How to apply for a term deposit | Savingsaccount | InfoChoice
Subscribe to InfoChoice to receive


Special offers
Exclusive offers
Market data, trends and insights



Subscribe
How to apply for a term deposit

How to apply for a term deposit

Putting your money into a term deposit means locking it away for a pre-determined period at a fixed rate of interest. That way, youre guaranteed a certain return while protecting your investment from volatile market shifts.

Although interest rates tend to be lower than youll get with higher-risk strategies, a term deposit provides a stable base to plan your budget, establish an investment fund or draw a set income from the interest you make.

Here's how to get a term deposit up and running.

1. Compare your options

Before you sign up for a term deposit, its important to consider your options and compare the different products available to you. By comparing term deposit options at each financial institution you can find an interest rate, account type and term length that suits you.

2. Choose your product

Most financial institutions let you apply for a term deposit account online, over the phone or in person at a branch. Some lenders require you to hold an existing transaction account with them before opening a term deposit, and most offer a schedule of fixed interest rates for various set terms, so choose your product carefully and compare all the term deposit products on the market to find the best fit for your goals.

3. Prove your identity

The financial services provider you choose will need to verify your identity in order to open a term deposit in your name. That means youll likely need to provide your name, residential address and date of birth via a drivers licence, passport or birth certificate. Some providers offer electronic verification for online applications.

4. Authorise your account

Some financial services providers may ask you to electronically authorise your term deposit if you are sole trader or acting on behalf of a partnership, company, trust or association. Authorised signatories may be required to transfer money from an external bank account into a term deposit.

5. Make a deposit

Youll need a lump sum to place into the term deposit, and some lenders require a minimum amount in order to open the account.

Setting up a term deposit can be an effective way to boost your savings or set up an investment fund for your future. Start searching and comparing term deposit offers now, or use our savings calculator to estimate how much interest you could earn.



Previous Article  Next Article

Savings Account Selector

State
Savings Amount

Term
Account Type
Account Type
 




Featured Savings Accounts

Institution Product Max. Rate (%) Details
Citi Online Saver (2.85% Variable intro rate for 4 months on balances up to $500k) 2.85 Go to site
Savings Maximiser (Base rate 1.35%p.a + 1.45%p.a Standard Bonus Rate = 2.80%p.a on balances up to $100K) 2.80 Go to site
Maxi Saver (2.60% variable for first 3 months) 2.60 Go to site
Maxi Saver Account 2.60 Go to site
Hero Saver (Earn an ongoing variable rate of 2.60% p.a. for balances up to $250,000 minimum deposit of $200 excludes interest monthly with no withdrawals) 2.60 Go to site
Maxi Saver (NSW, ACT, SA & NT) 2.60 Go to site
Institution Product Max. Rate (%) Details

Based on promotional or introductory rates for an online savings account of $5,000. For information on how we've selected these “Sponsored” and “Featured” products click here.



Advertisement

Find out more



Twitter Facebook

© InfoChoice Pty Ltd ABN 93 061 105 735 AFSL and Australian Credit Licence number 349445

Although we cover a range of products, providers and services we don't cover every product, provider or service available in the market. The information and products contained on this website do not constitute recommendations or suggestions to purchase or apply for any particular product. Products included on this site may not suit your personal objectives, financial situation or needs. Please consider whether it is appropriate for your circumstances, before making a decision to purchase or apply for any product. If you are considering acquiring any financial product you should obtain and read the relevant Product Disclosure Statement or other offer document prior to making an investment decision.

Go to top