Term Deposits - best offers

Term deposits are among the safest and most secure investment options around. Read on for some advice on the best offers on term deposits currently available.

Term deposits
A term deposit is a deposit held at a bank or financial institution that has a fixed term. The terms are usually quite short with maturities that range from a month to a few years. The money in the deposit account cannot be withdrawn for the duration of the term. Term deposits are a very safe investment and are often described as risk free investments.

CBA
CBA offer great online rates for investments of $5,000 to less than $500,000. Terms range from one month to five years and interest is paid at maturity. They also allow you to manage your term deposit maturity instructions online with NetBank.

Rabo Direct
Rabo Direct offer a 6.50% p.a. variable introductory rate on balances up to $200,000. There is no minimum deposit required and there are no ongoing account fees. There is also 24/7 access to your account through the RaboDirect website.

ING Direct
ING Direct are one of the largest online banks in Australia. Deposits must have a minimum balance of $10,000 and they offer a rate of 6.5% for terms of one year. They also provide a loyalty bonus when you rollover your deposit at the end of your term.

ME Bank
ME Bank offer term deposits with interest rates that range from 4% for 30 days to 6.5% for a year. The minimum deposit is $1,000 and the maximum is $500,000. Interest is paid by direct credit or rollover on maturity.