Savings account vs term deposit
bankWAW WAW Bonus Saver vs term deposit
5.20% a year
3.65% a year for 1 year
Compare on
Interest over 1 year on $50,000
$2,600
5.20% a year, conditions met
$1,825
3.65% a year · paid at maturity
Over 1 year on $50,000, bankWAW WAW Bonus Saver pays $2,600 with its conditions met; bankWAW's 12-month term deposit pays $1,825.
Worked out on $50,000 until you pick a balance
bankWAWWAW Bonus Saver
bankWAWTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,600
with its conditions met
+$775 · More interest over the term
$1,825
paid at maturity
Interest over 1 year without meeting the conditions
on $50,000
$25
at the base rate
$1,825
no monthly conditions
Rate over the term
a year, on $50,000
5.20%
with its conditions met
+1.55 · Higher rate over the term
3.65%
fixed for the term
Asked of you each month
- A deposit of at least $250
- No withdrawals
Nothing
the money stays put
Getting the money out
Any time
a withdrawal can cost that month’s bonus
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
$1,000
up to $1,000,000
The same on both
Nothing to compare in these: both say the same.
- AnyoneWho can open it
How they differ
- A savings rate can change at any time. bankWAW WAW Bonus Saver'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 bankWAW shares that one $250,000.
bankWAW Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
1 yearPaid at maturity3.65%$1,825
18 monthsPaid annually3.75%$2,813
As of 10 November 2026, over 1 year on $50,000, bankWAW WAW Bonus Saver pays $2,600 with its monthly conditions met; bankWAW's 12-month term deposit pays $1,825 at 3.65%. 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.