Savings account vs term deposit
First Option Bank Save Account vs term deposit
3.68% a year
5.50% a year for 1 year
Compare on
Interest over 1 year on $50,000
$1,839
3.68% a year
$2,750
5.50% a year · paid at maturity
Over 1 year on $50,000, First Option Bank Save Account pays $1,839; First Option Bank's 12-month term deposit pays $2,750.
Worked out on $50,000 until you pick a balance
First Option BankSave Account
First Option BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$1,839
nothing to do each month
$2,750
paid at maturity
+$911 · More interest over the term
Rate over the term
a year, on $50,000
3.68%
5.50%
fixed for the term
+1.82 · 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 $2,000,000
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. First Option Bank Save Account'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 First Option Bank shares that one $250,000.
First Option Bank Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
9 monthsPaid at maturity5.35%$2,006
1 yearPaid at maturity5.50%$2,750
As of 13 November 2026, over 1 year on $50,000, First Option Bank Save Account pays $1,839 with nothing to do each month; First Option Bank's 12-month term deposit pays $2,750 at 5.50%. 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.