Your selected term deposits
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
| INTEREST RATES P.A. | $5,000 to $1,000,000 |
|---|---|
| 1 month | 0.50% |
| 2 months | 0.50% |
| 3 months | 4.00% |
| 4 months | 4.20% |
| 5 months | 4.60% |
| 6 months | 4.85% |
| 7 months | 4.60% |
| 8 months | 4.40% |
| 9 months | 4.60% |
| 10 months | 4.40% |
| 11 months | 4.40% |
| 1 year | 4.60% |
| 2 years | 3.95% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about MyState Bank term deposits
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Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
| INTEREST RATES P.A. | $1,000 to $2,000,000 |
|---|---|
| 3 months | 4.85% |
| 6 months | 4.85% |
| 9 months | 4.75% |
| 1 year | 4.70% |
| 2 years | 4.60% |
| 3 years | 4.50% |
| 4 years | 4.50% |
| 5 years | 4.50% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about Judo Bank term deposits
Go to siteGreat rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
| INTEREST RATES P.A. | $1,000 to $2,000,000 |
|---|---|
| 3 months | 4.85% |
| 6 months | 4.85% |
| 9 months | 4.75% |
| 1 year | 4.70% |
| 2 years | 4.60% |
| 3 years | 4.50% |
| 4 years | 4.50% |
| 5 years | 4.50% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about Judo Bank term deposits
Go to siteApply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
| INTEREST RATES P.A. | $1,000 to $2,000,000 |
|---|---|
| 3 months | 4.85% |
| 6 months | 4.85% |
| 9 months | 4.75% |
| 1 year | 4.70% |
| 2 years | 4.60% |
| 3 years | 4.50% |
| 4 years | 4.50% |
| 5 years | 4.50% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about Judo Bank term deposits
Go to siteNo set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
| INTEREST RATES P.A. | $5,000 to $1,000,000 |
|---|---|
| 1 month | 0.50% |
| 2 months | 0.50% |
| 3 months | 4.00% |
| 4 months | 4.20% |
| 5 months | 4.60% |
| 6 months | 4.85% |
| 7 months | 4.60% |
| 8 months | 4.40% |
| 9 months | 4.60% |
| 10 months | 4.40% |
| 11 months | 4.40% |
| 1 year | 4.60% |
| 2 years | 3.95% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about MyState Bank term deposits
Go to siteNo set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
| INTEREST RATES P.A. | $5,000 to $1,000,000 |
|---|---|
| 1 month | 0.50% |
| 2 months | 0.50% |
| 3 months | 4.00% |
| 4 months | 4.20% |
| 5 months | 4.60% |
| 6 months | 4.85% |
| 7 months | 4.60% |
| 8 months | 4.40% |
| 9 months | 4.60% |
| 10 months | 4.40% |
| 11 months | 4.40% |
| 1 year | 4.60% |
| 2 years | 3.95% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about MyState Bank term deposits
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Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
| INTEREST RATES P.A. | $1,000 to $1,000,000 |
|---|---|
| 3 months | 4.80% |
| 6 months | 4.70% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about Bank of Sydney term deposits
Go to siteYour selected term deposits
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Read reviews and learn more about BCU Bank savings accounts
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Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
Read reviews and learn more about P&N Bank savings accounts
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Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Read reviews and learn more about ING savings accounts
Go to siteYour selected term deposits
Earlier this year, many banks had begun lowering term deposit rates in anticipation of the then-upcoming monetary policy decision. In February, for the first time in four years, the Reserve Bank of Australia (RBA) cut the cash rate by 25 basis points to 4.10%. While we’ve seen rates falling for months now, the pace has picked up since the RBA decision.
40 of the 78 providers tracked in the Mozo database trimmed some or all of their rates over the last month. Below we've listed recent changes to the deposits landscape:
ANZ
Commonwealth Bank
NAB
Westpac
Rabobank
Judo Bank
Most competitive terms: Earn the highest average interest on six (4.27% p.a.), nine (4.15% p.a.) and twelve-month (4.32% p.a.) term deposits.
Highest rate: Defence Bank at 5.10% p.a. for an 8-month term on deposits over $1,000.
A term deposit is a savings product that provides a fixed interest rate for a set period, ranging from 1 month to 5 years. They offer a guaranteed return compared to regular savings accounts, however, accessing your money may require advance notice or incur an early withdrawal fee.
When you compare term deposits, you’ll want to keep a couple of factors in mind such as:
While most term deposits are fairly similar, some have minimum and maximum deposit amounts. For example, some term deposits require you to have a minimum $1,000 deposit, whereas for others you need to have at least $25,000.
Use Mozo’s term deposit calculator to find out how much interest you could earn on any given rate and term.
Since the Reserve Bank of Australia (RBA) has slowed down its interest rate push as inflation (CPI) eases, the highest term deposit interest rates have slowly been chipped down. In recent months, short term rates have sat higher than most medium and long term rates as the prospect of a rate cut approaches.
Banks tend to anticipate rate cuts and position term deposit rates accordingly, often lower than they have been in relatively higher interest rate environments.
Source: RBA, Mozo.com.au
Check out the term deposit snapshot above for a breakdown of the top rates across each term.
If you are considering a term deposit or a savings account, it is useful to compare the two side by side. This is because each account type is better suited to certain situations.
| Term deposits | Savings Accounts | |
| Access your money at any time? | ✗ | ✔ |
| Fixed rate of interest? | ✔ | ✗ |
| Guaranteed rate of return? | ✔ | ✗ |
| Make additional deposits? | ✗ | ✔ |
| Safe (covered by FCS)? | ✔ | ✔ |
| Typically requires a linked transaction account? | ✗ | Sometimes |
| Typically requires minimum starting deposit requirements? | ✔ | Sometimes |
For a full breakdown of the differences, check out our savings account vs term deposit guide.
The 2024 Mozo Experts Choice Awards uncovered the best term deposits in Australia, based on the banks that consistently offered the highest interest rates to their customers. Among the best were:
All term deposits listed on Mozo’s website are covered under the Australian government’s Financial Claims Scheme, as they’re provided by Authorised Deposit-taking Institutions (ADIs).
This means the government will guarantee your deposit worth up to $250,000 per person, per deposit product, if the bank goes bankrupt or can’t pay you back.
If you need access to your funds before the maturity date of your term deposit, it is possible to break the account. Firstly, you will need to give the bank 31 days notice and secondly you will likely be required to pay an early withdrawal fee. For more detailed information, see our term deposit early termination guide.
You will generally need to be a resident for tax purposes to be able to open a term deposit with an Australian bank. Banks will generally also require you to be at least 18 years old to open a term deposit. If you are under 18, it might be possible to open a joint account with a parent or guardian.
Yes, the interest earned on a term deposit is considered income and you’ll need to include this on your tax return for the financial year in which it was paid. It is a good idea to speak with your accountant or financial advisor about your specific tax situation, especially if you are investing a large amount of money.
At the moment, some of the leaders in a few term categories are offering rates around 5%. To find out some of the highest rates of the month, check out our article on how term deposit rates are doing.
Term deposits can be worth considering if you're looking for a low-risk, guaranteed return on your savings. They can be good if you have a lump of cash you don't need to access for a while and want to lock in a good rate before rates fall. However, this is a double edged sword as you may miss out on rising interest rates too.
Our guides will help you to understand the ins and outs of term deposits See all
Get the latest on market trends, interest rates, and term deposit product news from Mozo's expert writers. See all
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We compare term deposits from the following well-known providers and many more ... See more term deposit providers
excellent
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Every time I have re-invested my mum's money, the interest rate is great, but 2 to 3 days before it is due to be re-invested , they say the interest rate has dropped ! This happened last year as well.
Read full reviewEvery time I have re-invested my mum's money, the interest rate is great, but 2 to 3 days before it is due to be re-invested , they say the interest rate has dropped ! This happened last year as well.
they have always been excellent! Because we moved from Qld to NSW we don't have a branch in our tiny town?
Read full reviewthey have always been excellent! Because we moved from Qld to NSW we don't have a branch in our tiny town?
Great tetm deposit rates, easy to set up on line, plenty of notice before maturity. Finding the current rate on maturity to roll over to took some searching for
Read full reviewGreat tetm deposit rates, easy to set up on line, plenty of notice before maturity. Finding the current rate on maturity to roll over to took some searching for
Not a very good interest rate on their term deposits compared with other banks
Read full reviewNot a very good interest rate on their term deposits compared with other banks
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