Choosing the right interest payment frequency for your term deposit is important as this can influence how much interest you earn at the end of the term. The options that are most commonly available are: monthly, quarterly, six monthly, annually, or at maturity. Keep in mind that not all payment frequencies are available for all terms.
Paid monthly
Interest will be paid every month over the life of your term deposit.
Generally comes with a lower interest.
You can elect to have the interest paid into your bank account each month for a boost to your monthly budget.
Paid at maturity
Interest is paid all at once when your term comes to an end.
Will often come with a slightly higher interest rate.
At the end of the term, you’ll receive the full amount.