bank Term Deposit

The Elders term deposit is a very accessible account as you have a wide choice of terms and can invest as little as $500 to get a taste for term deposits. Some other features of the Elders Rural Bank term deposit include:

A minimum investment amount of $500. If the $500 minimum investment has caught your eye then the Elders term deposit may be just the one for you. Term deposit accounts can easily have prohibitive minimum balance requirements which make you feel like you’re not wanted, but the Elders Bank term deposit account will welcome you testing the waters of term deposits.
Your choice of investment terms. An Elders Bank term deposit can be fixed for a term between one month and five years so no matter what your investment or financial needs are now and into the future, you’re sure to be able to choose a term which will meet those needs. Whether you do want to invest just the minimum amount and choose the minimum term to get to know the process, or if you want to invest your savings so they can grow for a few years in anticipation of moving to a bigger house, or a bigger family, the choice is yours.
No fees to eat away at your returns. When you are comparing term deposit accounts it is important to consider the fee structure. Even seemingly low monthly or transaction fees can add up over the life of an investment and eat away significan’tly at your interest returns. However, with an Elders term deposit account there are no monthly account keeping fees to worry about.
The option for interest income. For terms longer than 12 months your interest is paid annually, but you can also choose to have interest returns paid monthly or quarterly too. Receiving regular income from your term deposit can allow you to invest a larger amount than you would have previously thought possible because while you don’t have access to your investment amount, you do have interest returns to supplement your income and help with bills or emergency expenses.
You can apply by downloading an application form online. You can download and print an application form directly from the Elders Bank website, which you can then post back with your personal details and investment information.

Compare the Elders Rural Bank term deposit rates:

Comparisons of Elders rates are on term deposits of $5,000 with interest paid at maturity.
On a three month term deposit you can earn 5.50% interest.
On a six month term deposit you can earn 6.15% interest.
On a one year term deposit you can earn 6.30% interest.

Is a Term Deposit Right For You?

A term deposit investment may not suit everyone or every financial circumstance, but if term deposits are an option you are considering to secure some financial stability in your future or grow your savings for a specific goal, then ask yourself the following questions to decide whether you could benefit from a term deposit:

Are you willing to try out a term deposit account? With the ability to make such a small investment in an Elders term deposit account, and the choice of a short term such as just one or two months you have the opportunity to commit a small amount for a small time and see whether the process, the returns and the account are right for you.
Can you see the value? This depends on the type of risk taker you are, because a term deposit account will offer you returns which are comparatively lower than other investment options, but a term deposit comes with almost zero risk. Therefore, you need to decide whether you are satisfied with the lower returns, in return for a very low risk investment of your funds.

For more information about term deposit accounts available, you can view the Savings Account Finder™ comparison tables here. You can then follow our secure links directly to each provider’s website where you can ask questions and understand more about each product’s features, and even start an online application in some cases.