Savings account vs term deposit
MoveBank Online Saver vs term deposit
vs
Compare on
Interest over 1 year on $50,000
$2,400
4.80% a year
$0
Not for this amount
Over 1 year on $50,000, MoveBank Online Saver pays $2,400. MoveBank's 12-month term deposit doesn't take $50,000.
Worked out on $50,000 until you pick a balance
MoveBankOnline Saver
MoveBankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,400
nothing to do each month
—
Takes $0 to $10
Rate over the term
a year, on $50,000
4.80%
—
Takes $0 to $10
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
None
up to $10
Who can open it
Anyone 12 or over
Anyone
How they differ
- A savings rate can change at any time. MoveBank Online 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 MoveBank shares that one $250,000.
MoveBank Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
3 monthsNot for this amount——
4 monthsNot for this amount——
5 monthsNot for this amount——
6 monthsNot for this amount——
7 monthsNot for this amount——
8 monthsNot for this amount——
9 monthsNot for this amount——
10 monthsNot for this amount——
11 monthsNot for this amount——
1 yearNot for this amount——
13 monthsNot for this amount——
2 yearsNot offered——
As of 1 November 2026, over 1 year on $50,000, MoveBank Online Saver pays $2,400 with nothing to do each month; MoveBank's 12-month term deposit doesn't take $50,000. 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.