T
4.00%
p.a.
8.8
Great
- Product
- Term Deposit
- Issuer
- The Mutual Bank
- Term
- 7 months
- Min deposit
- $500,000
- Max deposit
- $1,000,000
- Interest paid
- At maturity
- Monthly fee
- $0
- Govt guarantee
- Yes — up to $250k
Pros
- 4.0% p.a. fixed for the full 7-month term
- Government guaranteed up to $250,000
- Interest paid at maturity
Cons
- Your money is locked away for the 7-month term
- Requires at least $500,000
- Breaking early usually needs notice and reduces your interest
- Fixed rate, you won't benefit if rates rise during the term
Overview
This 7-month term deposit pays 4.0% p.a., with interest paid at maturity. You can invest from $500,000 up to $1,000,000. As an Australian authorised deposit-taking institution, deposits are covered by the Government's Financial Claims Scheme up to $250,000 per person.
Who it suits
Savers who can set aside a lump sum for the full 7-month and want a guaranteed, fixed return.
Things to check
Your money is locked for the term; breaking early generally requires notice and reduces the interest you earn, and a fixed rate means you won't benefit if rates rise.
Rates, fees and product details are indicative, were accurate at the last update, and are subject to change. Confirm the current rate, terms and eligibility with the provider before applying.