One of the easiest ways to generate extra income is in a bank deposit, but given the large number of banks offering products in a low interest rate environment, there’s so much for women to consider.
So, here’s how to choose a bank to place a deposit, and some of the things you need to pay attention to.
Firstly, when choosing a deposit you need to pay attention to the following parameters:
- Term deposit or savings account
- Minimum deposit amount
- Deposit term
- Interest payment method
Fortunately, today there are many resources on the Internet that compare and analyse the banking market.
We have used research via the site bankchart.com.au to find the best deposit for women.
This site presents deposit programs of all banks, so you do not need to look for information on each bank’s site.
Assume that we want to issue a bank deposit of $50,000, the term of the deposit is one year.
According to Bankchart.com.au, Australian banks offer 159 deposit programs that meet our requirements. Let’s consider the 10 of the best bank deposits with the maximum interest rate as of November 2017.
Top-10 profitable deposit programs in dollars for one year
| № | Name | Interest Rate
|
More Info |
| 1 | Defence Bank
Pensioner Deeming |
3,25 | Interest rate: variable
Interest periodicity: monthly A minimum sum: 48,001,00 |
| 2 | Teachers Mutual Bank
Mighty Saver account |
2,81 | Interest rate: variable
Interest periodicity: monthly A minimum sum: 0 |
| 3 | Police Bank
Term Deposits |
2,8 | Interest rate: fixed
Interest periodicity: at maturity A minimum sum: 10,000,00 |
| 4 | Bank of Sydney
SuperRate Account |
2,8 | Interest rate: variable
Interest periodicity: monthly A minimum sum: 1 |
| 5 | G&C Mutual Bank
Pension Plus Account |
2,75 | Interest rate: variable
Interest periodicity: monthly A minimum sum: 48,001,00 |
| 6 | Queensland Teachers Mutual Bank (QTMB)
Term Deposits |
2,7 | Interest rate: fixed
Interest periodicity: monthly A minimum sum: 1,000,00 |
| 7 | BankVic
50+ investment account |
2,7 | Interest rate: fixed
Interest periodicity: at maturity, annually A minimum sum: 50,000,00 |
| 8 | National Australia Bank
Farm Management Deposits – special rate |
2,65 | Interest rate: fixed
Interest periodicity: at maturity, annually A minimum sum: 10,000,00 |
| 9 | Bank Australia
Term Deposits
|
2,65 | Interest rate: fixed
Interest periodicity: monthly A minimum sum: 50,000,00 |
| 10 | Bank SA
Term Deposits |
2,6 | Interest rate: fixed
Interest periodicity: at maturity A minimum sum: 1,000,00 |
The most favourable conditions are offered by Defense Bank with an interest rate of 3.25 per cent. Using a deposit calculator, the maximum income that can be earned is $1,626.5.
Hopefully, this review will help you choose a deposit with the best returns.
