Best Term Deposit Rates in Australia (3 Months - 5 Years)

  • Compare term deposit rates up to 5.20% p.a. from authorised deposit-taking institutions (ADIs)
  • See the top rates overall, plus the highest available with monthly interest payments.
Term Deposit Rates Australia
Term Deposit Rates Australia

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Highest 3-month term deposit rates

BCU Bank

Interest rate (p.a.)

4.90%

Interest paid

At maturity (reduced rate applies for monthly payment)

Min - max deposit

$1,000 - $1m

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Challenger

Interest rate (p.a.)

4.85%

Interest paid

At maturity

Min - max deposit

$25,000 - $1m

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Judo Bank

Interest rate (p.a.)

4.85%

Interest paid

At maturity (reduced rate applies for monthly payment)

Min - max deposit

$1,000 - $1m

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ING

Interest rate (p.a.)

4.85%

Interest paid

At maturity

Min - max deposit

$10,000 (no max specified)

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Macquarie Bank

Interest rate (p.a.)

4.85%

Interest paid

At maturity

Min - max deposit

$5,000 - $1m

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Bank of Sydney

Interest rate (p.a.)

4.80%

Interest paid

At maturity

Min - max deposit

$1,000 - $1m

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Firstmac

Interest rate (p.a.)

4.80%

Interest paid

At maturity

Min - max deposit

$5,000 - $5m

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RACQ Bank

Interest rate (p.a.)

4.80%

Interest paid

At maturity

Min - max deposit

$1,000 - $1m

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AMP Bank

Interest rate (p.a.)

4.75%

Interest paid

At maturity

Min - max deposit

$25,000 - $10m

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Move Bank

Interest rate (p.a.)

4.75%

Interest paid

At maturity

Min - max deposit

$5,000 (no max specified)

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AMP Bank

Interest rate (p.a.)

4.70%

Interest paid

At maturity

Min - max deposit

$5,000 - $25,000

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Bank Australia

Interest rate (p.a.)

4.70%

Interest paid

At maturity

Min - max deposit

$500 - $1m

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Rabobank

Interest rate (p.a.)

4.70%

Interest paid

At maturity

Min - max deposit

$1,000 - $2m

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G&C Mutual Bank

Interest rate (p.a.)

4.70%

Interest paid

At maturity

Min - max deposit

$1,000 (no max specified)

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Woolworths Team Bank

Interest rate (p.a.)

4.70%

Interest paid

At maturity

Min - max deposit

$2,000 (no max specified)

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Interest rate (p.a.)Interest paidMin - max depositVisit provider

BCU Bank

4.90%

At maturity (reduced rate applies for monthly payment)

$1,000 - $1m

Challenger

4.85%

At maturity

$25,000 - $1m

Judo Bank

4.85%

At maturity (reduced rate applies for monthly payment)

$1,000 - $1m

ING

4.85%

At maturity

$10,000 (no max specified)

Macquarie Bank

4.85%

At maturity

$5,000 - $1m

Bank of Sydney

4.80%

At maturity

$1,000 - $1m

Firstmac

4.80%

At maturity

$5,000 - $5m

RACQ Bank

4.80%

At maturity

$1,000 - $1m

AMP Bank

4.75%

At maturity

$25,000 - $10m

Move Bank

4.75%

At maturity

$5,000 (no max specified)

AMP Bank

4.70%

At maturity

$5,000 - $25,000

Bank Australia

4.70%

At maturity

$500 - $1m

Rabobank

4.70%

At maturity

$1,000 - $2m

G&C Mutual Bank

4.70%

At maturity

$1,000 (no max specified)

Woolworths Team Bank

4.70%

At maturity

$2,000 (no max specified)

Term deposit interest rate comparison (with 3-month/90 day maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 3-month term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest 6-month term deposit rates

Challenger

Interest rate (p.a.)

5.20%

Interest paid

At maturity

Min - max deposit

$25,000 - $1m

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Australian Military Bank

Interest rate (p.a.)

5.15%

Interest paid

At maturity (reduced rate applies for monthly payment)

Min - max deposit

$1,000 (no max specified)

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RSL Money

Interest rate (p.a.)

5.15%

Interest paid

Monthly/at maturity

Min - max deposit

$1,000 (no max specified)

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AMP Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity (reduced rates apply for monthly payment)

Min - max deposit

$25,000 - $10m

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Arab Bank Australia

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$10,000 - $500,000

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Australian Unity

Interest rate (p.a.)

5.00%

Interest paid

At maturity (reduced rates apply for monthly payment)

Min - max deposit

$5,000 (no max specified)

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BCU Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity (reduced rate applies for monthly payment)

Min - max deposit

$1,000 - $1m

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Heritage Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1,000 (no max specified)

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People's Choice

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$5,000 - $5m

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AMP Bank

Interest rate (p.a.)

4.95%

Interest paid

At maturity (reduced rates apply for monthly payment)

Min - max deposit

$5,000 - $25,000

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Bank Australia

Interest rate (p.a.)

4.95%

Interest paid

At maturity

Min - max deposit

$500 - $1m

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Bank of Sydney

Interest rate (p.a.)

4.95%

Interest paid

At maturity

Min - max deposit

$1,000 - $1m

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ING

Interest rate (p.a.)

4.95%

Interest paid

At maturity

Min - max deposit

$10,000 - $5m

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Judo Bank

Interest rate (p.a.)

4.95%

Interest paid

At maturity (reduced rate applies for monthly payment)

Min - max deposit

$1,000 - $1m

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Move Bank

Interest rate (p.a.)

4.95%

Interest paid

At maturity

Min - max deposit

$5,000 (no max specified)

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Regional Australia Bank

Interest rate (p.a.)

4.95%

Interest paid

At maturity

Min - max deposit

$1,000 to $500,000

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Firstmac (180 days)

Interest rate (p.a.)

4.90%

Interest paid

At maturity

Min - max deposit

$5,000 - $5m

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Interest rate (p.a.)Interest paidMin - max depositVisit provider

Challenger

5.20%

At maturity

$25,000 - $1m

Australian Military Bank

5.15%

At maturity (reduced rate applies for monthly payment)

$1,000 (no max specified)

RSL Money

5.15%

Monthly/at maturity

$1,000 (no max specified)

AMP Bank

5.00%

At maturity (reduced rates apply for monthly payment)

$25,000 - $10m

Arab Bank Australia

5.00%

At maturity

$10,000 - $500,000

Australian Unity

5.00%

At maturity (reduced rates apply for monthly payment)

$5,000 (no max specified)

BCU Bank

5.00%

At maturity (reduced rate applies for monthly payment)

$1,000 - $1m

Heritage Bank

5.00%

At maturity

$1,000 (no max specified)

People's Choice

5.00%

At maturity

$5,000 - $5m

AMP Bank

4.95%

At maturity (reduced rates apply for monthly payment)

$5,000 - $25,000

Bank Australia

4.95%

At maturity

$500 - $1m

Bank of Sydney

4.95%

At maturity

$1,000 - $1m

ING

4.95%

At maturity

$10,000 - $5m

Judo Bank

4.95%

At maturity (reduced rate applies for monthly payment)

$1,000 - $1m

Move Bank

4.95%

At maturity

$5,000 (no max specified)

Regional Australia Bank

4.95%

At maturity

$1,000 to $500,000

Firstmac (180 days)

4.90%

At maturity

$5,000 - $5m

Term deposit interest rate comparison (with 6-month maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 6-month term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest 9-month term deposit rates

G&C Mutual Bank

Interest rate (p.a.)

5.20%

Interest paid

At maturity or annually

Min - max deposit

$1,000 - (no max specified)

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Australian Military Bank

Interest rate (p.a.)

5.15%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 (no max specified)

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RSL Money

Interest rate (p.a.)

5.15%

Interest paid

Monthly/at maturity

Min - max deposit

$1,000 (no max specified)

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Challenger

Interest rate (p.a.)

5.10%

Interest paid

At maturity

Min - max deposit

$25,000 - $1m

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Australian Unity

Interest rate (p.a.)

5.05%

Interest paid

At maturity

Min - max deposit

$5,000 (no max specified)

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AMP Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$25,000 - $10m

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Bank of Sydney

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1,000 - $1m

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Judo Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - $1m

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AMP Bank

Interest rate (p.a.)

4.95%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$5,000 - $25,000

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Auswide Bank

Interest rate (p.a.)

4.95%

Interest paid

At maturity

Min - max deposit

$5,000 - $5m

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Interest rate (p.a.)Interest paidMin - max depositVisit provider

G&C Mutual Bank

5.20%

At maturity or annually

$1,000 - (no max specified)

Australian Military Bank

5.15%

At maturity (reduced rates apply for other payment frequencies)

$1,000 (no max specified)

RSL Money

5.15%

Monthly/at maturity

$1,000 (no max specified)

Challenger

5.10%

At maturity

$25,000 - $1m

Australian Unity

5.05%

At maturity

$5,000 (no max specified)

AMP Bank

5.00%

At maturity (reduced rates apply for other payment frequencies)

$25,000 - $10m

Bank of Sydney

5.00%

At maturity

$1,000 - $1m

Judo Bank

5.00%

At maturity (reduced rates apply for other payment frequencies)

$1,000 - $1m

AMP Bank

4.95%

At maturity (reduced rates apply for other payment frequencies)

$5,000 - $25,000

Auswide Bank

4.95%

At maturity

$5,000 - $5m

Term deposit interest rate comparison (with 9-month maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 9-month term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest 12-month term deposit rates

G&C Mutual Bank

Interest rate (p.a.)

5.20%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - (no max specified)

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Qudos Bank

Interest rate (p.a.)

5.20%

Interest paid

Monthly/at maturity

Min - max deposit

$5,000 (no max specified)

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Australian Military Bank

Interest rate (p.a.)

5.15%

Interest paid

At maturity

Min - max deposit

$1,000 (no max specified)

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Challenger

Interest rate (p.a.)

5.15%

Interest paid

At maturity (reduced rate applies if interest paid monthly)

Min - max deposit

$25,000 - $1m

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RSL Money

Interest rate (p.a.)

5.15%

Interest paid

Monthly/at maturity

Min - max deposit

$1,000 (no max specified)

Visit provider

Australian Unity

Interest rate (p.a.)

5.10%

Interest paid

At maturity

Min - max deposit

$5,000 (no max specified)

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Bank of Sydney

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1,000 - $1m

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Judo Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1,000 - $1m

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Firefighters Mutual Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1 - $500,000

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Greater Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$5,000 (no max specified)

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Health Professionals Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1 - $500,000

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ING

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$10,000 - $5m

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Newcastle Permanent

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1,000 (no max specified)

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Teachers Mutual Bank

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1 - $500,000

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The Mac

Interest rate (p.a.)

5.00%

Interest paid

Monthly/quarterly/six-monthly/at maturity

Min - max deposit

$5,000 - (no max specified)

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Unibank

Interest rate (p.a.)

5.00%

Interest paid

At maturity

Min - max deposit

$1 - $500,000

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Interest rate (p.a.)Interest paidMin - max depositVisit provider

G&C Mutual Bank

5.20%

At maturity (reduced rates apply for other payment frequencies)

$1,000 - (no max specified)

Qudos Bank

5.20%

Monthly/at maturity

$5,000 (no max specified)

Australian Military Bank

5.15%

At maturity

$1,000 (no max specified)

Challenger

5.15%

At maturity (reduced rate applies if interest paid monthly)

$25,000 - $1m

RSL Money

5.15%

Monthly/at maturity

$1,000 (no max specified)

Australian Unity

5.10%

At maturity

$5,000 (no max specified)

Bank of Sydney

5.00%

At maturity

$1,000 - $1m

Judo Bank

5.00%

At maturity

$1,000 - $1m

Firefighters Mutual Bank

5.00%

At maturity

$1 - $500,000

Greater Bank

5.00%

At maturity

$5,000 (no max specified)

Health Professionals Bank

5.00%

At maturity

$1 - $500,000

ING

5.00%

At maturity

$10,000 - $5m

Newcastle Permanent

5.00%

At maturity

$1,000 (no max specified)

Teachers Mutual Bank

5.00%

At maturity

$1 - $500,000

The Mac

5.00%

Monthly/quarterly/six-monthly/at maturity

$5,000 - (no max specified)

Unibank

5.00%

At maturity

$1 - $500,000

Term deposit interest rate comparison (with 12-month maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 12-month term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest 2-year term deposit rates

Community First Bank

Interest rate (p.a.)

5.00%

Interest paid

Annually (reduced rates apply for other payment frequencies)

Min - max deposit

$50k - $1m

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G&C Mutual Bank

Interest rate (p.a.)

5.00%

Interest paid

Annually/at maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - (no max specified)

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Move Bank

Interest rate (p.a.)

5.00%

Interest paid

Annually (reduced rates apply for other payment frequencies)

Min - max deposit

$5,000 - (no max specified)

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Judo Bank

Interest rate (p.a.)

4.85%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - $1m

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Qudos Bank

Interest rate (p.a.)

4.80%

Interest paid

Annually or at maturity

Min - max deposit

$5,000 - (no max specified)

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Challenger

Interest rate (p.a.)

4.75%

Interest paid

Annually or at maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$25,000 - $1m

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Move Bank

Interest rate (p.a.)

4.75%

Interest paid

Annually

Min - max deposit

$5,000 (no max specified)

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The Mutual Bank

Interest rate (p.a.)

4.75%

Interest paid

Annually (reduced rate applies for monthly interest)

Min - max deposit

$1,000 - $1m

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Interest rate (p.a.)Interest paidMin - max depositVisit provider

Community First Bank

5.00%

Annually (reduced rates apply for other payment frequencies)

$50k - $1m

G&C Mutual Bank

5.00%

Annually/at maturity (reduced rates apply for other payment frequencies)

$1,000 - (no max specified)

Move Bank

5.00%

Annually (reduced rates apply for other payment frequencies)

$5,000 - (no max specified)

Judo Bank

4.85%

At maturity (reduced rates apply for other payment frequencies)

$1,000 - $1m

Qudos Bank

4.80%

Annually or at maturity

$5,000 - (no max specified)

Challenger

4.75%

Annually or at maturity (reduced rates apply for other payment frequencies)

$25,000 - $1m

Move Bank

4.75%

Annually

$5,000 (no max specified)

The Mutual Bank

4.75%

Annually (reduced rate applies for monthly interest)

$1,000 - $1m

Term deposit interest rate comparison (with 2-year maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 2-year term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest 3-year term deposit rates

Community First Bank

Interest rate (p.a.)

5.00%

Interest paid

Annually

Min - max deposit

$50k - $1m

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G&C Mutual Bank

Interest rate (p.a.)

4.90%

Interest paid

Annually/at maturity

Min - max deposit

$1,000 - (no max specified)

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Rabobank

Interest rate (p.a.)

4.90%

Interest paid

Annually (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 to $2m

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Judo Bank

Interest rate (p.a.)

4.85%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - $1m

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Qudos Bank

Interest rate (p.a.)

4.80%

Interest paid

Annually/at maturity

Min - max deposit

$5,000 - (no max specified)

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The Mutual Bank

Interest rate (p.a.)

4.75%

Interest paid

Annually (reduced rate applies for monthly interest)

Min - max deposit

$1,000 - $1m

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AMP Bank

Interest rate (p.a.)

4.65%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$25,000 - $10m

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AMP Bank

Interest rate (p.a.)

4.60%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$5,000 - $25,000

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BankVic

Interest rate (p.a.)

4.50%

Interest paid

Annually/at maturity

Min - max deposit

$5,000 - (no max specified)

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Bank Australia

Interest rate (p.a.)

4.50%

Interest paid

At maturity

Min - max deposit

$500 - $1m

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Macquarie Bank

Interest rate (p.a.)

4.40%

Interest paid

Annually

Min - max deposit

$5,000 - $1m

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Rabobank

Interest rate (p.a.)

4.40%

Interest paid

Annually

Min - max deposit

$1,000 - $2m

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Interest rate (p.a.)Interest paidMin - max depositVisit provider

Community First Bank

5.00%

Annually

$50k - $1m

G&C Mutual Bank

4.90%

Annually/at maturity

$1,000 - (no max specified)

Rabobank

4.90%

Annually (reduced rates apply for other payment frequencies)

$1,000 to $2m

Judo Bank

4.85%

At maturity (reduced rates apply for other payment frequencies)

$1,000 - $1m

Qudos Bank

4.80%

Annually/at maturity

$5,000 - (no max specified)

The Mutual Bank

4.75%

Annually (reduced rate applies for monthly interest)

$1,000 - $1m

AMP Bank

4.65%

At maturity (reduced rates apply for other payment frequencies)

$25,000 - $10m

AMP Bank

4.60%

At maturity (reduced rates apply for other payment frequencies)

$5,000 - $25,000

BankVic

4.50%

Annually/at maturity

$5,000 - (no max specified)

Bank Australia

4.50%

At maturity

$500 - $1m

Macquarie Bank

4.40%

Annually

$5,000 - $1m

Rabobank

4.40%

Annually

$1,000 - $2m

Term deposit interest rate comparison (with 3-year maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 3-year term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest 4-year term deposit rates

Judo Bank

Interest rate (p.a.)

4.85%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - $1m

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Rabobank

Interest rate (p.a.)

4.60%

Interest paid

Annually (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - $2m

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BankVic

Interest rate (p.a.)

4.50%

Interest paid

Annually/at maturity

Min - max deposit

$5,000 - (no max specified)

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Macquarie Bank

Interest rate (p.a.)

4.35%

Interest paid

Annually (reduced rates apply for other payment frequencies)

Min - max deposit

$5,000 - $1m

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G&C Mutual Bank

Interest rate (p.a.)

4.25%

Interest paid

Annually/at maturity

Min - max deposit

$1,000 - (no max specified)

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Great Southern Bank

Interest rate (p.a.)

4.20%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$5,000 - (no max specified)

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AMP Bank

Interest rate (p.a.)

4.20%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$25,000 - $10m

Visit provider

AMP Bank

Interest rate (p.a.)

4.15%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$5,000 - $25,000

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Challenger

Interest rate (p.a.)

4.10%

Interest paid

At maturity

Min - max deposit

$25,000 - $1m

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HSBC

Interest rate (p.a.)

4.10%

Interest paid

Annually/at maturity

Min - max deposit

$5,000 - no max

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Interest rate (p.a.)Interest paidMin - max depositVisit provider

Judo Bank

4.85%

At maturity (reduced rates apply for other payment frequencies)

$1,000 - $1m

Rabobank

4.60%

Annually (reduced rates apply for other payment frequencies)

$1,000 - $2m

BankVic

4.50%

Annually/at maturity

$5,000 - (no max specified)

Macquarie Bank

4.35%

Annually (reduced rates apply for other payment frequencies)

$5,000 - $1m

G&C Mutual Bank

4.25%

Annually/at maturity

$1,000 - (no max specified)

Great Southern Bank

4.20%

At maturity (reduced rates apply for other payment frequencies)

$5,000 - (no max specified)

AMP Bank

4.20%

At maturity (reduced rates apply for other payment frequencies)

$25,000 - $10m

AMP Bank

4.15%

At maturity (reduced rates apply for other payment frequencies)

$5,000 - $25,000

Challenger

4.10%

At maturity

$25,000 - $1m

HSBC

4.10%

Annually/at maturity

$5,000 - no max

Term deposit interest rate comparison (with 4-year maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 4-year term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest 5-year term deposit rates

Judo Bank

Interest rate (p.a.)

4.85%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - $1m

Visit provider

Rabobank

Interest rate (p.a.)

4.70%

Interest paid

Annually (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - $2m

Visit provider

BankVic

Interest rate (p.a.)

4.50%

Interest paid

Annually/at maturity

Min - max deposit

$5,000 - (no max specified)

Visit provider

Macquarie Bank

Interest rate (p.a.)

4.35%

Interest paid

Annually

Min - max deposit

$5,000 - $1m

Visit provider

G&C Mutual Bank

Interest rate (p.a.)

4.25%

Interest paid

Annually/at maturity

Min - max deposit

$1,000 - (no max specified)

Visit provider

AMP Bank

Interest rate (p.a.)

4.20%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$25,000 - $10m

Visit provider

Great Southern Bank

Interest rate (p.a.)

4.20%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$1,000 - (no max specified)

Visit provider

AMP Bank

Interest rate (p.a.)

4.15%

Interest paid

At maturity (reduced rates apply for other payment frequencies)

Min - max deposit

$5,000 - $25,000

Visit provider

Challenger

Interest rate (p.a.)

4.10%

Interest paid

At maturity

Min - max deposit

$25,000 - $1m

Visit provider

HSBC

Interest rate (p.a.)

4.10%

Interest paid

Annually/at maturity

Min - max deposit

$5,000 - no max

Visit provider
Interest rate (p.a.)Interest paidMin - max depositVisit provider

Judo Bank

4.85%

At maturity (reduced rates apply for other payment frequencies)

$1,000 - $1m

Rabobank

4.70%

Annually (reduced rates apply for other payment frequencies)

$1,000 - $2m

BankVic

4.50%

Annually/at maturity

$5,000 - (no max specified)

Macquarie Bank

4.35%

Annually

$5,000 - $1m

G&C Mutual Bank

4.25%

Annually/at maturity

$1,000 - (no max specified)

AMP Bank

4.20%

At maturity (reduced rates apply for other payment frequencies)

$25,000 - $10m

Great Southern Bank

4.20%

At maturity (reduced rates apply for other payment frequencies)

$1,000 - (no max specified)

AMP Bank

4.15%

At maturity (reduced rates apply for other payment frequencies)

$5,000 - $25,000

Challenger

4.10%

At maturity

$25,000 - $1m

HSBC

4.10%

Annually/at maturity

$5,000 - no max

Term deposit interest rate comparison (with 5-year maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 5-year term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

Highest term deposit rates for interest paid monthly

Qudos Bank

Interest rate (p.a.)

5.20%

Terms available

12 months

Min - max deposit

$5,000 - (no max specified)

Visit provider

G&C Mutual Bank

Interest rate (p.a.)

5.15%

Terms available

9 or 12 months

Min - max deposit

$1,000 - (no max specified)

Visit provider

Australian Military Bank

Interest rate (p.a.)

5.15%

Terms available

10-11 months

Min - max deposit

$1,000 - (no max specified)

Visit provider

Australian Unity

Interest rate (p.a.)

5.09%

Terms available

12 months

Min - max deposit

$5,000 - (no max specified)

Visit provider

Australian Military Bank

Interest rate (p.a.)

5.05%

Terms available

6-9 months or 12 months

Min - max deposit

$1,000 - (no max specified)

Visit provider

BCU Bank (55 Plus Investments)

Interest rate (p.a.)

5.00%

Terms available

12 months

Min - max deposit

$1,000 - $1m

Visit provider

Challenger Bank

Interest rate (p.a.)

5.00%

Terms available

12 months

Min - max deposit

$25,000 - $1m

Visit provider

Firefighters Mutual Bank

Interest rate (p.a.)

5.00%

Terms available

12 months

Min - max deposit

$1 - $500,000

Visit provider

Health Professionals Bank

Interest rate (p.a.)

5.00%

Terms available

12 months

Min - max deposit

$1 - $500,000

Visit provider

Teachers Mutual Bank

Interest rate (p.a.)

5.00%

Terms available

12 months

Min - max deposit

$1 - $500,000

Visit provider

The Mac

Interest rate (p.a.)

5.00%

Terms available

12 months

Min - max deposit

$5,000 - (no max specified)

Visit provider

Unibank

Interest rate (p.a.)

5.00%

Terms available

12 months

Min - max deposit

$1 - $500,000

Visit provider
Interest rate (p.a.)Terms availableMin - max depositVisit provider

Qudos Bank

5.20%

12 months

$5,000 - (no max specified)

G&C Mutual Bank

5.15%

9 or 12 months

$1,000 - (no max specified)

Australian Military Bank

5.15%

10-11 months

$1,000 - (no max specified)

Australian Unity

5.09%

12 months

$5,000 - (no max specified)

Australian Military Bank

5.05%

6-9 months or 12 months

$1,000 - (no max specified)

BCU Bank (55 Plus Investments)

5.00%

12 months

$1,000 - $1m

Challenger Bank

5.00%

12 months

$25,000 - $1m

Firefighters Mutual Bank

5.00%

12 months

$1 - $500,000

Health Professionals Bank

5.00%

12 months

$1 - $500,000

Teachers Mutual Bank

5.00%

12 months

$1 - $500,000

The Mac

5.00%

12 months

$5,000 - (no max specified)

Unibank

5.00%

12 months

$1 - $500,000

Term deposit interest rate comparison (with monthly interest payments) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 16 February 2024. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest term deposit rates based on monthly interest payment available in Australia, we can’t guarantee that all products in the market are shown.

Top term deposit rates in February 2024

If you're looking for the top term deposit rates across all term durations, here they are:

  • Challenger Bank: 5.20% p.a. on a 6-month term with interest paid at maturity (deposits between $25,000 - $1m)
  • G&C Mutual Bank: 5.20% p.a. on a 9- or 12-month term with interest paid at maturity (deposits from $1,000+)
  • Qudos Bank: 5.20% p.a. on a 12-month term with interest paid monthly or at maturity (deposits from $5,000+)
  • Australian Military Bank: 5.15% p.a. on a 6- or 12-month term with interest paid at maturity (deposits from $1,000+)
  • Challenger Bank: 5.15% p.a. on a 12-month term with interest paid at maturity (deposits between $25,000 - $1m)
  • RSL Money: 5.15% p.a. on a 6, 9 or 12-month term with interest paid monthly or at maturity (deposits from $1,000+)

These are the highest term deposit rates available according to Money.com.au's analysis of authorised deposit taking institutions in Australia as at 16 February 2024. While we've searched far and wide to find the top rates, we cannot guarantee that all rates available in the market are shown. Where two or more providers offer the same rate, the products are listed alphabetically by provider name. Please check with the provider for current rates and eligibility criteria.

How to choose the best term deposit option

1

Interest rate

The interest rate on a term deposit dictates what return you’ll get from your money. A lot of people simply prioritise finding the highest rate available, but there can be situations where a term deposit with a lower rate could be more suitable, based on other factors explained here.

2

The term

The interest rate you earn on a term deposit can vary massively based on the term duration. This is often the case even on accounts from the same provider. Bear in mind that some providers only offer shorter terms (e.g. 1 month - 2 years) whereas others offer all terms from 1 month - 5 years. Remember, you won’t be able to access the money in a term deposit during the term (without penalties applying) so choosing a suitable term is key.

3

Interest payment frequency

For some savers, how often you receive interest payments is particularly important. An example could be if you will rely on the interest payments as income for day-to-day living. Just bear in mind that term deposits paying interest more frequently often have a reduced interest rate.

4

Min and max deposit

Check how much the provider actually allows you to deposit, and whether the top interest rate only applies to deposits above a certain amount. Where there is a maximum deposit amount, check if that applies per customer or per account. You may be able to spread funds across multiple term deposit accounts.

5

Rules (and penalties) for early withdrawal

Ideally you will choose a term that matches your plans for the money deposited, but it’s worth checking what happens (and what it will cost you) if you need to withdraw the money early for any reason. A reduced interest rate and/or fees usually apply.

6

Authorised deposit-taking institutions

Make sure the term deposit you choose is offered by an authorised deposit-taking institution (ADI). Only deposits with these providers (up to $250k per customer per provider) are guaranteed by the Australian Government’s Financial Claim Scheme.

7

Reinvestment options

Some term deposits allow you to build on your savings by reinvesting the interest earned. Also consider what happens when the term ends and what options the provider offers. Some banks offer a loyalty bonus if you roll your deposit over into a new term.

8

Get advice if you’re unsure

Term deposits are generally considered to be lower risk than other investments, but you may still benefit from getting financial advice before deciding if investing in a term deposit is the right approach for you and which type of account will be best.

How to open a term deposit

You can usually open a new term deposit account online through the provider’s website. This should only take a few minutes, assuming you’re eligible and have your ID handy.

To open a term deposit, you’ll generally need to:

  • Be an Australian resident with an Australian postal address.
  • Be 18 years of age or older.
  • Provide information from your identity documents to prove your identity (Australian Passport, driver's licence, Medicare or Centrelink Card).
  • Provide a tax file number if you don’t want the bank to withhold tax on interest paid.

Term deposit FAQ

A term deposit is a savings product offered by most banks in Australia that pays a fixed rate of interest on money deposited for a set period of time.

During the term, savers cannot withdraw money from their term deposit without penalties applying (fees or interest deductions).

There are usually a few different options for when interest is paid on a term deposit:

  • Monthly
  • Quarterly (every three months)
  • Semi-annually (every six months)
  • Annually
  • At maturity (at the end of the term)

For shorter terms (1-12 months) some providers only pay interest at the end of the term. Choosing to receive interest payments more frequently usually means you’ll be paid a lower rate of interest.

Most term deposit providers require a month’s notice is a customer needs to withdraw funds early. There may be exceptions for customers who need to access money because they are experiencing financial difficulty.

If you withdraw funds early, you may be charged a fee or, more likely, be paid a reduced rate of interest depending on how long is left until the term deposit matures.

If you are saving for a particular goal, such as a first home buyer saving for a deposit, it's particularly important to consider the term length and whether it suits your plans.

Here is an example of the interest rate deduction applied by term deposit provider, Rabobank.

% of term that elapsed when funds withdrawnInterest rate deduction

Less than 20%

80%

20-39%

60%

40-59%

40%

60-79%

20%

80-99%

10%

When your term deposit ends (matures), you generally have a few options depending on the provider:

  • You can reinvest the money for a new term with the same provider (either the same term as the previous one or a different one).
  • You can open a term deposit with another provider and transfer the funds there.
  • You can withdraw the money and use it for a different purpose entirely (e.g. move it into a high interest savings account).

If you don’t inform your bank what you want to happen at the end of your term deposit, you may be rolled into a new term deposit by default. This may not be the term deposit with the highest rate on offer from that provider.

Money saved in a term deposit with an authorised deposit-taking institution (ADI) is guaranteed by the Australian Government’s Financial Claim Scheme, up to a value of $250,000 per person per bank. That means no matter what happens to a bank, each customer with a term deposit will be protected up to $250,000.

If you have more than $250,000 to invest, you could spread your savings across multiple term deposit providers covered by the scheme to ensure you are protected. If you are investing a large amount, consider discussing your options with a financial advisor first.

You should also make sure that the product you’re investing in is in fact a term deposit. The Australian Securities and Investments Commission (ASIC) warns that there are cases where scammers advertise fake investments as being ‘like a term deposit’ with ‘guaranteed high returns’.

There may also be legitimate investment products (e.g. managed funds) that seem similar to what a term deposit offers, but these are much higher risk, ASIC warns.

Depending on the provider, it’s usually possible to have money saved in more than one term deposit – for example, one with a short term and another with a longer term. Check with your provider whether there are limits to how much you can invest in total, even if it is split across multiple accounts.

Another point to keep in mind is that the government guarantee on deposits only applies up to $250,000 per customer, per eligible institution. That means you will be protected up to that amount across all eligible deposits you have with a single provider, even if they are split across different accounts.

The following providers are authorised deposit-taking institutions who can offer term deposits that will be covered by the government’s Financial Claims Scheme.

  • Alex Bank Pty Limited
  • AMP Bank Ltd
  • Arab Bank Australia Limited
  • Australia and New Zealand Banking Group Limited
  • Australian Military Bank Ltd
  • RSL Money
  • Australian Mutual Bank Limited (trading as - Endeavour Mutual Bank and Sydney Mutual Bank)
  • Australian Settlements Limited (provides industry services)
  • Australian Unity Bank Limited
  • Auswide Bank Ltd
  • Queensland Professional Credit Union Ltd
  • Avenue Bank Limited
  • B&E Ltd (trading as Bank of us)
  • Bank Australia Limited
  • Bank of China (Australia) Limited
  • Bank of Queensland Limited
  • BOQ Specialist (BOQS)
  • ME Bank
  • Bank of Sydney Ltd
  • Bendigo and Adelaide Bank Limited
  • Adelaide Bank
  • Alliance Bank
  • AWA Alliance Bank
  • BDCU Alliance Bank
  • Bendigo Bank
  • Circle Alliance Bank
  • Community Sector Banking
  • Delphi Bank
  • Nova Alliance Bank
  • Rural Bank
  • Service One Alliance Bank
  • Up Bank
  • Beyond Bank Australia
  • Nexus Mutual
  • BNK Banking Corporation Limited (previously
  • Goldfields Money Limited)
  • Goldfields Money
  • Cairns Penny Savings & Loans Limited (trading as Cairns Bank)
  • Central Murray Credit Union Limited
  • Central West Credit Union Limited
  • Challenger Bank Limited (previously - MyLifeMyFinance Limited)
  • Coastline Credit Union Limited
  • Commonwealth Bank of Australia Bankwest
  • Community First Credit Union Limited
  • Community First Bank
  • Easy Street Financial Services
  • Credit Union Australia Ltd (trading as Great Southern Bank)
  • Credit Union SA Ltd
  • Cuscal Limited (provides industry services)
  • Defence Bank Limited
  • Dnister Ukrainian Credit Co-operative Limited
  • Family First Credit Union Limited
  • Family First Bank
  • Fire Service Credit Union Limited
  • First Choice Credit Union Ltd
  • First Option Bank Ltd
  • Ford Co-operative Credit Society Limited (trading as Geelong Bank)
  • G&C Mutual Bank Limited
  • Gateway Bank Ltd
  • Goulburn Murray Credit Union Co-operative Limited
  • Heritage and People’s Choice Limited
  • Heritage Bank
  • People’s Choice Credit Union
  • Horizon Credit Union Ltd (trading as Horizon Bank)
  • HSBC Bank Australia Limited
  • Hume Bank Limited
  • IMB Ltd (trading as IMB Bank)
  • The Shire
  • Illawarra Credit Union Limited
  • in1bank Ltd
  • Indue Ltd
  • ING Bank (Australia) Limited (trading as ING)
  • Judo Bank Pty Ltd
  • Laboratories Credit Union Limited
  • Lithuanian Co-operative Credit Society "Talka" - Limited
  • Lutheran Laypeople's League of Australia
  • MacArthur Credit Union Ltd (trading as The MAC)
  • Macquarie Bank Limited
  • Macquarie Credit Union Limited
  • Maitland Mutual Limited (trading as The Mutual Bank)
  • Members Banking Group Limited (trading as RACQ Bank)
  • MyState Bank Limited
  • National Australia Bank Limited
  • Ubank
  • Newcastle Greater Mutual Group Ltd
  • Newcastle Permanent
  • Greater Bank
  • Northern Inland Credit Union Limited
  • Orange Credit Union Limited
  • Police Bank Ltd (trading as Border Bank)
  • Police Credit Union Limited
  • Police Financial Services Limited (trading as BankVic)
  • Police & Nurses Limited (trading as P&N Bank, and BCU Bank)
  • Pulse Credit Union Limited
  • QPCU Limited (trading as QBANK)
  • Qudos Mutual Ltd (trading as Qudos Bank)
  • Queensland Country Bank Limited
  • Rabobank Australia Limited
  • Railways Credit Union Limited (trading as MOVE)
  • Regional Australia Bank Ltd
  • South West Slopes Credit Union Ltd
  • Southern Cross Credit Union Ltd
  • Summerland Financial Services Limited (trading as - Summerland Credit Union)
  • Suncorp-Metway Limited
  • Teachers Mutual Bank Limited (trading as - Firefighters Mutual Bank, Health Professionals Bank, Hiver Bank, Teachers Mutual Bank and UniBank)
  • The Broken Hill Community Credit Union Ltd
  • The Capricornian Ltd
  • Traditional Credit Union Limited
  • Transport Mutual Credit Union Limited
  • Tyro Payments Limited
  • Unity Bank Limited (trading as Reliance Bank, Bankstown City Unity Bank and Unity Bank)
  • Victoria Teachers Limited (trading as Bank First)
  • Warwick Credit Union Ltd
  • Dalby Credit Union
  • Gympie Credit Union
  • WAW Credit Union Co-Operative Limited
  • BankWAW
  • Westpac Banking Corporation
  • Bank of Melbourne
  • BankSA
  • St George Bank
  • Woolworths Team Bank Limited

Written by

Sean Callery Editor Money.com.au

Editor

Sean Callery

Reviewed by

Shaun McGowan Money.com.au founder

Loans Expert

Shaun McGowan

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