Savings account vs term deposit
Bendigo PiggySaver vs term deposit
vs
Compare on
Interest over 1 year on $50,000
$1,900
3.80% a year
$2,450
4.90% a year · paid at maturity
Over 1 year on $50,000, Bendigo PiggySaver pays $1,900; Bendigo's 12-month term deposit pays $2,450.
Worked out on $50,000 until you pick a balance
BendigoBendigo PiggySaver
BendigoTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$1,900
nothing to do each month
$2,450
paid at maturity
+$550 · More interest over the term
Rate over the term
a year, on $50,000
3.80%
4.90%
fixed for the term
+1.10 · 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
$1,000
up to $5,000,000
Who can open it
Anyone under 13
Anyone
How they differ
- A savings rate can change at any time. Bendigo PiggySaver'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 Bendigo shares that one $250,000.
Bendigo Standard Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
1 monthPaid at maturity1.20%$50
2 monthsPaid at maturity1.45%$121
4 monthsPaid at maturity3.60%$600
5 monthsPaid at maturity2.90%$604
7 monthsPaid at maturity3.15%$919
8 monthsPaid at maturity3.50%$1,167
9 monthsPaid at maturity3.20%$1,200
10 monthsPaid at maturity3.25%$1,354
11 monthsPaid at maturity3.30%$1,513
1 yearPaid at maturity4.90%$2,450
15 monthsPaid quarterly3.00%$1,875
3 yearsPaid annually3.00%$4,500
4 yearsPaid annually3.00%$6,000
5 yearsPaid annually3.00%$7,500
As of 2 November 2026, over 1 year on $50,000, Bendigo PiggySaver pays $1,900 with nothing to do each month; Bendigo's 12-month term deposit pays $2,450 at 4.90%. 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.