The First Option Bank Standard Term Deposit offers a range of options for people willing to lock their money away in a term deposit. They offer periods of 3 months, 6 months, 9 months, 1 year and 2 years. The interest rate you receive will depending on how much money you put in and how long you choose to lock it away in a term deposit.
To open a Standard Term Deposit with First Option Bank, you need a minimum of $1,000. Rates start at 3.90% if you choose to lock away between $1,000 and $24,999 for 3 months. If you lock away the same amount for 24 months, you'll earn 4.20% p.a.
The highest interest rate available is 5.20% for amounts over $500,000 when you choose a 12 month term deposit.
Upon maturity of your term deposit, you'll have to alert First Option Bank as to whether you would like the money to be rolled over. The interest you have earned will be paid into a First Option savings account and can be transferred to another bank as required.
If you need to access your money before the end of the period, you risk losing some or all of the interest earned.
This product could be an option worth considering if you're someone looking to stash away a lump sum for a rainy day while cashing in some interest.
Be aware that like a lot of other term deposits, you will have to sacrifice the interest earned if you need to access your money before the end of the term deposit period. So, before opening a term deposit, be sure that you will not need the money before it reaches maturity.
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3.90% p.a. ($1,000 to $24,999) 4.05% p.a. ($25,000 to $249,999) 4.30% p.a. ($250,000 to $500,000) 4.30% p.a. ($500,000+) |
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4.55% p.a. ($1,000 to $24,999) 4.70% p.a. ($25,000 to $249,999) 4.90% p.a. ($250,000 to $500,000) 5.00% p.a. ($500,000+) |
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4.55% p.a. ($1,000 to $24,999) 4.70% p.a. ($25,000 to $249,999) 4.90% p.a. ($250,000 to $500,000) 5.00% p.a. ($500,000+) |
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4.70% p.a. ($1,000 to $24,999) 5.00% p.a. ($25,000 to $249,999) 5.10% p.a. ($250,000 to $500,000) 5.20% p.a. ($500,000+) |
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4.20% p.a. ($1,000 to $24,999) 4.50% p.a. ($25,000 to $249,999) 4.60% p.a. ($250,000 to $500,000) 4.70% p.a. ($500,000+) |
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$1,000.00 |
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none |
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yes |
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yes |
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none |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
