Compare Term Deposits Online
If you want to invest your money and earn a relatively secure return, and if you won't need that money for a few months to a few years, a term deposit account could be right for you. Start comparing term deposit accounts (also known as TDAs) in our comparison chart below.
Term Deposits Accounts
| Product | Bank | Interest rate % p.a. split up by term | Our Take | Apply | |||||
|---|---|---|---|---|---|---|---|---|---|
| 1 Month |
3 Months |
6 Months |
1 Year |
2 Years |
5 Years |
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| St.George Term Deposit |  |
2.55% | 3.25% | 5.2% | 5.1% | 5.3% | 5.8% | Earn 5.65% p.a. for 5 months on balances from $5000 |  |
| UBank Term Deposit |  |
3.46% | 5.71% | 6.01% | 5.51% | You can choose from a 1, 3, 6, 9 or 12 month term. These rates include a 0.10% loyalty bonus which is paid at the end of the term. | |
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What are Term Deposit Accounts?
A term deposit account is where you put money into savings with the intention of earning interest, but you commit to keeping that money in the savings account for a set term. That term might be a month or a few months, or it could be several years. In most cases the longer you agree to leave your funds in the term deposit account, the higher the interest rate you'll earn.
Benefits of Term Deposit Accounts
Term deposit accounts have a few benefits over more traditional savings accounts. Those benefits include:
• Term deposit accounts generally offer significantly higher interest rates, letting you earn a larger return on the funds deposited into your account.
• Term deposit accounts often feature no annual account fees, which would otherwise cut into your interest earnings.
• Funds are "tied up" for a set term (helping you avoid the temptation to withdraw and spend the money).
The basic idea behind a term deposit account is that you're able to earn more money in compounding interest (depending on how long you agree to keep your money in the bank) than you could with a normal savings account. And it's in the bank's interest as well, because you're promising to keep the money in their hands longer, and they earn money through their own investments.
Comparing Term Deposit Accounts
The two primary things you'll want to consider when comparing term deposit savings accounts are the interest rates and available terms. Only choose a term deposit period that you can live with.
If you can't realistically keep your $5000 or so in the bank without using it for three years, then choose a shorter term. If you can keep your money in the bank because you won't need it any time soon, then focus more on maximising the interest you'll earn with longer deposit periods.
Let Bank-Accounts.com.au help you find the best term deposit account for you today. Compare available offers above and apply for an account online.
