Lock in long term savings in no time at all.
Ask about our term deposits today!
Why take out a term deposit with us?
Want an opportunity to maximise your savings? Whether it’s cents you’ve been pinching for months or a well-deserved bonus, we can help you make the most of your money.
We’re excited to share our Term Deposit rates with Team Members and their families across the country!
Your money could be growing everyday in a high-interest term deposit.
Choose from three months to two years to grow your money with us.
They're ready to help you selct a savings option for long-term growth.
All deposits up to $250,000 are government guaranteed. You can be frugal now and enjoy your savings later.
Term Deposit Key Features
Frequently asked questions
Simply put, you’ll deposit a certain amount of money into an account, and it will remain with the bank for a fixed period of time – called a ‘term’.
For example, you may decide to deposit $10,000 for a term of one year. You’ll earn interest on this $10,000 every day, at a rate higher than any savings account available from Woolworths Team Bank. At the end of the term, both the interest and the initial deposit are either returned to you or rolled into a new Term Deposit, as instructed by you.
Woolworths Team Bank term deposit rates offer a fantastic return on investment, making them an easy choice to help grow your savings.
A term deposit is suited to anyone who needs the certainty of a fixed interest rate on their savings, but does not need to withdraw money from their account regularly.
It can be a fantastic value product for many of us, but it’s up to you to decide whether it’s worth it. Ask yourself some simple questions:
- Do I have more than $2,000 in my bank account?
- Could I be earning more interest on this money?
- Can I put off spending this money in the short term (i.e. next few months)?
If you answered yes to all those questions, it could be a product you should talk to us about! Why not ask our branch team for more information? You can reach them on 1300 665 553.
You can withdraw your funds before it matures, but you will be subject to a penalty. For more information, ask our branch team.
The interest for your term deposit is calculated daily and paid monthly, either at maturity or annually. That way, you’re benefiting from your money earning interest every single day of the term.
To calculate potential interest returns for yourself, try our term deposit calculator.
A savings account suits anyone who needs to dig into their funds at their leisure. It’s a terrific value product that lets you access your money as you see fit. The downside is that any interest you can earn will be less than that of our term deposits.
So, if you can resist the urge to withdraw money (or don’t have a need to), a term deposit may suit you better than a savings account: given the interest rates through Woolworths Team Bank are higher for this product.
However, whether one product best suits you is entirely up to your judgement. If you want more information about either product, talk to our team on 1300 665 553.
Woolworths Team Bank currently offer term deposits to:
- Woolworths Group team members
- Immediate family members of Woolworths Group team members
- Previous Woolworths Group team members
- Those with an affinity to Woolworths (e.g. Everyday Rewards member, contractor etc.).
Warning: The information provided regarding a term deposit is to assist you with the understanding of the nature of the term deposit and does not constitute advice in any form or manner. You will need to consider if the term deposit is right or suitable for you and if it meets your needs.
* Interest calculated daily, paid annually on 30 June.
** Interest calculated on minimum monthly balance, paid annually on 30 June
*** Interest calculated daily, paid bi-annually on 30 June and 31 December.
# Interest calculated daily, paid at the end of each month.
## Available for new monies only. Product may be withdrawn at any time without prior notice.
All Term Deposit interest rates are per annum. Interest rates may be negotiable for deposits $50,000 and over.
Woolworths Team Bank Limited (ABN 67 087 651 803 AFSL 240720) is the issuer of these products. You should consider the Account and Access Facility, Conditions of Use in deciding whether or not to acquire any of these products. An Account and Access Facility, Conditions of Use may be obtained by contacting us on 1300 665 553 or from our website at www.woolworthsteambank.com.au. Any advice contained in this brochure is general advice only and does not take into account your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness. If you need more specific advice, we suggest you contact one of our offices. Term Deposit Interest rates are calculated daily at the interest rate advertised for the term and paid annually, on anniversary and on maturity of the investment. Interest rates are current at the time of printing. Please contact us on the above number to confirm these interest rates. Terms and Conditions, Fees and Charges apply and are available upon request.