Fact checked
Are you looking for a place to deposit your savings for the long term? You may be thinking that a ten-year term deposit might be the answer. Find out what Australian financial institutions have to offer in the way of long term deposits and investments and start comparing your options with Savvy today.
Rabobank 1 Year Term Deposit |
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Start with as little as $1,000 and get your interest paid monthly, quarterly, half-yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturityMore details |
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$0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.More details |
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You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
No – term deposits are offered for various periods in Australia ranging from one month up to five years, but currently, there are no reputable financial institutions offering term deposits for more than five years. This is because interest rates change quite frequently and most banks won’t want to take the risk of trying to predict where they’ll be in ten years.
However, five-year term deposits are readily available from many financial institutions including major banks, building societies and credit unions. Since they involve allowing a financial institution to hold your money for such an extended period (often referred to as a 60-month term deposit), the interest rates on offer for five-year term deposits are generally the highest available amongst deposits.
If you do have a lump sum and are looking to invest it for an extended period such as ten years, there are other options available to you. These include:
Both types of accounts have their advantages and disadvantages, although term deposits in general offer a higher rate of interest than savings accounts do. The main advantages of term deposits are:
However, some of the primary drawbacks of investing in a long term deposit include:
Savings accounts have the advantage of enabling you to add additional funds into them as each payday rolls by and providing ongoing access to your funds at a moment’s notice if necessary. In addition, you don’t have to worry about a savings account running out, or forgetting to renew it, as they can remain open indefinitely, meaning they can help you store your savings for ten years or more.
You won't have to pay a cent to compare term deposits with us, with free comparisons available 24/7.
There's no need for you to worry about visiting any banks, as you can compare term deposits and open one online.
We're partnered with trusted financial institutions around Australia to help you choose the best option with confidence.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
