Choose a simple investment that reaps rewards
A term deposit is a great option if you have $2,000 or more to invest. You could earn more interest on your savings than you would in a savings account, plus:
- Choose a term that suits you, from 7 days to five years, so you can fit your investment around your savings goals.
- Your interest rate is fixed for the length of your term, so your savings won’t be affected by changes in the market.
- Your money is locked away for the length of your term, so you won’t be tempted to dip in to your savings until you need them.
- No establishment or management fees.
Earn a regular income or reinvest your interest
Depending on the type of term deposit you choose, your interest could be paid out regularly or added to your investment for compound growth. Otherwise, you could have it paid out at maturity or reinvested into a new term deposit.
Open a term deposit in Internet Banking
Opening a term deposit in Internet Banking is the easiest way to get started. Just log in, select "Apply Now" from the menu, click on "Open a term deposit" and fill in your details. You'll be able to see your new term deposit in Internet Banking within a few days.
If term deposits aren’t right for you, try a savings account
If you’re looking for more flexibility than a term deposit, take a look at our Rapid Save account. You will qualify for bonus interest if you maintain or increase your account balance (on top of interest earned) and make no more than one withdrawal per month.