Fixed Term Deposit Comparison of Interest Rates
Posted January 29th, 2010
and last modified March 9th, 2010All term deposit ’s will earn you a high interest rate – you are being rewarded by the bank for letting them keep your money for a little while. Generally, the longer the term and the more money invested, the higher the interest rate. The term usually lasts from a minimum of 30 days until 3 years; but it all depends on your period which you commit to the fixed term deposit
Fixed Term deposits are especially useful when interest rates are high as the fixed rate will protect the savings against possible lower interest rates in the future. However, a penalty will be charged if the money is withdrawn before the term is up.
| Term Deposit | 1 mth | 2 mth | 3 mth | 5 mth | 6 mth | 9 mth | 12 mth | 24 mth | 24 mth | Min and Max Deposit | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 Macquarie Bank Term Deposit |
4.10% | 4.20% | 5.50%
4mths at 5.75% |
5.50% | 6.00% | 6.00% | 6.00% | 6.10% interest on maturity | 6.00% interest paid annual | $10,000 – 1m |   |
How to maximise the interest on your term deposit:
- A longer term will earn you higher interest.
- Have interest paid at maturity.
- Shop around because not all banks are the same.
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Top 6 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.
| Savings Account | Interest Rate | |
|---|---|---|
 INGDirect Saver |
5.85%* only for 4 months | |
 St George Direct Saver |
5.75% |  |
 Citibank Online Saver |
5.71% for 6 months | |
 Bankwest Telenet Saver |
5.62%* for 12 months | |
 ANZ Online Savings Account |
5.50% | |
 NAB iSaver Account |
5.40% | |
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