Commonwealth Bank term deposit
- Interest rate 24 months interest rate
- Up to 5.1% p.a.
- Minimum opening deposit
- Account keeping fee
- Maximum deposit
With a minimum of $5,000 and a fixed interest rate scaled to its maturity date, you can make a savings plan that helps you achieve your financial goals. This is a fee free term deposit that locks your money away, helping you to resist the urge to spend your savings.
$0 Account keeping fees
Wide ranges of terms from from 1 month to 5 years
31 days advance notice required in case of withdrawing funds before maturity
Minimum investment of $5,000
|Product Name||Commonwealth Bank Term Deposit|
|3 month interest rate||3.45%|
|4 month interest rate||3.50%|
|6 month interest rate||3.70%|
|7 month interest rate||4.20%|
|9 month interest rate||3.95%|
|12 month interest rate||5.05%|
|24 month interest rate||5.10%|
|36 month interest rate||4.90%|
|48 month interest rate||3.95%|
|60 month interest rate||3.95%|
|Minimum Opening Deposit||$5,000|
|Minimum age requirement||18|
|Minimum Age Requirement||18|
|Joint account availability||Yes|
|Available to children||Not available for children|
SPECIAL OFFER: 4.75% p.a. fixed rate term deposit for 12 months, or 4.20% p.a. for 7 months
These special 12-month and 7-month term deposit rates are available for a limited time, for balances between $5,000 and $1,999,999, with interest paid at maturity. Full terms and conditions available on the Commonwealth Bank website.
No monthly fees
You will not be charged any set up costs or monthly fees by CommBank for their term deposit.
Fixed interest rates
The interest rates for the term deposit are fixed and tiered, with higher terms yielding you a better return on your investment.
A range of term lengths to choose from
The terms you can choose from range from one month to five years.
How is the interest calculated and paid?
The interest on the balance is calculated daily and will either be paid into the account once a year or when the term reaches maturity.
Minimum investment required
You are required to make a minimum investment of at least $5,000 but it may not exceed $2 million.
31-day notice required for early withdrawal
If you need to end your terms early, you must give CommBank at least 31 days notice of your intent. This will result in an adjustment of the interest to match the new terms, along with an administration fee.
Choice to renew the term
You are given seven days after the account reaches maturity to either withdraw the money or reinvest it into a new term deposit. If you do decide to withdraw, no interest will be accrued during that seven day period.
Online banking (NetBank)
With CommBank's NetBank you can view the progress of your term deposit online and let the bank know what you would like to do once the account has reached the end of its terms.
Alert options and services
You will be alerted for free with an SMS text, email or NetBank notification when your term deposit hits maturity.
How to apply
If the terms of Commonwealth Bank's term deposit suit your financial needs you can begin your application online.
There are some eligibility requirements you will need to meet before the bank will consider an online application:
- Minimum age. If applying online you must be at least 18 years old. Younger individuals who wish to open a term deposit will need to visit a Commonwealth Bank branch.
- Residency requirements. You will need to be able to provide proof that you are currently residing in Australia.
- Depository requirements. A minimum deposit of $5,000 is required to open a term deposit account.
In addition, the application will require information from the following documentation before it can be opened:
- Tax file number. Your tax file number (TFN) or TFN exemption is not compulsory, but if you do not provide it, CommBank is obligated to deduct tax from the interest earned at the highest marginal rate.
- Identification. If the bank is unable to confirm your identity online using your passport, driver's licence or Medicare card you will have to complete the identity verification in person at a branch.
- Account number. When applying online you will need to be able to provide an existing CommBank account number or other personal banking account. This account will be used to transfer the deposit needed to open the account as well as receive interest payments if you choose to have those paid out.
What happens after I submit my application?
After submitting your application CommBank will make the necessary withdrawal from your nominated account into your new term deposit, where those funds will begin earning interest.
Am I penalised if I access my term deposit before it matures?
If your funds are only invested for a portion of the agreed term, the interest rate to date will be adjusted by a certain percentage. Please refer to the table below.
|Percentage of time elapsed in your term deposit||Adjustment to be applied as a % of your interest rate|
|0- less than 20%||90%|
|20 to less than 40%||80%|
|40 to less than 60%||60%|
|60 to less than 80%||40%|
|80 to less than 100%||20%|
For example, for half of the agreed term (50%) then the interest rate will be adjusted by 60%. Hypothetically, if your interest rate was 4%, (4% p.a. x 60%) = 1.60% p.a.
You are about to post a question on finder.com.au:
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- Your answer might already be waiting – check previous questions below to see if yours has already been asked
June 06, 2023
what is the best rate for $200,00 for 12 months at the CBA
Sarah Megginson Finder
June 28, 2023
As rates are changing constantly at the moment in the rising rate environment, your best bet is to contact CBA directly to find out their current rates as of the day you wish to invest your funds in a term deposit.
As of June 27, 2023, the rate for $200,000 for 12 months was 4.25%.
Hope this helps!
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Need to know
May 15, 2023
The CBA increased the interest rate for home loans on 5/5/23 by the full RBA rate of 0.25%.
When will this be reflected in your term deposit accounts, most of which are lower than the current RBA cash rate of 3.85% whilst my mortgage is 7.5%+
Alison Banney Finder
May 16, 2023
Hi John, you’ve reached Finder, not CBA. We’re a free comparison service and are not associated in any way with any bank, so can’t comment on the interest rate decisions by banks. We’d suggest you get in touch with CBA directly about this.
April 15, 2023
If I put in $5,000.00 for 12 months for a TD, could I add money to the TD during the period?
Alison Banney Finder
April 17, 2023
Hi, once you open a term deposit it’s locked for the duration of the term length – you can’t take money out of it or put extra money into it.
March 14, 2023
If I put in 50,000 over 3 years what return would I get after the 3 years
Alison Banney Finder
March 15, 2023
Using the current CBA term deposit rate for 3 years which is 4.00% p.a., you’d earn $6005.48 in interest after 3 years.
February 28, 2020
Hi I like to fixed deposit for term of four months $5000 how much money I got after for months please give me information
February 28, 2020
Thanks for your comment and I hope you are doing well.
When you deposit $5,000.00 on the Commonwealth Bank Term Deposit for 4 months, you get a 1.10% interest rate. This means, you will earn $55.00 which gives you a total of $5,055.00 at the end of the 4th month. Note that the interest is paid at maturity only.
As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the chosen account before applying. You may also contact the bank should you have any questions about their product.
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