Savings account vs term deposit
P&N Way Cool Saver vs term deposit
0.38% a year
5.30% a year for 1 year
Compare on
Interest over 1 year on $50,000
$190
0.38% a year
$2,650
5.30% a year · paid at maturity
Over 1 year on $50,000, P&N Way Cool Saver pays $190; P&N's 12-month term deposit pays $2,650.
Worked out on $50,000 until you pick a balance
P&NWay Cool Saver
P&NTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$190
nothing to do each month
$2,650
paid at maturity
+$2,460 · More interest over the term
Rate over the term
a year, on $50,000
0.38%
5.30%
fixed for the term
+4.92 · 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
$5,000
up to $1,000,000
Who can open it
Anyone under 16
Anyone
How they differ
- A savings rate can change at any time. P&N Way Cool 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 P&N shares that one $250,000.
P&N Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
2 monthsPaid at maturity1.60%$133
4 monthsPaid at maturity4.30%$717
5 monthsPaid at maturity4.80%$1,000
7 monthsPaid at maturity4.40%$1,283
8 monthsPaid at maturity3.70%$1,233
9 monthsPaid at maturity3.80%$1,425
10 monthsPaid at maturity3.60%$1,500
11 monthsPaid at maturity3.70%$1,696
1 yearPaid at maturity5.30%$2,650
2 yearsNot offered——
5 yearsPaid annually3.35%$8,375
As of 9 November 2026, over 1 year on $50,000, P&N Way Cool Saver pays $190 with nothing to do each month; P&N's 12-month term deposit pays $2,650 at 5.30%. 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.