Lock in your savings rate with a UBank Term Deposit
We understand life can sometimes come with uncertainties, and your finances are something you really want to be certain of.
That’s why we offer simple products that help you save for the future. When it comes to growing your savings, one of the most dependable products is a Term Deposit.
Term Deposits are a great, low-risk way to grow your money. You nominate your deposit amount (a minimum of $1,000) and the length of time you want to invest for (at UBank it’s a minimum of 1 month). Then, with our competitive interest rates, you’ll see your money grow without having to lift a finger.
Why would you choose to have a Term Deposit?
Think of it like a piggy bank that pays interest. It’s the ideal way to put money away for a rainy day or to help you save for that bigger dream – be it a house, a holiday, or a Harley Davidson.
Are you the kind of person who has good savings intentions, but ends up dipping into your savings account and turning it into your spendings? You’re not alone. And a Term Deposit could be a great savings solution for you.
You can choose between a standard Term Deposit or a Green Term Deposit, to suit your savings and personal goals. Once you’ve chosen the type of Term Deposit for your needs and set your term period, you don’t touch that money. It’s all about having some practical rules (your term) around your money, with the reward for your savings efforts being the interest you get paid out at the end.
Why choose a UBank Term Deposit?
Where do we start? We offer:
- Loyalty bonus – When your Term Deposit reaches the end of the agreed term, you can roll over your full deposit amount (or more) and receive a Loyalty Bonus of 0.10% p.a. on top of the current standard interest rate.
- Security – As UBank is part of NAB, your accounts with us, including Term Deposits, are eligible for cover by the Financial Claims Scheme (FCS). Just remember, the Scheme only covers the first $250,000 with any one bank, and there are some other conditions. For more info, go to the FCS.
- Flexibility – At UBank you can choose from over 6 different term periods and your deposits can be anywhere from $1,000 - $2,000,000.
What’s the difference between our standard Term Deposit and our Green Term Deposit?
Both options have great perks including a competitive rate*, zero fees, a loyalty bonus, and fixed return. Our Green Term Deposits offer more term options - 2, 5, 7, 8, 10, or 11-months and have been certified by the Climate Bonds Initiative to help address climate change. By choosing a Green Term Deposit, your savings will be matched to a portfolio of renewable energy projects like wind and solar energy and low carbon buildings.
*Rates vary between standard Term Deposits and Green Term Deposits.
What’s the difference between a personal Term Deposit and a Self-Managed Super Fund (SMSF) Term Deposit?
It’s quite simple really. If you have an SMSF with some cash to invest, we have a special SMSF Term Deposit account just for you (granted you meet all the eligibility criteria). Otherwise, you should look at a UBank personal Term Deposit.
Customer’s interest rates vary between personal and SMSF Term Deposits because of a different rate that the bank gets from its treasury department for SMSF deposits.
You can check out our personal Term Deposit rates here and our application form can be filled out online, so why not apply today? You can also check out our handy interest calculator to see just how much your money can grow.
Whichever one you choose, it’s a smart choice now that will give you peace of mind for your future.