Savings account vs term deposit
SWSbank Junior Account vs term deposit
1.50% a year
5.00% a year for 1 year
Compare on
Interest over 1 year on $50,000
$750
1.50% a year
$2,500
5.00% a year · paid at maturity
Over 1 year on $50,000, SWSbank Junior Account pays $750; SWSbank's 12-month term deposit pays $2,500.
Worked out on $50,000 until you pick a balance
SWSbankJunior Account
SWSbankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$750
nothing to do each month
$2,500
paid at maturity
+$1,750 · More interest over the term
Rate over the term
a year, on $50,000
1.50%
5.00%
fixed for the term
+3.50 · 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
$500
Who can open it
10 to 13 year olds
Anyone
How they differ
- A savings rate can change at any time. SWSbank Junior 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 SWSbank shares that one $250,000.
SWSbank 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 maturity3.65%$1,369
1 yearPaid at maturity5.00%$2,500
As of 13 November 2026, over 1 year on $50,000, SWSbank Junior Account pays $750 with nothing to do each month; SWSbank's 12-month term deposit pays $2,500 at 5.00%. 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.