Term Deposit Comparison – Compare & Apply for the Best High Interest Term Deposit Accounts

When the Australian Reserve Bank changes their interest rates it usually is a positive or negative sign for people considering term deposits. If interest rates are high, so will be term deposit rates. Term deposits allow consumers to place a larger sum of money into a special savings account where it will acquire a higher rate of interest over a set period.

High Interest Term Deposit Account Comparison

Term Deposit	1 mth	3 mth	4 mth	6 mth	12 mth	24 mth	36 mth	48 mth	60 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
Flexirates Suncorp eOptions flexiRates	4.25%	5.45%	5.70%	6.15%	6.45%	-	-	-	-	$1 – $50m
Bankwest Term Deposit	-	3.61%	-	5.01%	5.40%	-	-	-	-	$1,000 – 5m
Flexirates Suncorp Everyday Options Sub Account	4.25%	5.45%	5.70%	6.15%	6.45%	-	-	-	-	$1 – $50m
Suncorp Term Deposit	-	5.40%	-	5.15%	6.00%	-	7.00%	-	-	$10,000 – 24,999
St.George Term Deposit	-	-	5.30%	5.95% for 5mths	6.00% for 7mths	6.00%	7.00%	6.50%	7.25%	$5,000 – $5m
Term Deposit	1 mth	3 mth	4 mth	6 mth	12 mth	24 mth	36 mth	48 mth	60 mth	Min and Max Deposit

Benefits of a term deposit

As well as attracting better rates, term deposits are guaranteed, meaning your interest is guaranteed for the term you choose for your deposit. Even if the Reserve Bank will adjust rates in the interim your account will not be affected.

Let’s look at the other benefits of a term deposit account:

• All term deposit accounts get paid with fixed interest rates. These can be paid to you monthly, quarterly, half yearly or annually if your term is longer than 12-months. If you shop and bank with the right client, then chances are your money accumulates compound interest when the earned interest gets added to your primary investment, helping to acquire more interest in the process.
• Ranging terms allow you freedom in the way you want to handle the money.
• It is a secure investment of excess cash: By investing your money into a term deposit account you are assured it will still there when you are ready to spend it. Instead of having money sitting around in a savings account or a checking account you can make it work for you. This is great for people who don’t need access to large funds while having the knowledge it will grow during the specified term.
• It’s a great way to force-save money for a larger expense, since you can’t draw it unless you pay a ‘break fee.’

Term deposit drawbacks:

There is one major drawback to opening up a term deposit account. You will lose liquidity of your funds. Should you ever need emergency access to those funds while a term is still in operation, you can be made to pay hefty ‘break’ fees. Paying these would defeat the reason for choosing these accounts in the first place, but having said this, there is an emergency option if the need ever arises.

• If you want the highest possible interest rate on your account then you need to part with the money for a long while.
• Automatic roll-overs can lose you money: When you fail to act on maturity of your term deposit it could mean that the same term for the second time around will fetch a much lower rate. Since interest rates fluctuate all the time, chances are they will be different when your term is up for renewal. Therefore it pays to pay attention to your options upon maturity.
• Not every term deposit is equal. Different banks offer different terms and interest rates. It pays to show around and to make things easier for you we have included a handy table at the bottom of this page.
• Small print alert: Before you choose a specific supplier be sure to read their product disclosure statement to fully understand your rights.
• Unless your term deposit account is guaranteed by the APRA (Australian Prudential and Regulatory Authority), your investment is not safe! Visit the APRA website for more information.