No, there are no account keeping fees to hold a term deposit account. Are there any costs involved in getting a term deposit? Interest rates will vary based on the amount you are investing and the time you are investing it for. At Bank Australia, the minimum amount you need to open a term deposit account is $500. The minimum amount you need for a term deposit account varies between banks. How much do I need to get a term deposit? No matter what you’re saving for, be it a holiday or a house, a term deposit can be an effective and secure means growing your money. This means you can’t be tempted to use it on unnecessary expenses that we can often find ourselves dipping into our savings for. You can’t touch your money for the duration of the term deposit.You’ll often get a higher interest rate than regular savings and transaction accounts.The interest rate won’t change over the agreed period of time.They help you budget as you’ll know the exact amount of interest you will accrue over the period.Like a normal savings account, they are very secure.There are a couple of benefits of term deposits that make them a great way to save. The key difference between a term deposit and a savings account is that you cannot access your money during the agreed term, unless you place a request to withdraw funds before your deposit matures. Your money is invested for an agreed period of time (usually 6, 12, 24 or 36 months) and you receive a fixed interest rate over that time. Term deposits are a type of savings account.

Bank of australia term deposit rates