(Effective 23 September 2022)

The interest rates listed above are for deposits of $5,000 or more with interest paid at maturity (under 12 months) or annually (12 months or more). If you wish to have your interest paid monthly (which only applies to deposits of a year or more) the rate is marginally lower than the rates above. 

Minimum and maximum deposit limits 

The minimum amount you’ll need for a term deposit depends on your age. Those under 25 will need just $1,000, whilst those over 25 will need a minimum of $5,000 to invest. The maximum amount accepted is $1 million, unless by special arrangement for larger deposits. 

Partial withdrawals 

If you have a term deposit for over 12 months, you’re permitted to make a partial withdrawal once per year without early withdrawal penalties applying. After giving 31 days’ notice, the minimum amount you can withdraw is $1,000 and the withdrawal must not push your deposit balance below the required minimum deposit amount (either $1,000 or $5,000). If you wish to make another withdrawal within a calendar year, penalties for early withdrawal will apply.  

Notice and penalties for early withdrawal 

You’ll be required to give 31 days’ notice if you wish to withdraw your funds prior to the term deposit’s expected maturity date. If you wish to withdraw funds more than once a year for terms over 12 months, an early redemption administration fee of $30 will be charged. The interest you’ll earn on your deposit will also be reduced, with the reduction being calculated on a sliding scale depending on how much of your original agreed term remains.  

Business term deposits available 

People’s Choice does offer term deposits for businesses and trusts, but they don’t offer term deposits for SMSFs. A $20 business or company search fee will be charged if you apply for a term deposit in the name of a business, and a company search is required to verify the identity of the company.