The above rates are based on an investment of between $5,000 and $499,999
A term deposit is a form of savings account that's set up with specified terms. You choose how much you’d like invested in the account – with a minimum deposit of $5,000. You also choose a term length, with options ranging from 30 days to five years. During this time, if you choose not to withdraw your funds, you’ll enjoy competitive, fixed interest rates. If you choose to withdraw some (or all) of your funds early, this will change the amount of interest you receive, and you’ll need to give 31 days’ notice.
The end of your term is known as maturity. At this point you can choose to withdraw some (or all) of your funds or your term deposit will be automatically reinvested for the same term at the interest rate applicable on the date of maturity.