AidanS: Thanks for the response guys! I'm relying on this money (and the $4k/$5k/year additions) on helping me fund my first house deposit. I figured that having even just $20k-$30k in my young twenties will be a lot more useful than nothing at all (though with the recent housing market here on the North Shore I'm going to need nearly a $100k deposit, but that's beside the point).
This savings is separate from my "short term" savings so I won't need to touch it for gadgets and general teenage expenses, those are covered separately.
I also figured I should take advantage of the interest free student loan for uni and instead put my money into getting a head start on my mortgage.
I think I'll seek some financial advice and see what they suggest though term deposits are looking like the most safest return while still combating inflation and providing "some" sort of return.
The stock market will be something I'll probably leave till I'm, a) More educated on the entire system, b) Am more financially stable later on in life.
Thanks for all the responses everyone! Feel free to further the discussion :)
PS: I have no intention of leaving my money in bonus bonds it was just something I figured I'd put my money into for a few months until I sorted out where I was really going to put it.
The minimum deposit may have changed by the time you buy. Things can change quickly.
The stock market is more long term, but over the very long term it should out perfomr bank interest rates. You can get it all managed for you where they spread the money across a wide range of shares.