Why take out a term deposit* with Woolworths Team Bank?
Your money could be growing every day in a high-interest term deposit.
Choose from three months to two years to keep your money safe with us.
They’re ready to help you select a savings option for long-term growth.
|Deposit amount||3 month term|
|$2,000 to $4,999:||0.45% p.a.|
|$5,000 to $24,999:||0.45% p.a|
|$25,000 to $49,999:||0.50% p.a.|
|$50,000 or more:||0.55% p.a.|
|Deposit amount||6 month terms|
|$2,000 to $4,999:||0.50% p.a.|
|$5,000 to $24,999:||0.50% p.a.|
|$25,000 to $49,999:||0.55% p.a.|
|$50,000 or more:||0.65% p.a.|
|Deposit amount||9 month terms|
|$2,000 to $4,999:||0.70% p.a.|
|$5,000 to $24,999:||0.70% p.a.|
|$25,000 to $49,999:||0.75% p.a.|
|$50,000 or more:||0.75% p.a.|
|Deposit amount||12 month term|
|$2,000 to $4,999:||2.75% p.a.|
|$5,000 to $24,999:||2.75% p.a.|
|$25,000 to $49,999:||2.75% p.a.|
|$50,000 or more:||2.75% p.a.|
|Deposit amount||24 month term|
|$2,000 to $4,999:||0.85% p.a.|
|$5,000 to $24,999:||0.90% p.a.|
|$25,000 to $49,999:||0.95% p.a.|
|$50,000 or more:||1.40% p.a.|
|Availability of funds||Funds withdrawable at maturity|
|Minimum to open||$2,000|
|Interest income||Calculated daily, paid annually or on maturity|
|Early access available||On application and subject to early withdrawal restrictions|
General Advice Warning: this does not take into account your objectives, financial situation or needs. Before acting on the information, consider whether it is right for you. * Eligibility criteria, terms and conditions, fees and charges apply. Interest rates may be negotiable for deposits $50,000 and over. The 2.75% p.a. rate is available for deposits of $2,000 or more. Term Deposit Interest is calculated daily at the interest rate advertised for the term and paid on maturity of the investment. Interest rates are current as of 10/06/2022. Product may be withdrawn at any time without prior notice. Visit our website to read the Target Market Determination for this product. Product issued by Woolworths Team Bank Limited ABN 67 087 651 803 AFSL/Australian Credit Licence 240720. Woolworths Team Bank Limited is not owned or operated by Woolworths Group Limited.
Frequently Asked Questions
How does a term deposit work?
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.
Is a term deposit worth it?
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.
Can I withdraw my term deposit before maturity?
You can withdraw your funds before it matures, but you will be subject to a penalty. For more information, ask our branch team.
How is term deposit interest calculated?
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.
Term deposit vs savings accounts: which is best for me?
A savings account suits anyone who needs to dig into their funds at their leisure. It’s a terrific value product that lets your play with 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.