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Historical term deposit interest rates

Term deposit rates have fallen significantly over the past decade, as we can see with these historical rates.

Looking at historical term deposit rates can help you understand that rates are constantly changing and how the official cash rate also impacts term deposit rates. As the official cash rate has continued to fall over the last decade, so too have term deposit rates.

Historical term deposit rates

Let's take a look st some examples of old term deposit rates offered by Australia's biggest four banks, and how that compares to their rates now.

National Australia Bank (NAB)

Here are some of Nab Term Deposit rates from 2011 through to 2014, and now.

Date6 month term12 months2 years
6/6/116.11% p.a6.18% p.a.6.30% p.a.
2/1/125.75%.p.a.5.24% p.a.5.21% p.a.
4/6/124.97% p.a.5.00%p.a.5.10% p.a.
7/1/134.40% p.a.4.25% p.a.4.40% p.a.
3/6/133.98% p.a.4.00% p.a.4.20% p.a.
6/1/143.70% p.a.3.75% p.a.3.90% p.a.
Current rates4%5%4%

Australian New Zealand Bank (ANZ)

Here are some of ANZ Term Deposit rates from 2011 through to 2014, and now.

Date3 months12 months3 years
6/8/115.60% p.a.6.00% p.a.6.20% p.a.
20/3/125.30% p.a.5.00% p.a.5.30% p.a.
10/10/132.50% p.a.N/A3.30% p.a.
25/4/142.50% p.a.N/A3.30% p.a.
Current rates0.05%0.15%0.15%

Westpac

See past Westpac term deposit rates and the current rates.

Amount $5,000 - $10,0003 months12 months3 years
19/7/142.50% p.a.3.30% p.a.3.70% p.a.
Current rates 3.5%4.25%4%

Commonwealth Bank of Australia (CBA)

See past Commbank Term Deposit rates and the current rates.

Amount $10,000 - $49,9992 months12 months5 years
15/12/124.20% p.a.4.25% p.a.4.50% p.a.
22/5/20133.90% p.a.3.95% p.a.4.50% p.a.
Current rates 1.45%4.25%3.95%

Average term deposit rate history

Overall, rates have fallen significantly since 1985, and are at record low levels today.

YearJanuaryJuly
198511.95% p.a.12.50% p.a.
199014.90% p.a.13.95% p.a.
19958.50% p.a.7.00% p.a.
20005.45% p.a.5.85% p.a.
20054.65% p.a.4.75% p.a.
20105.95% p.a.6.00% p.a.
20116.15% p.a.6.00% p.a.
20125.00% p.a.4.40% p.a.
20134.15% p.a.3.70% p.a.
20143.35% p.a.3.30% p.a.
20153.05% p.a.2.40% p.a.
20162.45% p.a.2.35% p.a.

See how historical term deposit rates compare to the rates of December 2023 below

Yes, rates on term deposits are nothing like they used to be. However, term deposits are still one of the safest, low-risk ways to invest your cash when you're not using it.

Promoted
Finder Award
5.35% p.a. for 12 months terms
Terms between 3 months and 5 years
$1000 minimum deposit
0.10% p.a. loyalty bonus when you roll over your term deposit

1 - 14 of 99
Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Judo Bank Term Deposit
Finder Award$1,000 min. deposit
3 Mths p.a.
4.90%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
5.05%
7 Mths p.a.
-
12 Mths p.a.
5.35%
24 Mths p.a.
5.35%
Go to siteMore Info
Bankwest Online Term Deposit
$1,000 min. deposit$5,000,000 max. deposit
3 Mths p.a.
3.75%
4 Mths p.a.
3.00%
5 Mths p.a.
3.00%
6 Mths p.a.
4.25%
7 Mths p.a.
4.00%
12 Mths p.a.
4.90%
24 Mths p.a.
4.85%
Go to siteMore Info
BCU Term Deposit
$1,000 min. deposit$999,999 max. deposit
3 Mths p.a.
4.35%
4 Mths p.a.
3.70%
5 Mths p.a.
3.40%
6 Mths p.a.
4.60%
7 Mths p.a.
4.55%
12 Mths p.a.
4.75%
24 Mths p.a.
4.40%
Go to siteMore Info
Community First Bank Term Deposit
$1,000,000 max. deposit
3 Mths p.a.
4.20%
4 Mths p.a.
4.20%
5 Mths p.a.
4.20%
6 Mths p.a.
4.25%
7 Mths p.a.
4.25%
12 Mths p.a.
5.25%
24 Mths p.a.
5.00%
Go to siteMore Info
Newcastle Permanent Term Deposit
$1,000 min. deposit
3 Mths p.a.
4.00%
4 Mths p.a.
3.00%
5 Mths p.a.
3.00%
6 Mths p.a.
4.10%
7 Mths p.a.
3.60%
12 Mths p.a.
5.10%
24 Mths p.a.
4.75%
More Info
Macquarie Bank Term Deposit
$5,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
4.85%
4 Mths p.a.
4.85%
5 Mths p.a.
-
6 Mths p.a.
4.95%
7 Mths p.a.
-
12 Mths p.a.
5.05%
24 Mths p.a.
5.00%
More Info
Rabobank Term Deposit
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
4.80%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.90%
7 Mths p.a.
-
12 Mths p.a.
5.10%
24 Mths p.a.
5.00%
More Info
Australian Unity Term Deposit
$5,000 min. deposit
3 Mths p.a.
4.55%
4 Mths p.a.
1.15%
5 Mths p.a.
1.15%
6 Mths p.a.
4.75%
7 Mths p.a.
1.50%
12 Mths p.a.
5.10%
24 Mths p.a.
4.20%
More Info
Great Southern Bank Term Deposit Account
$5,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
4.20%
4 Mths p.a.
2.95%
5 Mths p.a.
2.95%
6 Mths p.a.
4.60%
7 Mths p.a.
3.05%
12 Mths p.a.
4.85%
24 Mths p.a.
4.70%
More Info
Heritage Bank Term Deposit
$1,000 min. deposit$4,999 max. deposit
3 Mths p.a.
3.95%
4 Mths p.a.
3.60%
5 Mths p.a.
3.60%
6 Mths p.a.
4.85%
7 Mths p.a.
3.95%
12 Mths p.a.
5.00%
24 Mths p.a.
4.20%
More Info
ME Term Deposit
$5,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
2.25%
4 Mths p.a.
4.65%
5 Mths p.a.
1.25%
6 Mths p.a.
3.10%
7 Mths p.a.
5.10%
12 Mths p.a.
5.15%
24 Mths p.a.
4.30%
More Info
UniBank Term Deposit
$1,000 min. deposit$499,999 max. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.50%
5 Mths p.a.
3.50%
6 Mths p.a.
4.00%
7 Mths p.a.
4.00%
12 Mths p.a.
5.00%
24 Mths p.a.
4.00%
More Info
Bendigo Bank Term Deposit - $5,000+
$5,000 min. deposit$5,000,000 max. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.60%
5 Mths p.a.
3.00%
6 Mths p.a.
4.00%
7 Mths p.a.
3.00%
12 Mths p.a.
4.75%
24 Mths p.a.
4.00%
More Info
NAB Term Deposit
$5,000 min. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.60%
5 Mths p.a.
3.70%
6 Mths p.a.
4.00%
7 Mths p.a.
4.00%
12 Mths p.a.
5.00%
24 Mths p.a.
4.00%
More Info
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Showing 14 of 99 results

Why are the historical rates so high compared to now?

Interest rates usually follow a similar pattern to the Cash Rate, determined by the Reserve Bank of Australia on the first Tuesday of every month (except for January). When the cash rate is low, it's cheaper for the banks to borrow from the Reserve Bank of Australia. Therefore, banks don't have an incentive to offer savers a high interest rate, because it's easier for them to source their funds from the Reserve Bank of Australia.

Also, when the Cash rate is low banks also have lower home loan rates, meaning they're making less money from interest repayments on mortgages. With less money coming in from mortgages, there's less money to pay out on things like term deposits and savings accounts.

A low cash rate usually means that loan interest rates are lower than usual. So now could be a good time to refinance your home loan.

Will interest rates for term deposits will always be this low?

No, the Cash Rate is reflective of the state of the economy. For example, a low cash rate signals a slow economy, as the Reserve Bank is trying to encourage businesses to borrow funds for investment, which in turn will theoretically expand the economy. As the economy slowly regains its pace, the cash rate will rise as a result, and in effect, so will term deposit interest rates (eventually). However, mortgage rates will rise before term deposit rates do.

Looking for something to do with your cash while rates are so low? You'll find better interest rates on high interest savings accounts, and don't need to lock your money away for a set period of time. Or, if you are looking for a long-term growth you could consider investing in shares, investing in an index fund or topping up your super fund.

More guides on Finder

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  • MOVE Bank Term Deposit

    With competitive interest rates and terms ranging from 3 to 24 months, a MOVE Bank Term Deposit can help you reach your financial goals.

  • BankVic Term Deposit

    Passively watch as your money grows in a high interest earning term deposit from BankVic

  • P&N Term Deposit

    A variety of terms to choose from along with interest payment options make the P&N Bank Term Deposits worth a closer look.

  • ING SMSF Term Deposit

    Take control of your super with a flexible account that allows you to manage all of your needs in one convenient place.

  • Teachers Mutual Bank Term Deposit

    Give your money the benefit of a high interest savings account boost with a flexible term deposit that allows you to structure the terms to meet your needs.

  • Rural Bank Term Deposit

    You can grow your savings quickly and easily by locking them into a term deposit from Rural Bank.

  • IMB Term Deposit

    With its relatively low opening balance, IMB’s term deposit could make it easy for Australians to begin making a positive investment towards their financial future.

  • Bendigo Bank term deposit (under $5000)

    Bendigo Bank term deposits can give you easy means to save for a short or long term goal. Though, you can find other similar offerings out there, so compare a few before deciding.

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