Term Deposits comparison

Term deposits rates can differ considerably among the major banks and financial institutions. Read on for a comparison on the major term deposit providers.

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.

St George
St George offer a rate of up to 6.05% p.a. for 12 months on balances between $5,000 and $20,000 with the interest paid at maturity. The interest rate is fixed at the beginning of the term and is guaranteed for the duration. Terms range from one month to five years. There are no set-up or monthly service fees.

HSBC
HSBC offer term deposits at competitive interest rates. They also offer a choice of terms from 1-11 months, 15-18 months and 1-5 years. Interest payments can be made monthly, quarterly or at maturity. The interest can be paid by bank cheque, credited to a nominated account or re-invested at maturity.

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.