Term Deposit Rates and Fixed Rate Savings Accounts

Term Deposits are fixed-interest accounts offering you the assurance and certainty of return as you “lock” or “fix” the rate for a set period of your term investment. This usually can vary as short as one month, up to 3 years, and you will get a better rate if you opt in for a longer period.

Most people end up getting a term deposit with their regular bank without even checking the term deposit interest rates that other banks are offering. This is mainly because of the convenience associated with the whole process. You can however, get a higher term deposit interest if you do some research, compare and find out the term deposit interest rates that other banks are offering. Specifically online term deposits sometimes offer a higher term deposit rate than a regular term deposit rate.

By taking the time to find a higher term deposit rate you will be set to earn a higher term deposit rate for your investment term compared to someone who just settled for the “convenience factor”.

Term Deposit Rates Comparison

Term Deposit	1 Month	3 Month	4 Month	6 Month	12 Month	24 Month	36 Month	60 Month	Min Deposit
UBank Term Deposit	3.36%	5.61%		6.41%	6.01%				$1000
Macquarie Bank Term Deposit	4.70%	5.60%	5.70%	6.00%	6.00%	6.25%			$10000
Members Equity Term Deposit	4.50%	6.15%	5.50%	6.00%	6.40%	6.70%			$0
Suncorp eOptions flexiRates	4.25%	5.50%	5.70%	6.15%	6.35%		7.25%		$0
Suncorp Everyday Options Sub Account	4.25%	5.50%	5.70%	6.15%	6.35%		7.25%		$0
Suncorp Term Deposit		5.50%	5.45%	5.15%	6.05%		6.75%		$10000
St. George Term Depost		5.40%	5.40%	7 months – 6.00%	6.00%	6.00%	6.50%	7.00%	$5000

Once you compare the term deposit rate, try out Savings Account Finder Term Deposit Calculator, to work out your potential earnings.

The rate on your term deposit is an important consideration when comparing term deposit accounts because the rate you secure on day one is the one which is locked in for the entire term, so it had better be as good as it gets. To help you understand the importance of term deposit rate comparisons, term deposit accounts and interest rates are explained here for you.

What is a Term Deposit?

Understanding the importance of term deposit rate comparison is about knowing how a term deposit account works and how your interest rate is applied and calculated; term deposit accounts:

• Offer a guaranteed rate and return. The interest rate you earn on your term deposit is determined from the time you open your account. The interest rate is calculated based on your choices, and the projections your provider has made about where interest rates will be during your term. As a result, you will earn the same interest rate on your investment for every day of your term and while this means you can accurately calculate your return, it also means that your interest rate has to be the best it can be from the beginning, because if official rates increase and other term deposit rates go up, your rate won’t make a move because it has already been locked in. The benefit of having your rate locked in means that you won’t be negatively affected by negative interest rate movements, and this is the security which many term deposit investors are looking for.
• Are fixed investments where you have no access to your funds. A term deposit account is able to guarantee your rate for the entire term because your investment is guaranteed to the bank. When you open a term deposit account, once your investment has been deposited, the term begins and you cannot access your funds. This means you can’t make additional deposits to grow your investment and it also means you can’t take money out for purchases, but most importantly, it means that your investment won’t be spent before you can reach your savings goal, and you have every opportunity to earn the maximum amount of interest.
• Offer flexible options and choices. While a term deposit account is fixed during the term of the investment, you have a myriad of choices available to you before then, to customise your term deposit account, and ensure the best return on investment for your needs. For example, you can choose the amount you invest with many term deposit providers not requiring a minimum investment amount; you can choose the term which best suits you, usually between one month and five years; you can choose when and how you want your returns to be paid, for investments longer than 12 months you can have your interest paid monthly, queerly six monthly or yearly, by cheque, or directly into a nominated bank account; and you can choose what to do with your investment and principle at the end of the term, whether you want to roll over your investment, reinvest the principle, or just the interest you have earned or have the entire amount paid out so you can move onto another investment option, or make your savings dream a reality.

How to Compare Term Deposit Rates

When making term deposit rate comparisons, it is important to keep in mind all of the choices available on term deposit accounts, as each variable can change the rate your investment earns significantly. Therefore, when you compare term deposit rates, remember:

• Compare apples with apples. It’s an old chestnut but a good ‚Äòun, especially when it comes time to compare term deposit rates. The investment amount, the term and the frequency of your interest payments can all affect the interest rate applied to your term deposit. Therefore, to make accurate comparisons, compare term deposits with the same terms, for the same investment amount with the same interest payment frequency.
• Compare the options which suit your financial needs. When making your comparisons, make sure that you are looking at the term deposit options which suit you and which you are comfortable with, not the ones which will just earn you the highest rate. Instead, look closely at your finances to determine how much you can afford to invest and for how long. This will tell you exactly which apples you need to be comparing, and will save you a lot of time as you shop around, not to mention helps you avoid a lot of heartache if you invest the wrong amount for the wrong term and need to access your funds early, forfeiting a lot of your interest returns.
• Shop around for the best deal on today’s investments. Term deposit interest rates can change significantly from day to day and week to week. Therefore, make sure you shop around for the best deal of the day, on the day you are ready to make a decision on your term deposit account. Some banks have sales and others run promotions on different term deposit options at different times, so taking the time to make comparisons could just turn up a great rate on the choices you are ready to invest in.

To start applying your new comparison knowledge in your search for the best term deposit rate for your needs, use the Savings Account Finder comparison tables here. You can then follow our secure links from your comparison, right to the provider’s website where you can often start an application today, and lock in the great rate you have found.

Term deposit rate comparisons can be a daunting task because there are so many great term deposit accounts, competitive interest rates and term deposit providers in Australia. Luckily for you, Savings Account Finder is dauntless when it comes to hunting down the best term deposit accounts, with the best interest rates from the best Australian providers, and we deliver all that information to you in easily digestible bite sized comparison tables.

How to Make Term Deposit Rate Comparisons in Australia

Before you start chomping away on our comparison tables, you need to be clear about what you really want to be comparing, no point filling up on empty comparisons of accounts that aren’t right for you. Therefore, to make meaningful comparisons of term deposit rates available in Australia:

• Identify the reason you were drawn to term deposit investments in the first place. Remembering why you started looking into term deposit investment options will remind you of the term deposit feature which is most important to you, because it is your reason for wanting to invest. If you started your search for a term deposit because your parents lost a lot of their super fund in the GFC, then security is most important to you. If you were disappointed to see your kids miss out on all the bonuses on top of the first home buyers’ grant and want to contribute to their house deposit, then growth and longevity are important to you.
• Gently crunch the numbers. When you look at your budget to determine how much you can afford to invest and for how long, there is no point in taking a heavy hand to the process. if you cut and cut from your budget to make more funds available for your investment, then you are leaving no room for emergencies, let alone room for living. Instead, take a realistic approach to your budget and if there’s nowhere you can cut, then there’s no extra room to boost your term deposit investment amount and you have to look for a term deposit rate which is the best for the amount you can afford.
• Connect the dots between your needs and our comparison tables. Now you have the important information about your needs and wants regarding term deposit investments clear in your mind, you will be more easily able to connect those needs, to one of the top term deposit accounts in Australia detailed in our comparison tables. All of the relevant features are highlighted, the terms available, the minimum deposits required and the interest rates offered, so you can choose the term deposit account right for you.

Understanding Your Term Deposit Rates Comparison

If you’re looking for a little more help to digest the information you have found in our comparison tables and term deposit reviews, refer to these glossary items:

• Fixed rate. Is what term deposits are known for, but can sometimes be deceptive. A fixed term deposit rate is fixed when your account is activated, and means you earn the same interest rate on every day of your term until maturity. However, don’t assume that a term deposit account comes with a fixed interest rate, as many accounts are adjusting their features to make their investments more flexible and this can change their fixed interest rates.
• Deposit. Is a one off transfer you make to your term deposit account, of your investment amount. You can make your deposit electronically, or some term deposit providers will accept cheque deposits.
• Official interest rate/cash rate. Is the overnight money market rate and is set by the Reserve Bank of Australia. The RBA makes its decision about whether to raise, lower to hold the cash rate depending on spending, debt levels and circumstances in the global economies which could affect Australians; the RBA raises the cash rate to slow our spending and lowers it to stimulate the economy.

To start matching your investment or savings needs to the best term deposit accounts in Australia, view our fixed term deposit comparison tables. When you have found a term deposit rate which matches your needs, follow our secure links to start an application online today, and secure your perfect match.

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