If you’re looking for a secure and reliable way to grow your savings, term deposits can be an excellent option. These investment products offer fixed interest rates for a specific period, allowing you to earn interest on your deposited funds. In this article, we will explore the five best term deposits in Australia, considering factors such as interest rates, minimum deposits, and maximum deposit limits.
Note, this is as at 14 June 2023.
AMP’s $100,000 Term Deposit at 4.8% p.a.
AMP’s term deposit secures the fifth spot on our list with an attractive interest rate of 4.8% per annum. To take advantage of this offer, you need to deposit a minimum of $100,000. Keep in mind that there is a maximum deposit limit of $5,000,000, which may suit those with substantial savings looking for a secure investment option.
Macquarie’s Term Deposit at 4.8% p.a.
Macquarie takes the fourth position on our list with an equally enticing interest rate of 4.8% per annum. What sets Macquarie apart is the lower minimum deposit requirement of $5,000. While the maximum deposit limit matches AMP’s at $5,000,000, this term deposit is a great choice for those who want to invest a smaller amount without compromising on interest earnings.
Firstmac Term Deposit at 4.85% p.a.
Claiming the third spot is the Firstmac Term Deposit, offering an interest rate of 4.85% per annum. With a minimum deposit requirement of $5,000 and a maximum deposit limit of $5,000,000, this term deposit provides a competitive interest rate while allowing you to start with a relatively modest investment.
Judobank Term Deposit at 4.9% p.a.
Securing the second place on our list is the Judobank Term Deposit, offering an attractive interest rate of 4.9% per annum. What makes this term deposit stand out is the low minimum deposit requirement of just $1,000. If you have a smaller sum to invest and still want to earn a high-interest rate, Judobank’s term deposit is worth considering.
ME Term Deposit at 5.00% p.a.
Taking the top position is the ME Term Deposit, offering a highly competitive interest rate of 5.00% per annum. With a minimum deposit requirement of $5,000 and a maximum deposit limit of $2,000,000, this term deposit presents an excellent opportunity for individuals looking to maximize their returns on a sizable investment.
Remember, it’s essential to consider that a term deposit locks your money for a fixed period, unlike a savings account that provides easy access to your funds. Therefore, before making a decision, evaluate your financial goals and liquidity needs to choose the option that best aligns with your requirements.
Investing in a term deposit can be a smart move to grow your savings while enjoying the security of fixed interest rates. By exploring the top five term deposits in Australia, you can make an informed decision and embark on your journey toward financial success.