All our Term Deposit applications are done online, so you get a highly competitive rate and you can earn instant interest with a ‘Turbo Deposit’.

You can also set up a UBank Term Deposit for your Self Managed Super Fund.

With a UBank Term Deposit, you’ll get:

• A great interest rate. View all our rates.

• No fees
• The choice of a 1, 3,4, 6, 9 or 12 month term
• A 0.10% p.a. Loyalty Bonus when you rollover 100% of your term deposit
• Instant interest, with the Turbo Deposit account opening process
• A government guarantee on deposits up to $1 million (limit applies to total funds deposited with NAB)
• Access to a real person, 24/7

Apply for a UBank Term Deposit Now!

UBank Term Deposit is a post from: High Interest Savings Accounts

Basically, a term deposit account is a savings account where you invest a certain amount of money for an agreed period of time. Though you sacrifice a lot of flexibility, term deposit accounts offer some of the best interest rates on the market.

In many ways, comparing term deposit accounts is simpler than comparing a lot of financial products. term deposits pay a set interest rate over a certain amount of time so you can tell exactly how much the return on your investment will be, so it is easy to make direct comparisons between products in this regard. However, term deposit accounts can differ significantly in other ways. Here are some of the factors you should consider when you compare term deposits:

Minimum investment – Most products require a minimum investment of between $1,000 and $10,000, though some ask for a lot more. As a general rule, the higher the minimum investment the higher the interest rate.

Term of investment – Term deposit accounts usually require that you invest your money for between one and five years. Again, the longer the term of the contract, the higher the interest rate will be. This is not a flexible arrangement so you must be willing to leave your money untouched for the full term if you want to see the full return on your investment.

Break fee – If you do decide to withdraw some or all of your money before the end of the term you will be charged a break fee. This could be a percentage of the interest your investment has earned so far, it could be a flat fee, or it could be both. In general, you can expect to lose at least half of your returns if you withdraw early. You should also read the small print to see if there are any other fees and charges when comparing term deposit accounts.

Interest calculations – Different term deposit accounts calculate interest in different ways, which can make a difference to the returns you receive on your investment. Most term deposit accounts calculate interest once a year, but it does vary. For this reason, it is best to compare products on the basis of your final return, rather than the quoted interest rate.

These are the main factors to consider when comparing term deposit accounts. Of course, before you begin your comparison you will need to consider your own circumstances. For example, how much can you afford to invest and how long can you leave it invested? Once you know this, you can narrow your list of suitable products and begin to make direct comparisons.

Choosing a Term Deposit Account is a post from: High Interest Savings Accounts

• A range of terms to suit your needs from 1 month to 5 years
• Competitive interest rates View current rates here
• A guaranteed rate of return for the term of your investment #
• Ability to set up Term Deposit in business or DIY Super name

Rates

**Balances from $5,000 (interest at maturity/annual)

Apply for the St. George Term Deposit Now

* Interest is paid at maturity for terms up to 5 months. For terms greater than 12 months, interest is paid annually.

Limited to residents in Australia. Fees and charges may apply. This information does not take your circumstances into account. You should read the Terms and Conditions available at any branch or by phoning 13 33 30 to ensure the product is right for you.

Important information

Conditions apply.

If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Rates are available on deposits of $5,000 or more. Personal and business customers only, not available for corporate, institutional or government customers. Rates apply for a single term. Different rates apply for subsequent terms.

Before making a decision, it’s best to read the terms and conditions.

St.George Term Deposit is a post from: High Interest Savings Accounts

Term deposits, sometimes called certificates of deposit, differ from regular savings or checking accounts in that you agree to leave your money on deposit for a specified time, or term.  In return, the bank pays you a higher than average interest rate.  In many cases these accounts also require a higher opening deposit amount than a standard account.

The best savings rates are often found in term deposits, and the longer you agree to keep your funds on deposit, the higher the rate—though the rate advantage tends to narrow when the term extends past about 12 months.  Remember, you’re exposing yourself to a higher interest rate risk the longer you keep your funds tied up, and you’ll want the bank to reward you for that.

Once you make the deposit into a term account, there are early withdrawal penalties to contend with if you need to withdraw your money before the end of the term.  The information you receive before investing should outline these potential costs; if you don’t understand anything or it doesn’t seem clear, be sure to ask a customer service representative at the bank.  Early withdrawal penalties can be large enough to negate the extra interest you’re earning, so be sure you won’t need the money until the end of the term.

A few accounts will allow exceptions to the early withdrawal penalties for certain circumstances, like the death of one of the account holders.  Exceptions like these will be in the account agreement, which you should read before depositing money.

Think carefully about the term of the account before you open it.  The best deposit rates will be offered on the longest terms, but in exchange you’ll be exposing yourself to interest rate risk.  For instance, let’s say rates on an average savings account with no minimum balance are 2%.  You’ve found a 24-month account paying 4%–double the average.  That’s a great deal, until 12 months later, when rates have risen to 5% on regular savings accounts, and your money is stuck in the now low-interest account.  That is interest rate risk.

If you withdraw the money, you’ll pay a penalty, making the effective interest rate on your term account even lower than the advertised 4% rate.  If you leave the money in you’ll avoid the early withdrawal penalty, but you’ll be stuck in a rate that’s currently 1% lower than market rates, and could become even lower than market if other rates continue to rise.

And even though you won’t be moving money in and out of this account, access is important.  You may have a planned use for the funds once the deposit term is up, and electronic funds transfer will keep you from losing money while the funds are being mailed from the bank to you.

So, when it comes to term deposit accounts, the term is important, but so are the other account requirements.  The bank’s best deposit rates will usually be available in this type of account, which also requires minimum deposit amounts.  Think about your comfort level with different terms, and read all the material associated with this account type before you invest.

Term Deposits Explained is a post from: High Interest Savings Accounts