Term deposits are savings products provided by an Authorised Deposit-taking Institution (ADI) - these can be banks, credit unions or building societies.
Term deposits provide savers with a relatively straightforward financial product offering higher rates than those offered on regular savings accounts in exchange for the account holder making no withdrawals for the agreed term. The rate you choose will remain the same until the deposit matures, unlike other variable rate accounts that fluctuate according to several factors, including the Reserve Bank of Australia (RBA) rate.
Term deposits can vary greatly, which means there is an account out there for just about anyone. You can choose from a wide range of terms, lasting from as little as 1 month, all the way up to 5 years, each offering different rates to reflect. Some ADIs offer consistently competitive rates across all term deposit durations, while others may save their most competitive rates for certain terms.
It is always best to decide on a term that you are willing (and able) to stick to before shopping around for the best rates. Which4U allows you to compare term deposits from a range of ADIs offering a variety of terms and rates, allowing you to quickly find an account to suit your savings needs.
Term Deposits
