CommBank, NAB, Westpac or ANZ - how do the big 4 term deposits compare?

By Cameron Thomson · · 6 min read
Fact Checked
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Are you feeling the squeeze from continually high expenses? With the RBA recently reducing the cash rate to 4.10% (down 25 basis points), term deposit rates have also seen adjustments. Despite this change, a term deposit could still be your financial fortress, offering a way to lock your cash up with a high interest rate while it lasts.

For a while, short terms offered substantially better rates than longer terms. However, most terms have evened out more recently. Following the rate cut, fewer high interest term deposit rates are now hitting the 5% mark, with the only 1 year rate at 5.05% p.a. as offered by Family First Bank’s Special Term Deposit. Most rates now fall in the upper 4% range for 1 year terms and lower. 

If you'd still rather stick with one of the major banks, you'll still find some fairly good options in the short term. Currently, the best rates from the big four are as follows:

What features do the big bank's term deposits have?

You'll want to look out for a few things in a term deposit, including interest rates, deposit limits, and whether you can choose how often your interest is paid (monthly, quarterly, annually, or at maturity).

Here's a breakdown of what term deposit features and conditions Westpac, Commonwealth Bank, NAB and ANZ have to offer at the moment:

Feature
Westpac term deposit special
CommBank
NAB
ANZ Advanced Notice Term Deposit
Highest rate on offer
4.60% p.a. (11 month term)
4.15% p.a. (1-year term)
4.20% p.a. (1-year term)
4.20% p.a. (12 month term)
Interest paid to another bank
Yes
Yes
Yes
No
Deposit limits
$5,000 to $5,000,000
$5,000 to $1,999,999
$5,000 to $499,999
$5,000 to $99,999
Automatic rollover
Yes
Yes
Yes
Yes
Early withdrawal conditions
Must give 31 days notice and an interest rate adjustment will normally apply.
Must give 31 days notice, plus, there will be a prepayment adjustment.
Must give 31 days notice for full or partial release of funds.
Must give 31 days notice and you will incur an interest reduction.

How do the Big Four rates compare to smaller term deposit providers?

Shopping around to make sure your bank is giving you the best rates possible is a good way to find a high rate. You can start by comparing different term periods across various providers. 

It's also useful to take a handful of smaller providers and see how they look compared to the big banks as rates are usually higher. Part of the reason for this is that smaller providers need to work harder to attract more savers.

Here are a few to consider: Heartland Bank's 4.90% p.a. 1-year term deposit is 70 basis points higher than NABs 4.20% p.a. 1-year term deposit; and Judo Bank's 4.50% p.a. 5-year term deposit is 110 basis points higher than Westpac's 3.40% p.a. 5-year term.

Below is a breakdown of some providers offering rates above the big 4 banks:

Judo Bank
Heartland Bank
Term Length
Interest Rate (p.a.)
Term Length
Interest Rate (p.a.)
1-year term
4.70% 
1-year term
4.90%
2-year term
4.60%
2-year term
4.50%
3-year term
4.50%
3-year term
4.25%
4-year term
4.50%
4-year term
4.15%
5-year term
4.50%
5-year term
4.15%
Minimum deposit: $1,000
Minimum deposit: $25,000

AMP Bank
Qudos Bank
Term Length
Interest Rate (p.a.)
Term Length
Interest Rate (p.a.)
3 month term
4.70%
6 month term
4.70%
6 month term
4.65%
9 month term
4.50%
9 month term
4.55%
1 year term
4.50%
11 month term
4.35%
2 year term
4.30%
1 year term
4.50%
3 year term
4.10%
Minimum deposit: $5,000
Minimum deposit: $2,000

Smaller providers still offer higher rates than the big four banks, particularly on longer terms, even after the RBA's cash rate cut. They have an edge of about 50-110 basis points, making them a good option despite the overall downward trend in interest rates.

Want to lock in rates now? Check out our term deposit hub page for a bunch of options, or head over to ourterm deposit comparison tool for more!

Term deposit comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 93 term deposits.
Last updated 9 March 2025 Important disclosures
  • Mozo Expert Choice Badge
    Term Deposit

    4.85% p.a.
    6 months

    $1,000

    Yes up to $250,000

    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.

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  • Term Deposit

    4.50% p.a.
    9 months

    $1,000

    Yes up to $250,000

    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.

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    Find out more
    Details
  • Term Deposit

    4.85% p.a.
    6 months

    $5,000

    Yes up to $250,000

    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.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    4.85% p.a.
    3 months

    $1,000

    Yes up to $250,000

    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.

    Compare
    Go to site
    Details
  • Online Term Deposit

    4.85% p.a.
    6 months

    $5,000

    Yes up to $250,000

    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.

    Compare
    Go to site
    Details

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

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Today's term deposit rates