Best Term Deposit Rates in Australia (3 Months - 5 Years)
- Compare term deposit rates up to 5.30% p.a.
- See the top rates overall, plus the highest available with monthly interest payments.
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Highest 3-month term deposit rates
Credit Union SA Term Investment | |
|---|---|
| Interest rate (p.a.) | 5.10% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 (no max specified) |
| Visit provider | |
Judo Bank | |
| Interest rate (p.a.) | 4.90% |
| Interest paid | At maturity (reduced rate applies for monthly payment) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Firstmac | |
| Interest rate (p.a.) | 4.90% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $5m |
| Visit provider | |
Macquarie Bank | |
| Interest rate (p.a.) | 4.85% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $1m |
| Visit provider | |
Bank Australia | |
| Interest rate (p.a.) | 4.80% |
| Interest paid | At maturity |
| Min - max deposit | $500 - $1m |
| Visit provider | |
Bank of Sydney | |
| Interest rate (p.a.) | 4.80% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Rabobank | |
| Interest rate (p.a.) | 4.80% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $2m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 4.75% |
| Interest paid | At maturity |
| Min - max deposit | $25,000 - $10m |
| Visit provider | |
Move Bank | |
| Interest rate (p.a.) | 4.75% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 (no max specified) |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 4.70% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $25,000 |
| Visit provider | |
RACQ Bank | |
| Interest rate (p.a.) | 4.70% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
G&C Mutual Bank | |
| Interest rate (p.a.) | 4.70% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 (no max specified) |
| Visit provider | |
Woolworths Team Bank | |
| Interest rate (p.a.) | 4.70% |
| Interest paid | At maturity |
| Min - max deposit | $2,000 (no max specified) |
| Visit provider |
| Interest rate (p.a.) | Interest paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
Credit Union SA Term Investment | 5.10% | At maturity | $5,000 (no max specified) | |
Judo Bank | 4.90% | At maturity (reduced rate applies for monthly payment) | $1,000 - $1m | |
Firstmac | 4.90% | At maturity | $5,000 - $5m | |
Macquarie Bank | 4.85% | At maturity | $5,000 - $1m | |
Bank Australia | 4.80% | At maturity | $500 - $1m | |
Bank of Sydney | 4.80% | At maturity | $1,000 - $1m | |
Rabobank | 4.80% | At maturity | $1,000 - $2m | |
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 | |
RACQ Bank | 4.70% | At maturity | $1,000 - $1m | |
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) |
Highest 6-month term deposit rates
Firstmac | |
|---|---|
| Interest rate (p.a.) | 5.15% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $5m |
| Visit provider | |
Bank of Sydney | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
ING | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | At maturity |
| Min - max deposit | $10,000 - $5m |
| Visit provider | |
Judo Bank | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | At maturity (reduced rates apply for monthly payment) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
BOQ | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | At maturity (reduced rates apply for monthly payment) |
| Min - max deposit | $5,000 - $250k |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity (reduced rates apply for monthly payment) |
| Min - max deposit | $25,000 - $10m |
| Visit provider | |
Arab Bank Australia | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity |
| Min - max deposit | $10,000 - $500,000 |
| Visit provider | |
BankVic | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 (no max specified) |
| Visit provider | |
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 |
| Visit provider | |
Bank Australia | |
| Interest rate (p.a.) | 4.95% |
| Interest paid | At maturity |
| Min - max deposit | $500 - $1m |
| Visit provider | |
Australian Military Bank | |
| Interest rate (p.a.) | 4.90% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 (no max specified) |
| Visit provider | |
Move Bank | |
| Interest rate (p.a.) | 4.90% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 (no max specified) |
| Visit provider | |
Macquarie Bank | |
| Interest rate (p.a.) | 4.90% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $1m |
| Visit provider | |
Rabobank | |
| Interest rate (p.a.) | 4.90% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $2m |
| Visit provider |
| Interest rate (p.a.) | Interest paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
Firstmac | 5.15% | At maturity | $5,000 - $5m | |
Bank of Sydney | 5.05% | At maturity | $1,000 - $1m | |
ING | 5.05% | At maturity | $10,000 - $5m | |
Judo Bank | 5.05% | At maturity (reduced rates apply for monthly payment) | $1,000 - $1m | |
BOQ | 5.05% | At maturity (reduced rates apply for monthly payment) | $5,000 - $250k | |
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 | |
BankVic | 5.00% | At maturity | $5,000 (no max specified) | |
AMP Bank | 4.95% | At maturity (reduced rates apply for monthly payment) | $5,000 - $25,000 | |
Bank Australia | 4.95% | At maturity | $500 - $1m | |
Australian Military Bank | 4.90% | At maturity | $1,000 (no max specified) | |
Move Bank | 4.90% | At maturity | $5,000 (no max specified) | |
Macquarie Bank | 4.90% | At maturity | $5,000 - $1m | |
Rabobank | 4.90% | At maturity | $1,000 - $2m |
Highest 9-month term deposit rates
Judo Bank | |
|---|---|
| Interest rate (p.a.) | 5.15% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Bank of Sydney | |
| Interest rate (p.a.) | 5.10% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
ME Bank | |
| Interest rate (p.a.) | 5.10% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $5,000 - $2m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $25,000 - $10m |
| Visit provider | |
Australian Unity | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 (no max specified) |
| Visit provider | |
BOQ | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $250,000 |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $5,000 - $25,000 |
| Visit provider | |
Bank Australia | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity |
| Min - max deposit | $500 - $1m |
| Visit provider | |
Bankwest | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $5m |
| Visit provider | |
Move Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 (no max specified) |
| Visit provider | |
RACQ Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | At maturity |
| Min - max deposit | $10,000 - $500,000 |
| Visit provider | |
Macquarie Bank | |
| Interest rate (p.a.) | 4.95% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $1m |
| Visit provider |
| Interest rate (p.a.) | Interest paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
Judo Bank | 5.15% | At maturity (reduced rates apply for other payment frequencies) | $1,000 - $1m | |
Bank of Sydney | 5.10% | At maturity | $1,000 - $1m | |
ME Bank | 5.10% | At maturity (reduced rates apply for other payment frequencies) | $5,000 - $2m | |
AMP Bank | 5.05% | At maturity (reduced rates apply for other payment frequencies) | $25,000 - $10m | |
Australian Unity | 5.05% | At maturity | $5,000 (no max specified) | |
BOQ | 5.05% | At maturity | $5,000 - $250,000 | |
AMP Bank | 5.00% | At maturity (reduced rates apply for other payment frequencies) | $5,000 - $25,000 | |
Bank Australia | 5.00% | At maturity | $500 - $1m | |
Bankwest | 5.00% | At maturity | $1,000 - $5m | |
Move Bank | 5.00% | At maturity | $5,000 (no max specified) | |
RACQ Bank | 5.00% | At maturity | $10,000 - $500,000 | |
Macquarie Bank | 4.95% | At maturity | $5,000 - $1m |
Highest 12-month term deposit rates
Bank of Sydney | |
|---|---|
| Interest rate (p.a.) | 5.30% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
ING | |
| Interest rate (p.a.) | 5.30% |
| Interest paid | At maturity |
| Min - max deposit | $10,000 - $5m |
| Visit provider | |
Judo Bank | |
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $25,000 - $10m |
| Visit provider | |
Community First Bank | |
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity |
| Min - max deposit | $50k - $1m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 5.20% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $5,000 - $25,000 |
| Visit provider | |
Bank Australia | |
| Interest rate (p.a.) | 5.20% |
| Interest paid | At maturity |
| Min - max deposit | $500 - $1m |
| Visit provider | |
Qudos Bank | |
| Interest rate (p.a.) | 5.20% |
| Interest paid | Monthly/at maturity |
| Min - max deposit | $5,000 - (no max specified) |
| Visit provider | |
Australian Military Bank | |
| Interest rate (p.a.) | 5.15% |
| Interest paid | At maturity |
| Min - max deposit | $1,000 (no max specified) |
| Visit provider | |
Firstmac | |
| Interest rate (p.a.) | 5.15% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $5m |
| Visit provider | |
ME Bank | |
| Interest rate (p.a.) | 5.15% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 - $2m |
| Visit provider | |
Move Bank | |
| Interest rate (p.a.) | 5.15% |
| Interest paid | At maturity |
| Min - max deposit | $5,000 (no max specified) |
| Visit provider |
| Interest rate (p.a.) | Interest paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
Bank of Sydney | 5.30% | At maturity | $1,000 - $1m | |
ING | 5.30% | At maturity | $10,000 - $5m | |
Judo Bank | 5.25% | At maturity | $1,000 - $1m | |
AMP Bank | 5.25% | At maturity (reduced rates apply for other payment frequencies) | $25,000 - $10m | |
Community First Bank | 5.25% | At maturity | $50k - $1m | |
AMP Bank | 5.20% | At maturity (reduced rates apply for other payment frequencies) | $5,000 - $25,000 | |
Bank Australia | 5.20% | At maturity | $500 - $1m | |
Qudos Bank | 5.20% | Monthly/at maturity | $5,000 - (no max specified) | |
Australian Military Bank | 5.15% | At maturity | $1,000 (no max specified) | |
Firstmac | 5.15% | At maturity | $5,000 - $5m | |
ME Bank | 5.15% | At maturity | $5,000 - $2m | |
Move Bank | 5.15% | At maturity | $5,000 (no max specified) |
Highest 2-year term deposit rates
AMP Bank | |
|---|---|
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $25,000 - $10m |
| Visit provider | |
Judo Bank | |
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 5.20% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $5,000 - $25,000 |
| Visit provider | |
Greater Bank | |
| Interest rate (p.a.) | 5.20% |
| Interest paid | At maturity (reduced rate applies for monthly interest) |
| Min - max deposit | $5,000 - (no max specified) |
| Visit provider | |
The Mutual Bank | |
| Interest rate (p.a.) | 5.20% |
| Interest paid | Annually (reduced rate applies for monthly interest) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Commbank | |
| Interest rate (p.a.) | 5.10% |
| Interest paid | Annually |
| Min - max deposit | $5,000 - $2m |
| Visit provider | |
Community First Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually |
| Min - max deposit | $50k - $1m |
| Visit provider | |
G&C Mutual Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually/at maturity |
| Min - max deposit | $1,000 - (no max specified) |
| Visit provider | |
Macquarie Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually |
| Min - max deposit | $5,000 - $1m |
| Visit provider | |
Rabobank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $2m |
| Visit provider |
| Interest rate (p.a.) | Interest paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
AMP Bank | 5.25% | At maturity (reduced rates apply for other payment frequencies) | $25,000 - $10m | |
Judo Bank | 5.25% | At maturity (reduced rates apply for other payment frequencies) | $1,000 - $1m | |
AMP Bank | 5.20% | At maturity (reduced rates apply for other payment frequencies) | $5,000 - $25,000 | |
Greater Bank | 5.20% | At maturity (reduced rate applies for monthly interest) | $5,000 - (no max specified) | |
The Mutual Bank | 5.20% | Annually (reduced rate applies for monthly interest) | $1,000 - $1m | |
Commbank | 5.10% | Annually | $5,000 - $2m | |
Community First Bank | 5.00% | Annually | $50k - $1m | |
G&C Mutual Bank | 5.00% | Annually/at maturity | $1,000 - (no max specified) | |
Macquarie Bank | 5.00% | Annually | $5,000 - $1m | |
Rabobank | 5.00% | Annually (reduced rates apply for other payment frequencies) | $1,000 - $2m |
Highest 3-year term deposit rates
G&C Mutual Bank | |
|---|---|
| Interest rate (p.a.) | 5.30% |
| Interest paid | Annually/at maturity |
| Min - max deposit | $1,000 - (no max specified) |
| Visit provider | |
Judo Bank | |
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
The Mutual Bank | |
| Interest rate (p.a.) | 5.20% |
| Interest paid | Annually (reduced rate applies for monthly interest) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Rabobank | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | Annually (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $2m |
| Visit provider | |
Macquarie Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually |
| Min - max deposit | $5,000 - $1m |
| Visit provider | |
Community First Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually |
| Min - max deposit | $50k - $1m |
| Visit provider | |
CommBank | |
| Interest rate (p.a.) | 4.90% |
| Interest paid | Annually |
| Min - max deposit | $5,000 to $2m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 4.85% |
| 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.) | 4.80% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $5,000 - $25,000 |
| Visit provider | |
Qudos Bank | |
| Interest rate (p.a.) | 4.65% |
| Interest paid | Annually/at maturity |
| Min - max deposit | $5,000 - (no max specified) |
| Visit provider | |
BankVic | |
| Interest rate (p.a.) | 4.50% |
| Interest paid | Annually/at maturity |
| Min - max deposit | $5,000 - (no max specified) |
| Visit provider |
| Interest rate (p.a.) | Interest paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
G&C Mutual Bank | 5.30% | Annually/at maturity | $1,000 - (no max specified) | |
Judo Bank | 5.25% | At maturity (reduced rates apply for other payment frequencies) | $1,000 - $1m | |
The Mutual Bank | 5.20% | Annually (reduced rate applies for monthly interest) | $1,000 - $1m | |
Rabobank | 5.05% | Annually (reduced rates apply for other payment frequencies) | $1,000 - $2m | |
Macquarie Bank | 5.00% | Annually | $5,000 - $1m | |
Community First Bank | 5.00% | Annually | $50k - $1m | |
CommBank | 4.90% | Annually | $5,000 to $2m | |
AMP Bank | 4.85% | At maturity (reduced rates apply for other payment frequencies) | $25,000 - $10m | |
AMP Bank | 4.80% | At maturity (reduced rates apply for other payment frequencies) | $5,000 - $25,000 | |
Qudos Bank | 4.65% | Annually/at maturity | $5,000 - (no max specified) | |
BankVic | 4.50% | Annually/at maturity | $5,000 - (no max specified) |
Highest 4-year term deposit rates
Judo Bank | |
|---|---|
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Rabobank | |
| Interest rate (p.a.) | 5.05% |
| Interest paid | Annually (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $2m |
| Visit provider | |
Macquarie Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually |
| Min - max deposit | $5,000 - $1m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 4.85% |
| 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.) | 4.80% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $5,000 - $25,000 |
| Visit provider | |
BankVic | |
| Interest rate (p.a.) | 4.50% |
| Interest paid | Annually/at maturity |
| Min - max deposit | $5,000 - (no max specified) |
| 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 | |
Great Southern Bank | |
| Interest rate (p.a.) | 4.20% |
| Interest paid | Annually |
| Min - max deposit | $5,000 - (no max specified) |
| 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 paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
Judo Bank | 5.25% | At maturity (reduced rates apply for other payment frequencies) | $1,000 - $1m | |
Rabobank | 5.05% | Annually (reduced rates apply for other payment frequencies) | $1,000 - $2m | |
Macquarie Bank | 5.00% | Annually | $5,000 - $1m | |
AMP Bank | 4.85% | At maturity (reduced rates apply for other payment frequencies) | $25,000 - $10m | |
AMP Bank | 4.80% | At maturity (reduced rates apply for other payment frequencies) | $5,000 - $25,000 | |
BankVic | 4.50% | Annually/at maturity | $5,000 - (no max specified) | |
G&C Mutual Bank | 4.25% | Annually/at maturity | $1,000 - (no max specified) | |
Great Southern Bank | 4.20% | Annually | $5,000 - (no max specified) | |
HSBC | 4.10% | Annually/at maturity | $5,000 - no max |
Highest 5-year term deposit rates
Judo Bank | |
|---|---|
| Interest rate (p.a.) | 5.25% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Rabobank | |
| Interest rate (p.a.) | 5.10% |
| Interest paid | Annually (reduced rates apply for other payment frequencies) |
| Min - max deposit | $1,000 - $2m |
| Visit provider | |
Macquarie Bank | |
| Interest rate (p.a.) | 5.00% |
| Interest paid | Annually |
| Min - max deposit | $5,000 - $1m |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 4.85% |
| 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.) | 4.80% |
| Interest paid | At maturity (reduced rates apply for other payment frequencies) |
| Min - max deposit | $5,000 - $25,000 |
| Visit provider | |
BankVic | |
| Interest rate (p.a.) | 4.50% |
| Interest paid | Annually/at maturity |
| Min - max deposit | $5,000 - (no max specified) |
| 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 | |
Challenger Bank | |
| Interest rate (p.a.) | 4.10% |
| Interest paid | Annually/at maturity |
| Min - max deposit | $5,000 - $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 paid | Min - max deposit | Visit provider | |
|---|---|---|---|---|
Judo Bank | 5.25% | At maturity (reduced rates apply for other payment frequencies) | $1,000 - $1m | |
Rabobank | 5.10% | Annually (reduced rates apply for other payment frequencies) | $1,000 - $2m | |
Macquarie Bank | 5.00% | Annually | $5,000 - $1m | |
AMP Bank | 4.85% | At maturity (reduced rates apply for other payment frequencies) | $25,000 - $10m | |
AMP Bank | 4.80% | At maturity (reduced rates apply for other payment frequencies) | $5,000 - $25,000 | |
BankVic | 4.50% | Annually/at maturity | $5,000 - (no max specified) | |
G&C Mutual Bank | 4.25% | Annually/at maturity | $1,000 - (no max specified) | |
Challenger Bank | 4.10% | Annually/at maturity | $5,000 - $1m | |
HSBC | 4.10% | Annually/at maturity | $5,000 - no max |
Highest term deposit rates for interest paid monthly
Australian Military Bank | |
|---|---|
| Interest rate (p.a.) | 5.25% |
| Terms available | 10-11 months |
| Min - max deposit | $1,000 - (no max specified) |
| Visit provider | |
G&C Mutual Bank | |
| Interest rate (p.a.) | 5.25% |
| Terms available | 3 years |
| Min - max deposit | $1,000 - (no max specified) |
| Visit provider | |
Qudos Bank | |
| Interest rate (p.a.) | 5.20% |
| Terms available | 12 months |
| Min - max deposit | $5,000 - (no max specified) |
| Visit provider | |
Australian Military Bank | |
| Interest rate (p.a.) | 5.15% |
| Terms available | 12 months |
| Min - max deposit | $1,000 - (no max specified) |
| Visit provider | |
Judo Bank | |
| Interest rate (p.a.) | 5.15% |
| Terms available | 1-5 years |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Bank Australia | |
| Interest rate (p.a.) | 5.10% |
| Terms available | 12 months |
| Min - max deposit | $500 - $1m |
| Visit provider | |
Bank of Melbourne | |
| Interest rate (p.a.) | 5.10% (existing customers only with online application) |
| Terms available | 12-23 months |
| Min - max deposit | $1,000 - $5m |
| Visit provider | |
BankSA | |
| Interest rate (p.a.) | 5.10% (existing customers only with online application) |
| Terms available | 12-23 months |
| Min - max deposit | $1,000 - $5m |
| Visit provider | |
ME Bank | |
| Interest rate (p.a.) | 5.10% |
| Terms available | 12-17 months |
| Min - max deposit | $5,000 - $2m |
| Visit provider | |
St.George | |
| Interest rate (p.a.) | 5.10% (existing customers only with online application) |
| Terms available | 12-23 months |
| Min - max deposit | $1,000 - $5m |
| Visit provider | |
The Mutual Bank | |
| Interest rate (p.a.) | 5.10% |
| Terms available | 2 or 3 years |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
Westpac | |
| Interest rate (p.a.) | 5.10% (existing customers only with online application) |
| Terms available | 12-23 months |
| Min - max deposit | $1,000 - $5m |
| Visit provider | |
Australian Unity | |
| Interest rate (p.a.) | 5.09% |
| Terms available | 12 months |
| Min - max deposit | $5,000 - (no max specified) |
| Visit provider | |
AMP Bank | |
| Interest rate (p.a.) | 5.05% |
| Terms available | 1 or 2 years |
| Min - max deposit | $25,000 - $10m |
| Visit provider | |
Judo Bank | |
| Interest rate (p.a.) | 5.05% |
| Terms available | 9 months |
| Min - max deposit | $1,000 - $1m |
| Visit provider | |
ME Bank | |
| Interest rate (p.a.) | 5.05% |
| Terms available | 7 or 9 months |
| Min - max deposit | $5,000 - $2m |
| Visit provider | |
Move Bank | |
| Interest rate (p.a.) | 5.05% |
| Terms available | 12-14 months |
| Min - max deposit | $5,000 - (no max specified) |
| Visit provider |
| Interest rate (p.a.) | Terms available | Min - max deposit | Visit provider | |
|---|---|---|---|---|
Australian Military Bank | 5.25% | 10-11 months | $1,000 - (no max specified) | |
G&C Mutual Bank | 5.25% | 3 years | $1,000 - (no max specified) | |
Qudos Bank | 5.20% | 12 months | $5,000 - (no max specified) | |
Australian Military Bank | 5.15% | 12 months | $1,000 - (no max specified) | |
Judo Bank | 5.15% | 1-5 years | $1,000 - $1m | |
Bank Australia | 5.10% | 12 months | $500 - $1m | |
Bank of Melbourne | 5.10% (existing customers only with online application) | 12-23 months | $1,000 - $5m | |
BankSA | 5.10% (existing customers only with online application) | 12-23 months | $1,000 - $5m | |
ME Bank | 5.10% | 12-17 months | $5,000 - $2m | |
St.George | 5.10% (existing customers only with online application) | 12-23 months | $1,000 - $5m | |
The Mutual Bank | 5.10% | 2 or 3 years | $1,000 - $1m | |
Westpac | 5.10% (existing customers only with online application) | 12-23 months | $1,000 - $5m | |
Australian Unity | 5.09% | 12 months | $5,000 - (no max specified) | |
AMP Bank | 5.05% | 1 or 2 years | $25,000 - $10m | |
Judo Bank | 5.05% | 9 months | $1,000 - $1m | |
ME Bank | 5.05% | 7 or 9 months | $5,000 - $2m | |
Move Bank | 5.05% | 12-14 months | $5,000 - (no max specified) |
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.
Term deposit versus savings account
Term deposit
- Fixed interest rate
- Options of fixed interest terms between between 1 month - 5 years
- Penalties apply if you withdraw your money before the end of the term
High interest savings account
- Variable interest rate
- No set time frame
- You can withdraw your money at any time
How to open for 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
How do term deposits work?
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).
When is interest paid on a term deposit?
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.
What happens if I need to access the money before the end of the term?
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 withdrawn | Interest rate deduction |
|---|---|
Less than 20% | 80% |
20-39% | 60% |
40-59% | 40% |
60-79% | 20% |
80-99% | 10% |
What happens at the end of the term deposit term?
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.
Is my money safe in a term deposit?
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.
Can I have money in more than one term deposit?
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.
Which banks in Australia offer term deposits?
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
Editor
Sean Callery
Reviewed by
Loans Expert
Shaun McGowan
AS FEATURED IN
