Commonwealth Bank term deposit

A fixed rate term deposit that allows you to see exactly how much you will earn and when that money will be available.

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.

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Shirley Liu

Last Updated Jan 5, 2021

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Details

Product Name	Commonwealth Bank Term Deposit - $5,000 - $49,999
3 month interest rate	0.10%
4 month interest rate	0.15%
6 month interest rate	0.25%
7 month interest rate	0.30%
9 month interest rate	0.40%
12 month interest rate	0.60%
24 month interest rate	0.95%
36 month interest rate	1.45%
48 month interest rate	1.75%
60 month interest rate	1.95%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	18

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

Pros

$0 Account keeping fees
Wide ranges of terms from from 1 month to 5 years

Cons

31 days advance notice required in case of withdrawing funds before maturity
Minimum investment of $5,000

Key features

SPECIAL OFFER: 2.25% p.a. fixed rate term deposit for 18 months

This special 18-month term deposit rate is available from 13 May 2022 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.

Compare more CommBank products

Launch term deposit calculator

How to apply

If the terms of Commonwealth Bank's term deposit suit your financial needs you can begin your application online.

Eligibility

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.

Documentation needed

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.

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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18 Comments

Rashpal
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

Reply
- Nikki
  February 28, 2020
  
  Hi Rashpal,
  
  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.
  
  Best,
  Nikki
  
  Reply
Anna
August 29, 2019

Hi Dear,

If I have the amount $30,000 and I want to invest that in a term deposit for 3 months, how much would be interest rate and how much interest I can earn for this amount?

Thanks a lot!

Reply
- finder Customer Care
  
  Jeni
  August 29, 2019
  
  Hi Anna,
  
  Thank you for getting in touch with Finder.
  
  As of this writing, the interest rate for Commbank’s term deposit between $5,000 to $49,999 is 1.60% p.a. for 3 months. Since you mentioned that you’re thinking to deposit $30,000 you may earn the rate of 1.60% for 3 months which will be paid at the end of the term. The estimated calculated earned interest for your investment of $30,000 with an interest rate of 1.60% p.a. for 3 months is $120.16.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply
Marshall
May 9, 2019

How much percentage is the net saver, please?

Reply
- Ash
  May 10, 2019
  
  Hi Marshall,
  
  Thank you for contacting Finder.
  
  For the Commonwealth Bank NetBank Saver Account, you can earn up to 2.51% maximum interest rate but it is only applicable if this will be your first time opening the said account. You can learn more about the Commonwealth Bank NetBank Saver Account.
  
  Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.
  
  I hope this helps.
  
  Please do not hesitate to reach out again to us if you have additional questions.
  
  Cheers,
  Ash
  
  Reply
Atish
March 5, 2018

i have 225,000 in my term dep can i move 5000 to net bank saver

Reply
- finder Customer Care
  
  Dee
  March 5, 2018
  
  Hi Atish,
  
  Thanks for your question.
  
  If you have money in your term deposit account, you can only withdraw or transfer it to your Net Saver account upon its maturity. If you choose to transfer the funds before maturity, 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.
  
  Cheers,
  Anndy
  
  Reply
Ross
May 16, 2017

I desperately need to access my term deposit as work died off but bank saying 31 days but I need now. Is it possible with commonwealth bank

Reply
- finder Customer Care
  
  Dee
  May 16, 2017
  
  Hi Ross,
  
  Thanks for your question.
  
  Commonwealth Bank also requires at least 31 days notice in case you want to terminate your term deposit account earlier. You may have to directly get in touch with them if you want to negotiate getting your term deposit.
  
  Cheers,
  Anndy
  
  Reply

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