Savings account vs term deposit
St George Incentive Saver vs term deposit
vs
Compare on
Interest over 1 year on $50,000
$2,700
5.40% a year, conditions met
$2,650
5.30% a year · paid at maturity
Over 1 year on $50,000, St George Incentive Saver pays $2,700 with its conditions met; St George's 12-month term deposit pays $2,650.
Worked out on $50,000 until you pick a balance
St GeorgeIncentive Saver
St GeorgeTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,700
with its conditions met
+$50 · More interest over the term
$2,650
paid at maturity
Interest over 1 year without meeting the conditions
on $50,000
$5
at the base rate
$2,650
no monthly conditions
Rate over the term
a year, on $50,000
5.40%
with its conditions met
+0.10 · Higher rate over the term
5.30%
Needs a St George account
Asked of you each month
- A deposit
- A balance at least $50 higher than it started
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
Who can open it
Anyone 14 or over
Needs a St George account
How they differ
- A savings rate can change at any time. St George Incentive 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 St George shares that one $250,000.
St George 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 maturity1.40%$58
2 monthsPaid at maturity1.65%$138
4 monthsPaid at maturity3.40%$567
5 monthsPaid at maturity3.45%$719
7 monthsPaid at maturity3.55%$1,035
8 monthsPaid at maturity3.60%$1,200
9 monthsPaid at maturity3.65%$1,369
10 monthsPaid at maturity3.70%$1,542
11 monthsPaid at maturity3.75%$1,719
1 yearPaid at maturity5.30%$2,650
13 monthsPaid half-yearly4.70%$2,546
3 yearsPaid at maturity4.00%$6,000
4 yearsPaid at maturity4.00%$8,000
5 yearsPaid at maturity4.00%$10,000
As of 2 November 2026, over 1 year on $50,000, St George Incentive Saver pays $2,700 with its monthly conditions met; St George'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.