If you do decide to reinvest right away, it’s important that you reconsider what the current interest rate is as it may have changed since you first opened your account. Some term deposits will allow you to immediately reinvest your savings into a new term deposit and earn even more interest. Some providers will require a certain number of days' notice if you're planning on withdrawing your funds and closing your term deposit account. Rollover terms are the options available to you at the end of your term, when you’re able to reclaim your deposit and interest earnings.

For example, a minimum investment of $5,000 may come with a lower interest rate than a minimum investment of $250,000. They also typically offer tiered interest rates for different minimum deposit sizes. Providers may have minimum deposit requirements that you must meet before they'll allow you to open a term deposit account with them. Term deposit providers may pay interest on the following terms: You may want to look at how frequently you’ll be paid interest. Also consider your personal savings goals when choosing between different term lengths. Longer terms often offer higher interest rates than shorter terms, but it’s best to check with your financial institution. In general, term deposits are available for a range of terms anywhere between a 12 month term and a 10 year term. Short-term deposits can be as short as a few months, while long-term deposits can last years. Term deposits generally fit into two categories: short-term and long-term deposits. The fixed term is the length of time that your funds will be locked away. Some financial institutions may offer a bonus interest rate on top of the standard interest rate if you rollover your full deposit amount at maturity. It’s important to be confident that you are getting the best rate possible for your situation. Generally speaking, high interest rates typically mean a higher rate of return. The term deposit's fixed interest rate will determine how much interest you’ll earn on your deposit over the fixed term. Here are some of the main features to consider when comparing term deposits in Australia: Term deposit interest rates

Best bank term deposit rates