Savings account vs term deposit
Alex Bank Savings vs term deposit
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Compare on
Interest over 1 year on $50,000
$2,250
4.50% a year
$2,650
5.30% a year · paid at maturity
Over 1 year on $50,000, Alex Bank Savings pays $2,250; Alex Bank's 12-month term deposit pays $2,650.
Worked out on $50,000 until you pick a balance
Alex.BankSavings
Alex.BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,250
nothing to do each month
$2,650
paid at maturity
+$400 · More interest over the term
Rate over the term
a year, on $50,000
4.50%
5.30%
fixed for the term
+0.80 · Higher rate over the term
Asked of you each month
Nothing
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$5,000
up to $250,000
Who can open it
Anyone 18 or over
Anyone
How they differ
- A savings rate can change at any time. Alex Bank Savings's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at Alex Bank shares that one $250,000.
Alex Bank Term Deposit - Direct at every term
The rate the balance above gets at each term, and the interest it pays over that term.
3 monthsNot offered——
9 monthsPaid at maturity4.75%$1,781
1 yearPaid at maturity5.30%$2,650
18 monthsPaid annually5.00%$3,750
3 yearsPaid annually5.00%$7,500
4 yearsPaid annually5.00%$10,000
5 yearsPaid annually5.00%$12,500
As of 2 November 2026, over 1 year on $50,000, Alex Bank Savings pays $2,250 with nothing to do each month; Alex Bank's 12-month term deposit pays $2,650 at 5.30%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.