Commonwealth Bank Term Deposit Review | 0.1% for 6 mths | finder.com.au
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Commonwealth Bank term deposit

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Shirley Liu
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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.

Up to 0.35% p.a.

Interest rate

12 months interest rate

$5,000

Minimum opening deposit

$0

Account keeping fee

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Details

Product NameCommonwealth Bank Term Deposit
3 month interest rate0.08%
4 month interest rate0.10%
6 month interest rate0.10%
7 month interest rate0.10%
9 month interest rate0.15%
12 month interest rate0.35%
24 month interest rate0.25%
36 month interest rate0.25%
48 month interest rate0.25%
60 month interest rate0.25%
Minimum Opening Deposit$5,000
Minimum Age Requirement18
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.

Key features

SPECIAL OFFER: 0.35% p.a. fixed rate term deposit for 12 months

This special 12-month term deposit rate is available from 26 February 2021 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.

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.

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18 Comments

    Default Gravatar
    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
      Default Gravatar
      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
    Default Gravatar
    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
      Avatarfinder 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
    Default Gravatar
    marshall
    May 9, 2019

    How much percentage is the net saver, please?

    Reply
      Default Gravatar
      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
    Default Gravatar
    atish
    March 5, 2018

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

    Reply
      Avatarfinder 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
    Default Gravatar
    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
      Avatarfinder 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
    Default Gravatar
    A
    April 17, 2017

    Is the interest earned with Cba’s term deposit calculated using compound or simple interest?

    Reply
      Avatarfinder Customer Care
      Harold
      April 18, 2017

      Hi Ariel,

      Thank you for your inquiry.

      With Commonwealth Bank Term Deposit the rate displayed is 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. In line with this, new customers can choose a term deposit ranging from four months to one year and receive a competitive rate of interest that is compounded. This offer is only available online.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
      Default Gravatar
      A
      April 22, 2017

      Hi Harold,

      Thanks for your reply. I am aware that Commonwealth Bank Term Deposit the rate displayed is interest rates paid at maturity only and they are only available online, however I wanted to verify how the interest is calculated.

      E.g. which formula does CBA use?
      Simple interest = amount invested x rate % per annum x number of days/365
      or
      Compound interest = amount invested (1 + rate per annum/payment freq )^ (payment freq x number of days/365)

      According to your general information pdf, it states the formula used to calculate interest is using simple interest on page 9. But what confuses me is the section on page 5 about the interest payment option: what’s the difference between: 4 weekly – to nominated account; and compounded 4 weekly – to term deposit?

      Wouldn’t the word ‘compound’ mean the interest calculated uses compound interest than simple interest for term deposits?

      Let me know!
      Cheers,
      Ariel

      Reply
      Avatarfinder Customer Care
      Harold
      May 8, 2017

      Hi Ariel,

      All Commonwealth Bank term deposits are calculated with compound interest, the simple interest formula in the terms and condition refer to how it’s calculated daily. In terms of the “4 weekly” phrase that’s allowed the user to determine if it’s paid into a nominated bank account or reinvested into the term deposit.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
    Default Gravatar
    regina
    February 16, 2017

    Are interest rates in a term deposit about to raise?

    Reply
      Avatarfinder Customer Care
      May
      February 16, 2017

      Hi Regina,

      Thank you for your question and for contacting finder.com.au – we financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with any company we feature on our site.

      The interest rates for the term deposit are fixed and tiered, if these will be increased or not, that will depend on CBA’s discretion. If you want to know if they would raise it in the near future, you may get in touch with CBA directly to confirm.

      Cheers,
      May

      Reply
    Default Gravatar
    Alicia
    October 19, 2016

    If I opened a term deposit account with the minimum required opening deposit of $5000, am I then able to consistently deposit further money, from wages for example, each week for the period I’ve spcified?

    Reply
      Avatarfinder Customer Care
      Clarizza
      October 20, 2016

      Hi Alicia,

      Thanks for your question.

      Term deposits are designed for your money to be ‘locked away’. This means you can’t access it or add more money until the selected term ends.

      You might want to consider a Notice Saver, which allows you to continue to add money as you go. It is one alternative to a term deposit should you wish to access your funds but still want a way to earn interest for a set period of time.

      Hope this helps.

      Clarizza

      Reply
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