Term Deposit Finder™ – Compare Term Deposit Accounts

Posted November 2nd, 2009 and last modified September 29th, 2014

Future proof your savings against interest rate movements.

Term deposit

Term deposits are great for those who are serious about saving. A term deposit is a form of fixed savings account where you start by depositing funds into your account. While your funds are in the term deposit account they will accumulate interest. After your term is up, you can withdraw your money and the interest you earned. Most banks, credit unions and building societies offer these accounts, making it relatively easy to establish one and start saving.

Term Deposit Rates Comparison

Rates last updated September 30th, 2014
3 Months p.a. 4 Months p.a. 6 Months p.a. 12 Months p.a. 24 Months p.a. 36 Months p.a. 60 Months p.a. Min Deposit
RaboDirect Term Deposit
RaboDirect Term Deposit
3.40% 3.55% 3.60% 3.80% 3.90% 4.20% $1,000 OpenMore
RaboDirect Business Term Deposit
RaboDirect Business Term Deposit
3.40% 3.55% 3.60% 3.80% 3.90% 4.20% $1,000 OpenMore
ING DIRECT Term Deposit
ING DIRECT Term Deposit
3.20% 3.20% 3.30% 3.60% 3.80% $10,000 OpenMore
Bankwest Online Term Deposit
Bankwest Online Term Deposit
2.50% 3.40% 3.30% 3.40% 3.65% 3.80% 4.10% $1,000 OpenMore
Westpac Term Deposit
Westpac Term Deposit
2.50% 3.00% 3.05% 3.30% 3.40% 3.70% 4.15% $5,000 OpenMore
St.George Term Deposit
St.George Term Deposit
2.70% 3.15% 3.15% 3.35% 3.40% 3.75% 4.15% $1,000 OpenMore
Bank of Melbourne Term Deposit Account
Bank of Melbourne Term Deposit Account
2.70% 3.15% 3.15% 3.35% 3.40% 3.75% 4.15% $1,000 OpenMore
BankSA Term Deposit
BankSA Term Deposit
2.70% 3.15% 3.15% 3.35% 3.40% 3.75% 4.15% $1,000 OpenMore
You may also be interested in a high interest savings account.
Rates last updated September 30th, 2014
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
Bankwest Hero Saver
Bankwest Hero Saver
Earn 4.00% p.a. every month when you deposit $200 and make no withdrawals each month on balances up to $250,000. 4.00% 0.01% $0 / $0 OpenMore
HSBC Serious Saver
HSBC Serious Saver
Achieve your savings goals with this great offer from HSBC with high ongoing rate for 4 months for opening balances up to $1000000. Plus no minimum monthly deposit needed. 4.00% 2.70% 1.30% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balance up to $5,000,000. Earn a high 3.90% p.a. variable rate for 4 months. 3.90% 2.50% 1.40% $0 $0 / $1 OpenMore
RaboDirect High Interest Savings Account
RaboDirect High Interest Savings Account
Enjoy a great ongoing rate of 3.20% p.a. for balances of up to $250k. 3.20% 3.20% $0 $0 / $0 OpenMore

What is a term deposit?

A term deposit is a low-risk form of investment. It’s a form of savings account that usually has a higher interest rate than a regular savings account. Before you enter into a term deposit, you will get a fixed interest rate for the duration of your term deposit. Term deposits are a great way to save for a particular goal, whether it be a holiday or a car, allowing you to put your money away where you can’t touch it but you can gain interest at the same time.

How do they work?

Term deposits are typically locked in for periods of between one and five years. You have a fixed interest rate locked in for security over the life of your deposit. After your term is over, you can withdraw your money (principal and interest) or reinvest it back into a term deposit. However, if you withdraw your funds from your term deposit early you will be hit with a penalty, so it’s best to ensure you won’t need to withdraw your money during the term. Term deposits also tend to have a minimum you can invest. Most banks will require you to deposit at least $1,000.

Case study

Michelle has just started working full-time and she wants to start saving for a home. She’s always dipping into her savings by making impulse purchases on things she doesn’t need and wants to take the temptation away. Michelle is currently renting and knows she probably won’t have the money to buy her own house until at least five years from now. She realises she needs another $20,000 for her deposit but she knows she will struggle to get there with her current spending habits.

Michelle starts doing her research and realises that a term deposit could work well for her. She checks out a few banks and financial institutions to see what her options are. Michelle knows the more money she puts into her term deposit and the longer she can keep it in there for, the more she will get from it. Michelle compares all the term deposits available and finds one with a high interest rate. Michelle puts in $10,000, the majority of her current savings but an amount which leaves enough money in her account for everyday expenses. She works out how much money she can get through her term deposit and selects an account with a five-year term length. Opening up the term deposit meant that Michelle didn’t throw away her money, didn’t have to do anything during the term and is now closer than ever to having enough for a deposit on a home.

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How to compare term deposit accounts

Most Australian financial institutions will offer a form of term deposit account. Many will even offer more than one type of term deposit. This is also why you need to know what you are looking for in your comparisons, to ensure that you make your comparisons as easy as possible, and you track down the account which is right for you.

  • Decide on your term and then compare term deposits.
    Some financial institutions want to attract long term term deposits, and others prefer to facilitate short term investments. Therefore, before you choose a term deposit, you need to choose your term as one financial institution may offer 4.50% on a six month investment, where another will offer you 5.50% for that same term.
  • Compare based on your investment amount.
    This will allow you to make comparisons on a level playing field because many term deposit providers will tier their interest rates based on the deposit amount. Therefore a six month term deposit of $5,000 may earn 4.50% while a six month investment of $20,000 may earn 5.50% and you can save a lot of time in your comparisons by comparing based on what you can afford to invest.
  • Find out about fees.
    You don't want to plan for a big return on your term deposit investment only to find that there are monthly fees, fees to open the account or fees at the end of the term. It is possible to find a term deposit account without any of these fees so it’s worth making the comparisons. While you are comparing term deposit account fees, also find out what you are charged to leave the term early, if an emergency does arise and you need access to your funds sooner than expected, some financial institutions will charge you a percentage of the investment, where others will have a set cancellation fee.
  • Consider an online term deposit account.
    Saving and investing your funds is something you have to do amongst all of your other commitments and if setting up and managing a term deposit account costs you time, is it really worth the returns? Instead choose an online term deposit account which can be opened online, where the statements can be viewed online or emailed to you and you can reinvest or cancel your investment through internet banking.

Pros and cons of a term deposit account

  • Pros

  • Stops you from accessing your funds.Many savers complain about the temptation of using their money to make impulse purchases. With a term deposit, your funds are locked away so you won't do any unnecessary spending.
  • Locked-in rate.Your interest rate is locked in for the duration of your term, providing you with much-needed security. You can also work out how much your deposit will grow and determine how long you need to keep your deposit locked up to achieve your financial goals.
  • Plenty of choice.Term deposits allow you to select the length of your term and select how much you want to put into your account (as long as you meet the minimum amount). This will help you tailor your term deposit to help you reach your goal.
  • Possibility of negotiating. If you are investing a large amount of money, you can sometimes negotiate with your financial institution for a better rate.
  • Government guarantee. Term deposits taken out with an Australian Deposit-taking Institution (ADI) up to the value of $250,000 are guaranteed by the Australian government.
  • Cons

  • Penalties for withdrawing.Sometimes unexpected expenses come up in life and you need money immediately. Term deposits usually enforce a penalty for withdrawing your funds and you will lose some of your interest earned.
  • Lack of flexibility. Some online savings accounts can offer you an equal or higher interest rate than term deposits and have a lot more flexibility. These online savings accounts often allow you to withdraw whenever you need to without penalty.

Things to consider about term deposits

It’s important to ensure you don’t go beyond your means and don’t deposit more money than you can afford. To achieve the full potential of term deposits, it’s essential you don’t withdraw before your term is over—so only put in what you know you can afford. It’s also important that you compare the other options out there, such as online savings accounts, because they can sometimes offer you a better rate with more flexibility. Term deposits aren’t for everyone, so make sure they suit your needs before committing.

Frequently asked questions

Do term deposits have fees?

Some term deposits may charge you account-keeping fees. Each term deposit account is different, so make sure you compare the fees charged on each offering.

Can I get a variable rate for my term deposit?

No, term deposits only have fixed rates. Online saving accounts, however, do have variable rates available.

What happens if I need access to my money before the term ends?

This will depend on your institution. Some banks will reduce the interest you earn, while others might charge a fee. Check out our guide to cancellation costs for more information.

Do I have to do anything during my term deposit?

You don’t have to do anything during your term deposit. Your term deposit will be completely taken care of by your financial institution and you don’t need any investment experience to open a term deposit.


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Read more on this topic

  • Term deposits with loyalty bonuses

    Term deposits with loyalty bonuses are a great low-risk investment option. The fixed interest rates guarantee you to accumulate the same interest throughout the life of your account. The additional bonus you can get by rolling over your funds into a new term deposit is a great incentive for investing, too.

  • Term Deposit Laddering Strategy Explained [Infographic]

    What is the TD Laddering Strategy The Term Deposit Ladder is an investment strategy whereby the investment is broken down into multiple long-term TDs to take advantage of the higher rates. Why TD Ladder Higher interest return Ability to pick the highest TD rate for each deposit portfolio Safer investment through diversification Access to matured [...]

  • How To Choose The Best Deposit Account

    Banks will use a variety of ways to get you in their doors, and some of these can be very deceptive. You want to look out for practices such as introductory rates or minimum balances. For all the information, read on to see what to look out for.

  • Should You Avoid Term Deposits?

    Term deposits are a secure and easy to manage way to invest savings, regardless of the returns being relatively lower than other forms of investments. Why shouldn’t I get a term deposit account? Term deposits involve fixing an interest rate to apply for a period of time on your investment. Interest rates are at an [...]

  • Investing With Term Deposits – Know The Benefits!

    Term deposits are a great investment strategy if you’ve got decent income and you need to sock some money away for a set period of time. You can’t lose money, you’re guaranteed a certain interest rate, and you won’t be able to spend it for the term of the deposit. It’s a great way to save, especially for those who tend to dip into their savings. Learn how…



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69 Responses to Term Deposit Finder™ – Compare Term Deposit Accounts

  1. Default Gravatar
    Julie | August 31, 2014

    Hello,

    My mother has a company and wishes to invest company funds in your bank. What is the best available rate for $200,000 on a fixed term deposit?

    thanks,
    Julie

    • Staff
      Shirley | September 1, 2014

      Hi Julie,

      Thanks for your question.

      Please refer to the table above for interest rates. When you’ve chosen a bank that you’d like to go with, please click ‘open’ to start an application.

      Cheers,
      Shirley

  2. Default Gravatar
    Carol | August 18, 2014

    I have power of attorney of my mother’s affairs. I have a term deposit in her name and wish to open another in her name for 2years. If she passes within this time can I keep the term deposit going till maturity?

    • Staff
      Shirley | August 20, 2014

      Hi Carol,

      Thanks for your question.

      Yes you can keep the TD going until maturity.

      Cheers,
      Shirley

  3. Default Gravatar
    Dee | August 17, 2014

    With a term deposit you have the opportunity to be paid the interest monthly or for the interest to be paid on maturity, is the interest paid to you monthly classified as income when it is tax time? As I receive a Centrelink benefit I am wanting to know if the interest will reduce my Centrelink payments?

    • Staff
      Marc | August 18, 2014

      Hello Dee,
      thanks for the question.

      Any interest must be declared when it’s tax time, as it’s classified as a source of investment income. There may be some concessions available for term deposits, so you may want to contact Centrelink for more information.

      I hope this helps,
      Marc.

  4. Default Gravatar
    Penny | August 11, 2014

    I have $20,000 to invest, or put in a high interest savings account of some type, am not confident with on line banking. Can you advise which way to go. Aged pensioner

    • Staff
      Shirley | August 12, 2014

      Hi Penny,

      Thanks for your question.

      Please see this page for a comparison of high interest savings accounts.

      To help your comparison, the following banks have physical branches, and are not purely online: Bankwest, HSBC, ANZ, Westpac, St.George.

      All the best,
      Shirley

  5. Default Gravatar
    Joanne | July 10, 2014

    Say I open a term deposit for 5 years and interest is payable monthly – is the interest compounded from month to month or is it compulsory that the interest is transferred into another account? or does this vary from institution to institution?

    • Staff
      Marc | July 11, 2014

      Hi Joanne,
      thanks for the question.

      This will depend on institution to institution. Some accounts will also have different interest payment options you can select by calling your institution. For more information please contact the institution you want to open an account with.

      I hope this helps,
      Marc.

  6. Default Gravatar
    Natalie | July 9, 2014

    If I have one locked term deposit at a specific branch can i alter it at another branch? My account is coming to term and i wan to reinvest but am not able to go to normal branch.

    • Staff
      Shirley | July 10, 2014

      Hi Natalie,

      Thanks for your question.

      If you’ve already committed one term deposit at a financial institution and it hasn’t matured, there could be penalties involved for access the term deposit.

      However, if its already matured, you’re free to move the funds to another bank.

      Cheers,
      Shirley

  7. Default Gravatar
    julia | July 1, 2014

    I want to invest $100,000 for 2 years until I use it to purchase a retirement property. I put it in one bank online account but the rates have gone down. would I be better in a term deposit?

    can you recommend anything please.

    • Staff
      Shirley | July 1, 2014

      Hi Julia,

      Thanks for your question.

      Unfortunately we can not recommend what product is best; it depends on whether you’re looking for liquidity and returns. Term deposits essentially lock your money away for a certain period of time, and there are penalties if you want to access the funds well. Whereas high interest accounts means you can access your funds anytime. Term deposits generally have higher returns though.

      Cheers,
      Shirley

  8. Default Gravatar
    Judd | June 21, 2014

    Can you have more than one term deposit ….one TD in one bank and one TD in another so you can earn double the interest…..is it legal to do it that way…

    • Staff
      Marc | June 23, 2014

      Hi Judd,
      thanks for the question.

      You can open as many term deposits as you like as long as you have the funds to do so. You cannot open two term deposits for the same funds however.

      I hope this helps,
      Marc.

  9. Default Gravatar
    chris | June 11, 2014

    I am looking for a term deposit of 2 years with interest paid monthly

    • Staff
      Marc | June 12, 2014

      Hi Chris,
      thanks for the question.

      Some of the products on this page will pay interest monthly, so I suggest reading more about each of the products before selecting one to apply for.

      Cheers,
      Marc.

  10. Default Gravatar
    sal | April 23, 2014

    how interest would l earn on $20000 over a year?

    • Staff
      Shirley | April 23, 2014

      Hi Sal,

      Thanks for your question.

      This will depend on which term deposit you choose. You can then use our term deposit calculator to help you determine how much interest you’ll receive.

      Cheers,
      Shirley

  11. Default Gravatar
    mel | January 22, 2014

    i would like advice on investing 500,000. I want to be able to keep principle amount and use the interest to live on. thanks

    • Staff
      Shirley | January 22, 2014

      Hi Mel,

      Thanks for your comment.

      Please be mindful that we can only give general advice and not personalised advice. You may want to have a look at our high interest savings accounts because you’re paid interest monthly and so may be easier to live on. They also have more flexibility.

      Alternatively there are also term deposits which generally have a higher interest rate, but they are less flexible as you lock your money away for a certain period and there are penalties if you’d like to access your money early.

      Cheers,
      Shirley

  12. Default Gravatar
    david | January 16, 2014

    i have $300,000 in short term deposit that returns me $1,650 .00 per month was considering managed funds but as this is all the money i have are very unsure the risk is not good. if i was to put in my super fund that i only have $60,000 would be taxed so much. as i do not work any more this is my only income since my accident from work. i am not allowed the benefit due to my household income as well as have to much in saving was told by centrelink i must use up all my funds before they will pay me benefit .?.

    • Staff
      Shirley | January 17, 2014

      Hi David,

      Thanks for your comment.

      Generally to receive some sort of Government Benefit you need to pass some kind of asset and income test. This is probably what Centrelink was referring to.

      Cheers,
      Shirley

  13. Default Gravatar
    Dee | January 5, 2014

    Hi,
    I have $100,000.00 to put into a 7-9mth term deposit. BUT I am getting confused. Can you please help?
    Are you able to recommend a term deposit with a good interest rate, that calculates interest daily. It doesn’t matter if it just pays it on maturity.
    I will use this money at maturity to put towards a house deposit.
    I have been told about some term deposits that offer a bonus interest at maturity if no withdrawals and if you use for a house, is this true? I couldn’t find anything on that.
    Is there anything else major I should be aware of?
    Thanks in advance :)

    • Staff
      Shirley | January 6, 2014

      Hi Dee,

      Thanks for your comment.

      You may be getting a term deposit confused with a high interest savings account – there are some high interest savings accounts that offer a bonus interest with conditions, or could be referring to the First Home Saver Account.

      While we can’t recommend one specific product, you can sort through our term deposits by their interest rate by clicking the arrows in the blue table above. This article can also help you with your decision.

      Please let us know if you have anymore questions.

      Cheers,
      Shirley

  14. Default Gravatar
    Nish | December 30, 2013

    Good day, i looking to invest $30000 for 9 months, what will be most suitable; online saver accounts or term deposit ?
    Surely, high interest rate is preferable. Pls suggest. Thanks.

    • Staff
      Marc | January 3, 2014

      Hello Nish,
      thanks for the question.

      Unfortunately I cannot suggest one product over the other. Carry out some research on both types of products, and decide on a product which is right for you. Generally speaking, term deposits are not useful to those looking to get access to their money regularly or those who like to move their investments around at regular stages throughout the year. Online savings accounts are more flexible, but may not appeal to those who like to remove the temptation of accessing funds by locking it away in a term deposit.

      I hope this helps,
      Marc.

  15. Default Gravatar
    david | October 12, 2013

    i had a small pay out from my past employer from my work 8 years with no income not even able to get government benefits need money to recover live off my invest $230,000 ONLY GET 4.30 % over 5 years fixed

    • Staff
      Marc | October 14, 2013

      Hello David,
      thanks for the comment.

      Would you mind clarifying your question? I’d be glad to help you with any questions relating to term deposits or savings accounts more generally.

      Cheers,
      Marc.

    • Default Gravatar
      david | January 16, 2014

      need income to live of but interest rate only at present in 3% get $1,500 monthly but NO WORK.

      not able to get centre link payments till i spend all my money in my account. as was told max amount is $150,000 dave.

  16. Default Gravatar
    puzzled | September 7, 2013

    For 1 month TD accounts…..

    When is the interest paid out….maturity(i.e. 30 days)? The reason i ask is that i see various websites display rates but under the legend it says annual rate(or something to that affect). This is usually mixed in with 3,6,12,36,60 month TD rates too, so that might be part of the confusion too.

    Is interest compounded every day or is the rate calculated based on the 30 day period for the 1 month TD?

    What would the cumulative APY for 12 months of 1 month TD’s @ 4.5%? Is that still 4.5% broken divided over a period of 12 months, or 12 x 4.5% for the year?

    • Staff
      Shirley | September 7, 2013

      Hi Puzzled,

      Thanks for your comment.

      The interest is paid out on the date of maturity and is calculated based on the 1 month period.

      In the example you’ve described above, it would be the 4.5% broken down over a period of 12 months. I’ve also emailed you a pdf explaining this.

      Hope this helps,
      Shirley

  17. Default Gravatar
    jennifer | August 29, 2013

    I would like the best interest rate for my super which I would like to put on term deposit for 4 months $1.4 million. Maturing at the moment on 3rd September. Thank you.

    • Staff
      Jacob | August 29, 2013

      Hi Jennifer.

      Thanks for getting in touch with us about your question about term deposits.

      The page you’re on has a comparison of term deposit accounts. If you’re looking to collect the funds on the third of September, you may want to consider a high interest savings account instead. The minimum term for a term deposit is one month.

      The main difference between a term deposit and a high interest savings account (HISA) is that with a HISA you’re not locked in for a specific term. They offer comparable rates of interest with the opportunity to earn bonus interest for a promotional introductory period or if you meet certain conditions (deposit over a certain amount and make no withdrawals, for instance).

      You can use the product table to order HISA’s by a number of factors (bonus interest, base interest rate etc.) click on the heading at the top of the table to do this. If you’re looking for a direct comparison between accounts, you can use the check boxes on the left hand side of the table and then click compare.

      Please let us know if you require more information.

      Thanks for the question and I hope this helps.

      Jacob.

  18. Default Gravatar
    jane | August 15, 2013

    I’m a british citizen who is resident in spain. Can I take out a fixed term deposit in australian dollars ? it would be an amount of 50,000 pounds .

    • Staff
      Shirley | August 16, 2013

      Hi Jane,

      Thanks for your comment.

      Unfortunately, to be eligible for our featured term deposits, you need to be an Australian permanent resident.

      Cheers,
      Shirley

  19. Default Gravatar
    Dimples | August 1, 2013

    We are senior pensioner couple who do not pay tax as we are on age pension. Whenever our term deposit comes due for renewal I know I can get a higher rate somewhere else but they want a tax file number. How do I get around that please?

    • Staff
      Shirley | August 1, 2013

      Hi Dimples,

      Thanks for your question.

      Usually you can open term deposits without a TFN, but the financial institution is obliged by law to withhold an amount from any interest paid or credited you to satisfy the expected tax liability. Currently, the withholding tax rate is 46.5% for those who do not provide their TFN.

      Please let me know if you’re having trouble finding a financial institution that doesn’t require a TFN.

      Hope this helps,
      Shirley

    • Default Gravatar
      Margaret | August 11, 2013

      Which term deposits can pay a monthly income off the investment or do I need to use a savings account?

    • Staff
      Shirley | August 12, 2013

      Hi Margaret,

      Thanks for your comment.

      There are some 1-month term deposits available, but they may not give the same returns as high interest saving accounts.

      It would be a good idea to crunch some numbers into our savings goal calculator to help you determine what’s best for your financial situation.

      Cheers,
      Shirley

  20. Default Gravatar
    pablo | July 27, 2013

    hi am pretty blond with rates and all that…. y question is if I put 5 grands on term deposit for a year with WestPac how much profit will I make (how much money) and same question if I put 2 grand for a year on term deposit with George bank how much will I get. thank you very much indeed

  21. Default Gravatar
    Ollie | June 26, 2013

    what is the term deposit rate for U Bank.

    • Staff
      Shirley | June 27, 2013

      Hi Ollie,

      Thanks for your comment.

      I’ve sent you an email about your request.

      Cheers,
      Shirley

  22. Default Gravatar
    stan | May 24, 2013

    What is a bonus interest rate and how do I qualify?

    • Staff
      Marc | May 27, 2013

      Hello Stan,
      thanks for the question!

      There are different types of bonus interest rates for different products. Some products will give the bonus interest rate to any new customers for a certain period of time, such as six months. Other products will grant you bonus interest as long as you follow certain conditions, such as making no withdrawals each month or a certain amount in deposits. The qualifications will be listed with the product, so have a good read of any products you’re interested in.

      Cheers,
      Marc.

  23. Default Gravatar
    Monica | May 13, 2013

    I have One million dollars, what is the best way to get the highest interest in 12 months,
    Cheers Monica

    • Staff
      Shirley | May 14, 2013

      Hi Monica,

      Thanks for your comment.

      You may want to compare our term deposits and choose the highest interest rate.

      Cheers,
      Shirley

  24. Default Gravatar
    CUONG | May 2, 2013

    Would you like to explain what expenses are in opening a term deposit to me?

    • Staff
      Shirley | May 3, 2013

      Hi Cuong,

      Thanks for your comment.

      The majority of term deposits require no fees to open which highlights the importance of comparing so you make the most informed decision. However most term deposits require a minimum amount to open.

      Hope this helps,
      Shirley

  25. Default Gravatar
    Wyn | April 10, 2013

    Who is Rabo bank? How safe is my money in these places

  26. Default Gravatar
    karen | April 4, 2013

    i have $20000 aus and i am looking at a term deposit acc which is going to get the best return over 3 or 6 mths

  27. Default Gravatar
    GUY | March 28, 2013

    I have $6,000.00. Which financial business has the best plan on offer?
    Thank you

    • Staff
      Adrian | March 28, 2013

      Hi,

      Many customers just look for the highest interest rate that they are eligible for. Many also look to an ongoing rate so they don’t have to switch accounts or term deposits too often.

      It really depends on your needs and how often you want to switch savings accounts. You can view interest rates in the above comparison tables for savings accounts and term deposits.

      Cheers, Adrian

  28. Default Gravatar
    vic | March 19, 2013

    what is ING DIRECT?
    Are good for term deposit?
    and home loan?
    thanks

    • Staff
      Shirley | April 3, 2013

      Hi Vic,

      ING is Australia’s fifth largest bank, they are back by the Government Guarantee for their financial products.

      Cheers,
      Shirley

  29. Default Gravatar
    Sunya | March 14, 2013

    I am New Zealand Citizen, am I qualified for Bonus interest rate?

    • Staff
      Shirley | April 3, 2013

      Hi Sunya,

      A lot of our featured savings accounts are only available to Australian residents. It best to double check with the accounts you’re interested in to confirm if you’re eligible.

      Cheers,
      Shirley

  30. Default Gravatar
    Valerie | February 4, 2013

    Hi,
    I would like to lock 10000 in a long term deposit.
    Which of the major Banks would,you recommend
    Thank you

    • Staff
      Adrian | February 4, 2013

      Hi Valerie. I can’t recommend banks for you. If it were me, I’d be looking for a strong interest rate and decent levels of customer service. Sometimes customer service levels are high when you’re applying for an account, yet when you become a customer, the level of service drops. You might consider looking for banks who win awards for customer service or friends who are happy with their banking experience.

      Cheers, Adrian.

    • Default Gravatar
      Peter | March 21, 2013

      Why would anybody want to invest in Bank West ?
      I have been trying to open a term deposit account for my super fund for a considerable amount of money for over 4 weeks. The ineptitude of the Bank west staff is unbelievable. One would think I was trying to borrow money, not invest it.
      I have been patiently waiting and sending documents but today I finally spat the dummy.
      So folks, cross Bank West of your list. If it is this hard to give them my money, how will it be to get it back ?

  31. Default Gravatar
    yoav | January 31, 2013

    must i be australian to invest?
    i don’t have a tax id
    i am from israel

  32. Default Gravatar
    Diane | January 23, 2013

    I am currently changing a SMSF from a high earning portfolio to a conservative fund, as the fund has changed from an accumulation fund to a pension fund. Changing to a conservative pension funds, I had cashed in some of the funds share portfolio, and I am now looking as to where to “fairly” securely transfer these funds in order to obtain a safer and more stable growth. I am looking at Government Bonds, Term deposits and some liquid cash into savings. Perhaps you can advise in this situation. Thank you

    • Staff
      Adrian | January 24, 2013

      Hi Diane. I’m not in a position to give you personal advice. But I can give you the same information I gave Sharlene:

      One thing worth considering is splitting up your term deposit between two institutions, as to qualify for the government guarantee on deposits of $250,000 per person, per institution. APRA has a list of the institutions that are covered by the Financial Claims Scheme.

      One thing to remember with this is that, under the scheme:
      - Bankwest is the same institution as CBA
      - RAMS is the same institution as Westpac
      - Virgin is the same institution as Citibank
      - UBank is the same institution as NAB

      So, if you had deposits with Bankwest and CBA, the sum of them is covered for a total of $250,000 and not $500,000.

      Another piece of information you may find worth reviewing is our page on Term Deposit Laddering.

      Also, please note that term deposits compound interest yearly whereas online savings accounts compound interest monthly, which can obviously impact returns.

      I hope this helps, Adrian.

  33. Default Gravatar
    sharlene | January 23, 2013

    I have $490,000 what is the best way to get the highest interest i would like to make it 500,000 in six months .

    • Staff
      Adrian | January 24, 2013

      Hi Sharlene. Sorry for the delay in my reply.

      According to my back-of-the-envelope calculations, you could make your target of $10,000 in interest in 6 months with an interest rate of 4.1%.

      One consideration worth considering is splitting up your term deposit between two institutions, as to qualify for the government guarantee on deposits of $250,000 per person, per institution. APRA has a list of the institutions that are covered by the Financial Claims Scheme.

      One thing to remember with this is that, under the scheme:
      - Bankwest is the same institution as CBA
      - RAMS is the same institution as Westpac
      - Virgin is the same institution as Citibank
      - UBank is the same institution as NAB

      So, if you had deposits with Bankwest and CBA, the sum of them is covered for a total of $250,000 and not $500,000.

      Another piece of information you may find worth reviewing is our page on Term Deposit Laddering.

      I hope this helps, Adrian.

Top High Interest Savings Accounts*

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Rates last updated September 30th, 2014
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
Bankwest Hero Saver
Bankwest Hero Saver
Earn 4.00% p.a. every month when you deposit $200 and make no withdrawals each month on balances up to $250,000. 4.00% 0.01% $0 / $0 OpenMore
HSBC Serious Saver
HSBC Serious Saver
A high interest savings account offer with ongoing variable bonus every month you don't make a withdrawal. 4.00% 2.70% 1.30% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to $5,000,000. Earn a high 3.90% p.a. variable rate for 4 months. 3.90% 2.50% 1.40% $0 $0 / $1 OpenMore
RaboDirect High Interest Savings Account
RaboDirect High Interest Savings Account
A competitive ongoing rate for balances up to $250K, no minimum monthly deposit required and no fees. 3.20% 3.20% $0 $0 / $0 OpenMore
ING DIRECT Savings Maximiser
ING DIRECT Savings Maximiser
A high interest savings account with no account keeping fees. 2.75% 2.75% $0 $0 / $0 OpenMore
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