Commonwealth Bank Term Deposit

If you thinking of trying to find a safe guaranteed investment for your money that even has the potential to create another income stream for you then a term deposit account from Commonwealth Bank may be right up your ally. Term deposits have the advantage of having an interest rate that is fixed and the choice terms.

Commonwealth Bank Term Deposit Interest Rates

If the features offered by the Commonwealth Bank appeal to you and you have the minimum amount of money to invest then you will need to consider the current rates on offer. The Interest rates that are on offer from Commonwealth bank for an investment of $10,000 with interest paid at annually are as follow:

• For five years 7.00% per annum
• For three years 6.50% per annum
• For one year 6.00% per annum

The Features Of Commonwealth Bank Term Deposits

Because you need to have as much information as you can before making a decision about any investment here are some of the key features of a commonwealth bank term deposit:

• Several different terms. Because Commonwealth Bank offer a range of term deposit lengths from as short as thirty days to investments as long as five years. This means that if you in the position to lock your money away for a extended period of time you have the advantage of getting the higher interest rate offered for longer terms. If you need a shorter term for example you need to keep your money safe for a shorter period of time like waiting for your house to settle you can choose a three or six month term.

• Choose how you receive interest. Commonwealth bank offers you four different ways to receive your interest payments depending on the term and rate you choose. Interest payments can be payed every four weeks and at maturity, compound interest payed ever four weeks and at maturity. Every six months and at maturity compound interest payed every six months and at maturity. Yearly interest payments can be chosen for terms one year or longer.

• The interest is guaranteed .When you open a term deposit you get to choose the length of the investment and the interest rate this means once you lock in the term and interest rate it’s fixed for the length of investment, so the income gained from interest is guaranteed to you.

• Commonwealth Bank is an Australian institution. Commonwealth bank being one of the big four Australian banks means that your money is being looked after by one of the best banks in Australia, this means that there is little chance of the bank not being able to cover the return on your investment.

• Term deposits are easy to apply for. To open a commonwealth bank term deposit you will need to at least 18 years of age and have a minimum deposit of $5,000 existing customers can open a commonwealth bank term deposit online because their details are already on file all you have to do is choose the rate and term open the account and then deposit the money. Non Commonwealth Bank customers can still open an account online but they will need to complete certified copies identification form.

• $5000 minimum deposit. If you would like to open a Commonwealth bank term deposit not only will you need the $5000 minimum deposit but you will also need to be 18 years of age.

If you would like to compare the Commonwealth bank term deposits to other term deposits offer by other Australian banks and financial institutions that you can do so here at our savings account find the comparison table, after you compare the various banks you can follow the secure link to that financial institutions website that open your term deposit today.

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