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Unlock high interest rates: First Option Bank's exclusive high-rate term deposit
Attention savers! If you’ve been on the hunt for a competitive term deposit rate, you’ll want to pay attention to this. First Option Bank is offering an exclusive high rate term deposit account just for RateCity customers.
When it comes to growing your savings, a term deposit can be a game-changer. You are able to securely store your savings for a fixed period, with a guarantee that your investment will grow thanks to the locked-in interest rate.
This is why choosing a higher-rate option may be crucial to help your savings grow - among other key factors, like comparing fees.
First Option Bank is offering RateCity customers that apply before 15th December 2023 with balances of $5,000 or more:
- 5.15% on a 6 month term deposit
- 5.25% on a 12 month term deposit
Personal Term Deposit (At Maturity)
- 3 months
- Automatic maturity rollover
- Joint application available
Be rewarded for your saving, thanks to a bonus 0.10% loyalty bonus when you roll over your term deposit.
5.00%
for 3 months
$1,000
How does this term deposit offer compare?
You may be wondering how this offer stacks up to the competition? An analysis of the RateCity database shows that 5.25% is the second highest term deposit rate available at the time of writing.
In fact, the 12-month term deposit interest rate is the joint-highest rate for all in this category on the RateCity database. And the six-month term deposit rate of 5.15% is also the joint-highest interest rate for this fixed period.
How much could you save with this term deposit?
This exclusive offer is designed to help grow your nest egg. So, how much could you actually save by utilising one of these fixed rate offers? You may be able to save hundreds, if not thousands of dollars, by locking away your savings in one of these higher-rate term deposit options.
How much you could save - 6-month term deposit
Initial balance | Interest earned |
$10,000 | $258 |
$20,000 | $515 |
$50,000 | $1,288 |
$100,000 | $2,575 |
$200,000 | $5,150 |
Source: RateCity Term Deposit Calculator. Based on initial deposit listed above with 5.15% rate on 6 month term.
How much you could save - 12-month term deposit
Initial balance | Interest earned |
$10,000 | $525 |
$20,000 | $1,050 |
$50,000 | $2,625 |
$100,000 | $5,250 |
$200,000 | $10,500 |
Source: RateCity Term Deposit Calculator. Based on initial deposit listed above with 5.25% rate on 12 month term.
How much could you save?
What to keep in mind
It’s crucial to compare more than just the interest rate of a term deposit when you’re researching options that may suit your needs and goals. It’s worth comparing key factors, such as the following:
Interest payment frequency
Interest is commonly paid monthly, annually, or at maturity for term deposits options. The frequency at which you are paid interest may play a role in how much you earn overall. Interest paid monthly may offer you more overall thanks to compound interest, but will typically come alongside a lower rate, and vice versa for interest paid at maturity.
Fees
While term deposits do not typically charge fees to open or maintain the account, you will typically be charged a break fee if you try to access your funds before the end of your term.
Break fees (or penalty fees) are typically calculated based on the amount withdrawn and the remaining term of the deposit, however these charges can vary by providers. If this is something you may be at risk of doing, it may be worth comparing lower-fee options.
The provider
The provider also plays a significant role in the right term deposit for you. For example, you may rely on face-to-face customer service, and prefer to choose a term deposit provider that offers branch access near to you. In this instance, an online-only term deposit provider may not suit you for the long term.
Whereas, if you do not need branch access, a provider like First Option Bank could be a competitive option to consider. This type of provider may be able to offer higher interest rates, as by not having branches they may have fewer overheads. Therefore they may pass these savings on to the customers.
Compare term deposits
$1,000
5.15%
for 6 months
5.15%
for 6 months
- Promoted
- 2024 Award Winner
- 6 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
$1,000
3.40%
for 3 months
4.40%
for 12 months
- Promoted
- 3 months
- Automatic maturity rollover
- Joint application available
- Interest payment to other institution
$1,000
2.70%
for 3 months
4.20%
for 24 months
- Promoted
- 3 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
$1,000
2.10%
for 3 months
2.90%
for 24 months
- Promoted
- 3 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
$5,000
4.75%
for 9 months
4.75%
for 9 months
Special Term Deposit
- 9 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
$5,000
1.25%
for 1 month
4.75%
for 8 months
Advance Notice Term Deposit
- 1 month
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
Product database updated 26 Nov, 2024
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Promoted term deposits
Personal Term Deposit (At Maturity)
Real Time Rating™
- 2024 Award Winner
- 6 months
- Automatic maturity rollover
- Joint application available
Interest rate
5.15%
for 6 months
Min deposit
$1,000
Maximum rate
5.15%
for 6 months
Term Deposit
Real Time Rating™
- 3 months
- Automatic maturity rollover
- Joint application available
- Interest payment to other institution
Interest rate
3.40%
for 3 months
Min deposit
$1,000
Maximum rate
4.40%
for 12 months
Term Deposit
Real Time Rating™
- 3 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
Interest rate
2.70%
for 3 months
Min deposit
$1,000
Maximum rate
4.20%
for 24 months
Term Deposits
Real Time Rating™
- 3 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
Interest rate
2.10%
for 3 months
Min deposit
$1,000
Maximum rate
2.90%
for 24 months
Product data updated on 26 Nov 2024
