Savings account vs term deposit
Woolworths Team Bank Bonus Saver Account vs term deposit
4.90% a year
4.00% a year for 1 year
Compare on
Interest over 1 year on $50,000
$2,450
4.90% a year, conditions met
$2,000
4.00% a year · paid at maturity
Over 1 year on $50,000, Woolworths Team Bank Bonus Saver Account pays $2,450 with its conditions met; Woolworths Team Bank's 12-month term deposit pays $2,000.
Worked out on $50,000 until you pick a balance
Woolworths Team BankBonus Saver Account
Woolworths Team BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,450
with its conditions met
+$450 · More interest over the term
$2,000
paid at maturity
Interest over 1 year without meeting the conditions
on $50,000
$50
at the base rate
$2,000
no monthly conditions
Rate over the term
a year, on $50,000
4.90%
with its conditions met
+0.90 · Higher rate over the term
4.00%
fixed for the term
Asked of you each month
- A deposit of at least $100
- No withdrawals
Nothing
the money stays put
Getting the money out
Any time
a withdrawal can cost that month’s bonus
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
$2,000
up to $1,000,000
Who can open it
Anyone 18 or over
Anyone
How they differ
- A savings rate can change at any time. Woolworths Team Bank Bonus Saver 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 Woolworths Team Bank shares that one $250,000.
Woolworths Team Bank Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
7 monthsPaid at maturity5.30%$1,546
9 monthsPaid at maturity3.95%$1,481
1 yearPaid at maturity4.00%$2,000
18 monthsPaid annually2.75%$2,063
As of 10 November 2026, over 1 year on $50,000, Woolworths Team Bank Bonus Saver Account pays $2,450 with its monthly conditions met; Woolworths Team Bank's 12-month term deposit pays $2,000 at 4.00%. 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.