St.George Bank Term Deposits

Explore St.George Bank’s term deposit offers and interest rates to help you compare your options with Savvy.

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, updated on September 11th, 2023       

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St.George Bank began life in Sydney in 1937 as a co-operative building society. Over the next decades, it grew and merged with several other building societies, becoming a registered bank in 1992. It bought BankSA and Advance Bank in 1997, before being bought out by Westpac Bank in 2008.  

It is now officially known as the St.George Banking Group and offers retail and business banking and investment services across a wide range of products, including term deposits. 

Find out more about St.George Bank here with Savvy and work out if the interest rates and terms available are suitable for your investment needs. Compare term deposit offers with those of other banks right here to help you make sure you get the best deal for your savings. 

* Please note that Savvy does not represent St.George Bank for their term deposit product 

St.George Bank term deposits explained

What term deposits does St.George Bank offer?

As would be expected with one of Australia’s larger banks, St.George offers a wide range of term deposits from one month up to five years. 

St.George term deposit interest rates 

Term length offered Interest Rate Offered (paid at maturity)
Up to 2 months
0.20% p.a.
3 to less than 4 months
0.35% p.a.
6 to less than 7 months
0.80% p.a.
8 to less than 9 months
0.90% p.a.
11 to less than 24 months
1.10% p.a.
24 to less than 36 months
1.50% p.a.
36 to less than 48 months
1.75% p.a.
48 to less than 60 months
2.00% p.a.
60 months
2.25% p.a.
Special offer: 12 to 23 months
3.00% p.a.

(Effective 12 September 2022)

An additional 0.10% p.a. is added if the term deposit is opened or renewed online. Only open to personal and business customers for deposits from $1,000 to $5 million.  

Interest frequency  

Interest can be paid either monthly, half-yearly or at maturity – the choice is yours. You’re able to have the interest paid either into a St.George account or into another bank account of your choosing.  The interest rates on offer do not change with the interest payment frequency, unlike with other banks who reduce their interest rate for more frequent interest payments. 

Notice required to withdraw funds early 

If you wish to withdraw your funds early, 31 days’ notice is required. A reduction in interest will occur if you do withdraw your funds early, based on a sliding scale depending on how much of your original term is remaining. This can range from a 20% to 90% reduction.  

Minimum age limits 

St.George Bank does allow term deposits for kids and those under 18 years of age. The following terms apply if the applicant is aged under 14 years of age: 

  • The account must be opened in the minor’s name by a parent or guardian 
  • The person signing up to open the account becomes an authorised signatory to the account 
  • The authorised signatory can remove themselves as a signatory once the young person reaches 14 years of age (as long as the young person can provide a verifiable signature at that time) 

How do I open a St.George Bank term deposit?

If you are an existing St.George customer, term deposits can be opened either through your standard internet banking or on the St.George mobile app.  

However, if you aren’t an existing customer, you’ll have to visit a branch or phone to open a term deposit account. 

What are the requirements for opening a St.George Bank term deposit?

The requirements for opening a St.George term deposit online are: 

  • You’ll need an Australian driver’s licence or passport to open an account 
  • If you have a smartphone, you’ll be able to open an account using the St.George Smart-Verify process, which involves taking a selfie of your face alongside your ID verification document 
  • You’ll receive an SMS with a link to the Verify ID app 
  • You’ll need to enter the security reference number you’ve received via SMS and follow the prompts to finish the verification process with your phone 

The pros and cons of St.George Bank term deposits


No fees or charges 

Like most other banks, St.George doesn’t charge any fees or administration costs to open a term deposit account. 

Wide range of terms available 

Whatever your needs, St.George will probably be able to offer the term you need as their range of term deposits is extensive 

Term deposits for kids permitted 

St.George Bank does allow term deposits to be opened for children, even if the child is aged under 14 years of age. This is not the case with many of the larger banks.  


 Less competitive interest rates 

The interest rates offered by St.George aren’t as generous as those offered by other financial institutions, with higher interest rates available across Australia

31 days’ notice required for withdrawal 

If you wish to withdraw your term deposit funds early, you’ll have to give 31 days’ notice of your intent to end your deposit term before the maturity date. 

No interest paid for termination within 14 days 

If you change your mind within 14 days of opening a term deposit or wish to terminate your term deposit within 14 days, no interest is paid for that deposit period. 

More of your frequently asked questions about term deposits

What is a term deposit?

Although many people are familiar with the phrase ‘term deposit,’ not everyone knows what a term deposit is. A term deposit is an agreement between you and your bank or financial institution to lock away a set amount of money for a set period (known as the ‘term’ of the deposit) in return for a fixed rate of interest. As the interest rate and length of the deposit are fixed, you’ll be able to calculate in advance how much money your savings will earn during the life of the term deposit. When your chosen term is over, you can choose to either withdraw your funds and the interest earned or roll them over into another term deposit. 

What are the advantages of a term deposit?

The advantages of a term deposit are that you’ll have certainty. You’ll be certain exactly how much interest your savings will earn over a pre-defined period, as the interest rate paid on a term deposit is fixed for the duration of the term. As your savings are locked away for that term, the temptation to dip into your savings is taken away. You can be certain that your savings will be intact at the end of your term, and know exactly how much interest they have earned. 

Do all financial institutions offer term deposits for SMSFs?

No – not all banks and financial institutions offer term deposits for self-managed super funds. Those that do tend to be the larger banks or institutions which have a business focus. For this reason, it’s important to look around and compare SMSF term deposits with Savvy before making your final investment decision. 

How can I work out how much interest I’ll earn on my term deposit?

You can use Savvy’s term deposit calculator to help you work out exactly how much interest your savings will earn over a set period. Just enter in the amount you wish to deposit, the term of the deposit and the interest rate offered, and the calculator will show you how much interest your savings will earn.

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