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See how much interest you could earn on your term deposit with ME.
Term deposit calculator.
See how much interest you could earn on your term deposit with ME.
Investments must be between $5,000-$2,000,000
5000
2000000
50000
6
at maturity
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Calculate.
See how your savings can grow with competitive rates and zero bank fees.
Interest paid at maturity
You’ll need to have
- about 5 minutes
- your passport, Australian driver licence or Medicare card
- your tax file number
- your bank account details
You’ll need to be
- at least 12 years old
- an Australian citizen or permanent resident
- opening an account for personal use
What happens next
If we can verify you online, your term deposit will be open as soon as the funds are received – usually within two business days.
Learn more about our term deposits.
With fixed returns, rock-solid term deposit interest rates and no account-keeping fees, our term deposits work harder for you.
See our term deposits
How do I calculate interest on a term deposit?
You can calculate the interest on a term deposit by multiplying the deposit amount by the interest rate earned. Then, multiply this result by the number of years or months to find the total amount of interest earned.
So to recap, it’s Deposit Amount x Interest Rate x Number of Years = Total Interest Earned
Is a term deposit better than a savings account?
A term deposit has its advantages and disadvantages over a savings account. Understanding these will help you decide whether a term deposit or savings account is better suited to you.
The primary benefit of a term deposit is the fixed returns. By locking in a rate and principal, you know exactly how much you will earn and when you will earn that interest. A savings account does not have this stability.
Generally a term deposit also means the principal invested cannot be withdrawn until the term is over. On the other hand, a savings account generally has the flexibility of allowing you to withdraw and deposit any amount at any time you wish.
Can you keep adding money to a term deposit?
No. Once you have applied for a term deposit and have deposited your principal amount, you cannot deposit more funds from that term deposit.
How long can you have a term deposit?
The maximum length that you can hold a term deposit will depend on the provider. However, with ME Bank, you can hold a term deposit with terms ranging from between one month to 60 months.
The legal stuff.
The legal stuff.
Term Deposit Terms and Conditions
Interest rates are current as at 8am
21-Nov-2024 and subject to change.
Terms and conditions apply. Fees and charges may apply. This is general information only and you should consider if this product is right for you.
Rates are for deposits between $5,000 and $2,000,000. For rates for amounts above $2,000,000, contact ME on 13 15 63.
You will get the interest rate that applies to your term deposit on the day your account opens.
All terms are in calendar months. We offer terms between one month and 60 months.
The above rates are based on interest paid at maturity for terms up to 12 months and interest paid annually and at maturity for terms greater than 12 months.
If your term deposit was started before 29 May 2016, you can end your term deposit immediately, at any time. However, if it has since rolled over after 29 May 2016 you will still need to give at least 31 days’ notice.
We will credit interest at the selected interest payment frequency and at the maturity of the term.
Deposits are protected by the Australian Government’s Financial Claims Scheme, up to $250,000 per person per authorised deposit-taking institution.
1. Calculator information.
The Term Deposit Calculator calculates the approximate total interest earned in a term deposit based on the investment amount, term duration and interest rate (per annum) selected.
The calculator assumes that a year has 12 months of exactly equal lengths. Given some months are longer than others, actual interest earned will vary depending upon the month.
The actual duration of our terms are in calendar months, and the interest earned depends on the number of days the term deposit is open for.
The interest rates displayed are for amounts from $5,000 up to $2,000,000 and are based on the term duration and interest payment frequency selected. Contact ME for rates on amounts above $2,000,000.