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Compare Term Deposit Rates
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 Amount (\$): Term (months): Rate 1 (%): Rate 2 (%): Interest 1: \$0.00 Interest 2: \$0.00 Difference: \$0.00

Compare Term Deposit Rates Calculator

If you're in the situation where you want to compare term deposit rates for an amount of money and determine the different return for two rates, this calculator is for you.

Often when a term deposit matures you're faced with staying with the same bank or financial institution, or move the money for a better rate. We can easily see one rate is more or less than the other, but what is the real financial return for the different rates. Sometimes the time and effort involved in moving money around isn't cost effective.

The Compare Term Deposit Rates Calculator enables you to easily determine the financial difference. The Compare Term Deposit Rates Calculator shows the difference in interest earned for the two different interest rates.

The Compare Term Deposit Rates Calculator is particularly useful when comparing rates which are 0.1% or less. Calculating small percentage rate differences manually can be error prone.

Using the Compare Term Deposit Rates Calculator

Amount

Enter the amount for the term deposit in dollars.

Term (months)

Enter number of months the term deposit will mature.

Rate 1 (%)

Enter the first rate as the yearly interest rate as a percentage.

Rate 2 (%)

Enter the second rate as the yearly interest rate as a percentage. You can leave Rate 2 empty or zero if you just wish to use the calculator to calculate a single rate. The Difference value however won't be relevant.

Interest 1 (\$)

This is the amount of interest earned for the term of the deposit at interest rate 1.

Interest 2 (\$)

This is the amount of interest earned for the term of the deposit at interest rate 2.

Difference (\$)

The Difference value is the difference in the interest earned for the two different interest rates.

Submit/Reset

When you've entered the information press Submit to complete the calculation. If you wish to clear the values entered press Reset.

Interesting facts

Short term bonus rates

I was initially put of using the short term (3 months) bonus savings account. Loyalty and not wanting to simply use an organisation for a short term didn't appeal to me. Of course this is a silly mindset and once conquered means you look after your own financial interests.

After the short term bonus rate ends

Publicly when the short term bonus rate ends we're led to believe the rate will revert back to the rate without the bonus amount, which frankly is often terrible. However, a discussion with a bank employee revealed they had discretion to offer another but lower bonus rate. That bonus rate was more than most bank term deposits were offering. You simply don't know what you don't know.

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Disclaimer

The Compare Term Deposit Rates Calculator comes with no warranty expressed or implied. The Compare Term Deposit Rates Calculator is only for informational purposes and is not guaranteed to be error free. The information on this page is not intended to be advice.