If you have a longer term goal and can resist the temptation of dipping into your funds, consider a term deposit.
Your return and interest rate are fixed with flexible interest payment options available. You can invest a substantial amount, or as little as $1000 with terms ranging from 30 days up to 5 years.
The Australian Government's Financial Claims Scheme (FCS) protects people's deposits in the unlikely event that a bank, building society or credit union fails. It only covers banking institutions that are incorporated in Australia, and has been known as the Australian Government deposit guarantee.
Terms Available (Min $1,000) | Interest paid on maturity or annually1 | Interest paid monthly |
5 years | 0.70% p.a. | 0.65% p.a. |
4 years | 0.70% p.a. | 0.65% p.a. |
3 years | 0.60% p.a. | 0.55% p.a. |
2 years | 0.60% p.a. | 0.55% p.a. |
1 year | 0.60% p.a. | 0.55% p.a. |
9 months | 0.50% p.a. | 0.45% p.a. |
6 months | 0.50% p.a. | 0.45% p.a. |
3 months | 0.40% p.a. | 0.35% p.a. |