Why open a term deposit?
Minimum investment $5,000. For deposits of 1 year or less, interest paid at maturity. Over 1 year, interest paid annually.
Choose your own term
p.a.
Minimum investment $5,000. Interest is calculated daily on whole balances. To receive the Platinum Plus rates, the account owner of the term deposit must be either an individual aged 55 years or over, or a Super Fund/Trust, where the Trustee is an individual aged 55 years or over.
Term deposit interest rates
View all our rates and terms and select your favourite combination.
Plus if you're over 55 you can take advantage of our special rates.
Conditions: Minimum investment $5,000. Interest is calculated daily on whole balances*.
Conditions: Minimum investment $5,000. Interest is calculated daily on whole balances*.
^To receive the Platinum Plus rates mentioned above, the account owner of the term deposit must be either an individual aged 55 years or over, or a Super Fund/Trust, where the Trustee is an individual aged 55 years or over.
Is this product right for me? Standard Rate or Platinum Plus Rate
Is this product right for me? Standard Rate or Platinum Plus Rate
Term deposits explained
Answers to frequently asked questions about term deposits.
A term deposit allows you to grow your existing savings by locking them away for a set period of time and at a set interest rate.
Your term can be anything from 1 month to 5 years, however, it’s worth keeping in mind that you are unable to make additional deposits after the initial grace period ends. You’ll also earn a lower rate if you need to access your money before the end of your term.
In contrast, a savings account allows you to make unlimited deposits and withdrawals. However, the interest rate is typically lower. Savings accounts can be helpful if you’re just starting out and want to deposit money on a regular basis while a term deposit is useful for earning interest on top of savings you already have.
With recent interest rate rises, a competitive term deposit rate can be a clever way to grow your existing savings. Plus, your return on investment won’t be affected if interest rates fall.
If you’re part-way through saving for a home, putting some of your savings into a term deposit account could help you save smarter. Some of the benefits include:
- Higher interest rate than a regular savings account.
- Guaranteed rate of return.
- Choose to have your interest paid monthly, annually or at maturity.
- You won’t be tempted to spend your hard-saved cash as it’s locked away for a term.
Wondering how much interest you can earn? Our term deposit calculator can help you find out.
At the end of your term, you can choose to:
- Withdraw your money and the interest earned.
- Re-invest all or part of your savings for another term.
- Add extra funds to your term deposit and re-invest for another term.
Depending on your notification preferences, you will receive an email or text message reminder when your term deposit is approaching maturity.
A notice period of 31 days is required to withdraw part or all of your funds before your term deposit matures unless you are in your 14-day grace period or experiencing financial hardship. Please also be aware that doing so will incur a cost in the form of an interest adjustment. This is outlined in our terms and conditions.
Partial withdrawals must be at least $1,000 and leave a remaining balance of $5,000 or more.
If you wish to provide us with 31 days’ notice to withdraw your funds, or you’re experiencing financial hardship and need them sooner, please call us on 133 282 or visit your local branch.
Yes, you can easily renew and manage your term deposit in online banking without having to call us or visit a branch.
How to manage your term deposit
- Log in to online banking
- Select the three dots ‘Actions’ menu for the term deposit you want to manage
- Select one of the following options:
Edit Maturity Instructions
- You can edit the term deposit maturity instructions at any point during your term (except the day before and day of maturity) and we’ll automatically follow these instructions when your term deposit matures. If you choose to renew your term deposit, the applicable term deposit rate for the renewed term will be the rate which applies on the day of the maturity.
To help get you started, we’ve created a simple step-by-step guide on how to edit your maturity instructions.
Edit Term Deposit
- When you open a term deposit account, you have 14 consecutive days in which you can adjust your term length and add or withdraw funds if your needs change.
- From the day your term deposit matures, you have 14 consecutive days in which you can make changes to your term deposit. You’ll have the choice to inform us whether you wish to reinvest some or all your funds, close the account, or even consider adding extra funds for reinvestment.
- If you don’t provide any instructions within the 14-day period, we’ll automatically reinvest the term deposit for the same term at the interest rate applicable on the date of maturity.
To help get you started, we’ve created a simple step-by-step guide on how to edit your term deposit during the grace period.
Request Early Release
- If you wish to withdraw money from your term deposit before the end of its term, you’ll need to give us 31 days’ notice. Accessing your funds before maturity will incur a cost in the form of an interest adjustment, which is outlined in our terms and conditions.
- You can withdraw all or part of your funds after you have given 31 days’ notice. If you make a partial withdrawal, your balance must not fall below $5,000.
If you’re experiencing financial difficulty and need your funds earlier, please call us on 133 282 or visit your local branch.
Remember you can see and manage your term deposit in online banking at any time, so you never lose track of your term deposit’s status.
Yes. Money placed in a term deposit account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).
The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.
If you have a Fixed Rate Home Loan and have maxed out your extra repayment cap, a term deposit can help you get a head start on extra repayments once your fixed period ends.
Simply add your extra savings into a term deposit with the same or similar timeframe as your remaining fixed rate period. Then sit back and relax while your funds earn interest. Once your fixed rate period ends and your term deposit matures, the funds can be added to your home loan in online banking.
Absolutely, in fact, it’s the fastest way to get started. Read on to find out how.
- If you’re new to Great Southern Bank;
You can apply for a new term deposit via our website. All you need is 5 minutes and your ID. Once you pass our online verification checks, we will open the term deposit account straight away to lock in your rate and term. - If you’re an existing customer;
You can open a term deposit in less than a minute by logging into online banking and clicking “Open or Apply”.
Once your account is open, you’ll have a 14-day grace period to arrange the transfer of your funds. If the funds you want to invest are not in your Great Southern Bank savings or transaction account, we can arrange this for you via direct debit or you can send the funds yourself using a telegraphic transfer.
If you change your mind or want to change the length of your term, you can do this within the 14-day grace period without incurring a penalty.
More ways to save
Saving for a home deposit or something extra special? Get a competitive interest rate to help you save smarter.
Rate current as at 08 September 2024 and subject to change.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply. This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information, including the Terms & Conditions (T&Cs) booklet, before acting on it. The Financial Claims Scheme may apply to this product; refer to the T&Cs for more information.
Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.
* Interest is calculated daily on whole balances and paid at maturity or annually for terms more than one year. If you seek an early release of your term deposit prior to its maturity date, an early withdrawal interest penalty may apply.
^ Platinum Plus interest rates are available only to individuals aged 55 years or older, or a Super Fund/Trust, where the Trustee is an individual aged 55 years or over. A minimum deposit of $5,000 required.
To view the Target Market Determination for this product, please click here.
Term Deposit - (Standard Rate) is suitable for customers who want to invest sums from $5,000 upwards and earn a fixed rate of interest in return for locking those funds away until the end of a specified term. Terms can vary between 1 month and 5 years maximum at set intervals.
This product may not be right for you, if you:
- Are likely to deposit at least $2,000 into your Everyday Edge Account and make at least 5 settled purchases on that Everyday Edge Account each month.
- Are comfortable with a $100,000 cap on bonus interest. Our Home Saver account may be more suitable for you.
- Are comfortable with interest rates that move up or down and have more than $100,000 to invest. Our e-Saver Flexi account may be more suitable for you.
This product may not be right for you, if you:
- Are likely to deposit at least $2,000 into your Everyday Edge Account and make at least 5 settled purchases on that Everyday Edge Account each month.
- Are comfortable with a $100,000 cap on bonus interest. Our Home Saver account may be more suitable for you.
- Are comfortable with interest rates that move up or down and have more than $100,000 to invest. Our e-Saver Flexi account may be more suitable for you.
- Are aged under 55 years old or are a superannuation trust with company trustees. Our Standard Term Deposit may be right for you.
Not sure which account is right for you? Compare term deposits
Eligibility
- Have a minimum deposit of $5,000
- Be an Australian resident
What you’ll need
- Driver licence, Medicare card, Australian Passport or Centrelink Card
- An email address and a contact number
- Existing Great Southern Bank customer number (if you already bank with us)