If you want a higher interest rate and you’re serious about saving, you might like to open a 3 month Term Deposit.
A term deposit requires a minimum deposit of $5000 and is a fixed term investment, meaning your money is “locked away” until it reaches the end of the term. Rates of interest applied to term deposits can be tiered based on the amount and timeframe of your investment.
As long as you don't touch the money for that time, you’re guaranteed a profit from the interest paid at the end.
With P&N Bank you can choose a Term Deposit term ranging from one month to five years. When the market is experiencing lower interest rates, shorter terms of 3 months or 90 days become very popular. The aim for investors is to earn a highest rate of interest possible but not lock funds away for too long in the hope that interest rates will increase.
With shorter term deposits such as the P&N Bank 3 Month Fixed Term Deposit interest is paid at maturity or rollover of the deposit, and accrues to your deposit account.
|Tem Deposit - Money Maker||$5,000 - $24,999||$25,000 - $1,000,000|
|3 months||1.60% p.a.||2.35% p.a.|
Term deposits are a simple and reliable way of investing, but always be sure to check the Product Disclosure Statement (PDS) on the product you choose.
To get started with your term deposit account, explore our range of P&N Bank term deposits today.
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