Savings account vs term deposit
Greater Bank Life Saver vs term deposit
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Interest over 1 year on $50,000
$2,750
5.50% a year
$2,700
5.40% a year · paid at maturity
Over 1 year on $50,000, Greater Bank Life Saver pays $2,750; Greater Bank's 12-month term deposit pays $2,700.
Worked out on $50,000 until you pick a balance
Greater BankLife Saver
Greater BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,750
nothing to do each month
+$50 · More interest over the term
$2,700
paid at maturity
Rate over the term
a year, on $50,000
5.50%
+0.10 · Higher rate over the term
5.40%
fixed for 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
Who can open it
Anyone under 26
Anyone
How they differ
- A savings rate can change at any time. Greater Bank Life 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 Greater Bank shares that one $250,000.
Greater Bank Term Investment at every term
The rate the balance above gets at each term, and the interest it pays over that term.
1 monthPaid at maturity1.00%$42
2 monthsPaid at maturity1.00%$83
4 monthsPaid at maturity3.75%$625
5 monthsPaid at maturity3.75%$781
7 monthsPaid at maturity3.60%$1,050
8 monthsPaid at maturity3.60%$1,200
9 monthsPaid at maturity3.60%$1,350
10 monthsPaid at maturity3.60%$1,500
11 monthsPaid at maturity3.60%$1,650
1 yearPaid at maturity5.40%$2,700
13 monthsPaid at maturity3.00%$1,625
14 monthsPaid half-yearly3.00%$1,750
3 yearsPaid half-yearly3.75%$5,625
4 yearsPaid half-yearly3.55%$7,100
5 yearsPaid half-yearly3.55%$8,875
As of 2 November 2026, over 1 year on $50,000, Greater Bank Life Saver pays $2,750 with nothing to do each month; Greater Bank's 12-month term deposit pays $2,700 at 5.40%. 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.