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The best term deposits you’ll wish would never end

What's not to like about a guaranteed return on your cash? Set and forget with a tasty term deposit rate and let that sweet, sweet interest grow.

Alison Banney's headshot

By

Alison Banney

Edited by

Richard Whitten

Reviewed by

Serina Bird

Updated

Fact checked
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1 - 12 of 181
Updated regularly
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. More info
Newcastle Permanent Term Deposit
Newcastle Permanent logo
$1,000 min. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.50%
5 Mths p.a.
3.50%
6 Mths p.a.
5.05%
7 Mths p.a.
3.80%
12 Mths p.a.
4.80%
24 Mths p.a.
4.00%
Go to siteMore Info
Newcastle Permanent Term Deposit
$1,000 min. deposit
Go to site
Product NameNewcastle Permanent Term Deposit
3 month interest rate3.5%
6 month interest rate5.05%
9 month interest rate4%
12 month interest rate4.8%
24 month interest rate4%
36 month interest rate4%
48 month interest rate4%
60 month interest rate4%
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.
ING Term Deposit
ING logo
$10,000 min. deposit
3 Mths p.a.
4.90%
4 Mths p.a.
4.90%
5 Mths p.a.
-
6 Mths p.a.
5.10%
7 Mths p.a.
4.65%
12 Mths p.a.
5.10%
24 Mths p.a.
4.60%
Go to siteMore Info
ING Term Deposit
$10,000 min. deposit
Go to site
Product NameING Term Deposit
3 month interest rate4.9%
6 month interest rate5.1%
9 month interest rate4.65%
12 month interest rate5.1%
24 month interest rate4.6%
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.
BCU Term Deposit
BCU logo
$1,000 min. deposit$999,999 max. deposit
3 Mths p.a.
4.60%
4 Mths p.a.
5.00%
5 Mths p.a.
3.40%
6 Mths p.a.
4.70%
7 Mths p.a.
4.00%
12 Mths p.a.
4.50%
24 Mths p.a.
4.40%
Go to siteMore Info
BCU Term Deposit
$1,000 min. deposit$999,999 max. deposit
Go to site
Product NameBCU Term Deposit
3 month interest rate4.6%
6 month interest rate4.7%
9 month interest rate4.4%
12 month interest rate4.5%
24 month interest rate4.4%
36 month interest rate4%
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.
Bankwest Term Deposit
Bankwest logo
$1,000 min. deposit$10,000,000 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.
5.00%
24 Mths p.a.
4.40%
Go to siteMore Info
Bankwest Term Deposit
$1,000 min. deposit$10,000,000 max. deposit
Go to site
Product NameBankwest Term Deposit
3 month interest rate3.75%
6 month interest rate4.25%
9 month interest rate4.8%
12 month interest rate5%
24 month interest rate4.4%
36 month interest rate4%
48 month interest rate4%
60 month interest rate4%
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.
Australian Unity Term Deposit
Australian Unity logo
$5,000 min. deposit
3 Mths p.a.
4.90%
4 Mths p.a.
1.15%
5 Mths p.a.
1.15%
6 Mths p.a.
5.10%
7 Mths p.a.
1.50%
12 Mths p.a.
4.80%
24 Mths p.a.
4.20%
Go to siteMore Info
Australian Unity Term Deposit
$5,000 min. deposit
Go to site
Product NameAustralian Unity Term Deposit
3 month interest rate4.9%
6 month interest rate5.1%
9 month interest rate5%
12 month interest rate4.8%
24 month interest rate4.2%
36 month interest rate4%
48 month interest rate3%
60 month interest rate3.05%
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.
Great Southern Bank Platinum Plus 55+
Great Southern Bank logo
$5,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
-
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
-
7 Mths p.a.
-
12 Mths p.a.
4.95%
24 Mths p.a.
4.50%
Go to siteMore Info
Great Southern Bank Platinum Plus 55+
$5,000 min. deposit$1,000,000 max. deposit
Go to site
Product NameGreat Southern Bank Platinum Plus 55+
12 month interest rate4.95%
24 month interest rate4.5%
36 month interest rate3.9%
48 month interest rate3.9%
60 month interest rate3.9%
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.
Great Southern Bank Term Deposit Account
Great Southern Bank logo
$5,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
4.65%
4 Mths p.a.
2.95%
5 Mths p.a.
5.10%
6 Mths p.a.
4.90%
7 Mths p.a.
3.05%
12 Mths p.a.
4.85%
24 Mths p.a.
4.40%
Go to siteMore Info
Great Southern Bank Term Deposit Account
$5,000 min. deposit$1,000,000 max. deposit
Go to site
Product NameGreat Southern Bank Term Deposit Account
3 month interest rate4.65%
6 month interest rate4.9%
9 month interest rate4.75%
12 month interest rate4.85%
24 month interest rate4.4%
36 month interest rate3.8%
48 month interest rate3.8%
60 month interest rate3.8%
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.
Community First Bank 12 month Term Deposit Offer
Community First Bank logo
$50,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
-
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
-
7 Mths p.a.
-
12 Mths p.a.
5.25%
24 Mths p.a.
-
Go to siteMore Info
Community First Bank 12 month Term Deposit Offer
$50,000 min. deposit$1,000,000 max. deposit
Go to site
Product NameCommunity First Bank 12 month Term Deposit Offer
12 month interest rate5.25%
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.
 Interest is paid on maturity and available for new money deposits from $50,000 up to $1 million. Offer available until 31 August 2024.
Rabobank Term Deposit
Rabobank logo
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
4.85%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
5.00%
7 Mths p.a.
-
12 Mths p.a.
5.00%
24 Mths p.a.
4.50%
More Info
Rabobank Term Deposit
$1,000 min. deposit$2,000,000 max. deposit
Product NameRabobank Term Deposit
3 month interest rate4.85%
6 month interest rate5%
9 month interest rate4.9%
12 month interest rate5%
24 month interest rate4.5%
36 month interest rate4.5%
48 month interest rate5%
60 month interest rate5.1%
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.
Bendigo Bank Term Deposit - $5,000+
Bendigo Bank logo
$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
Bendigo Bank Term Deposit - $5,000+
$5,000 min. deposit$5,000,000 max. deposit
Product NameBendigo Bank Term Deposit - $5,000+
3 month interest rate3.5%
6 month interest rate4%
9 month interest rate4%
12 month interest rate4.75%
24 month interest rate4%
36 month interest rate4%
48 month interest rate4%
60 month interest rate4%
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.
NAB Term Deposit
NAB logo
$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.
3.80%
7 Mths p.a.
3.80%
12 Mths p.a.
4.90%
24 Mths p.a.
4.00%
More Info
NAB Term Deposit
$5,000 min. deposit
Product NameNAB Term Deposit
3 month interest rate3.5%
6 month interest rate3.8%
9 month interest rate4%
12 month interest rate4.9%
24 month interest rate4%
36 month interest rate3.8%
48 month interest rate3.8%
60 month interest rate3.8%
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.
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What are the highest term deposit rates in the market right now?

If you're thinking about getting a term deposit now is a pretty good time. Interest rates are higher than they've been since 2011.

Right now, the highest (and therefore best) term deposit rates start with a 5. Here are some of the market's highest 6 and 12-month term deposit rates:

  • 5.35% for 12 months with Heartland Bank.
  • 5.1% for 12 months with MOVE Bank.
  • 5.25% for 12 months with Judo Bank.
  • 5.3% for 6 months with Heartland Bank.
  • 5.25% for 6 months with Judo Bank.
  • 5.2% for 6 months with MOVE Bank.
Richard Whitten
Market update by Richard Whitten – Finder money editor

Best 12-month term deposit rate - Heartland Bank Term Deposit

Heartland Bank's 12-month term deposit offers a rate of 5.35%.

  • Why we like it. It's the highest 12-month term deposit rate on the market right now. It's higher than many high interest savings accounts.
  • What to look out for. The only downside to this term deposit is that you'll need to deposit at least $25,000. That might be too high for some savers.

Best 6-month term deposit rate - Heartland Bank Term Deposit

Heartland Bank's 12-month term deposit offers a rate of 5.3%.

  • Why we like it. It's the highest 6-month term deposit rate on the market right now.
  • What to look out for. As with the 12-month term, the only possible issue with this term deposit is the minimum deposit of $25,000. That might be too high for some savers.

Best 3-month term deposit rate - BNK Bank Stow It Term Deposit Account

BNK's 3-month term deposit offers a rate of 5.1%.

  • Why we like it. It's the highest 3-month term deposit rate available. If you're looking to lock up some funds for a short time, this is a good deal. It also has a low minimum balance of $5,000.

Best 24-month term deposit rate - Judo Bank Term Deposit

Judo Bank's 24-month term deposit offers a rate of 5%.

  • Why we like it. It's the highest 24-month term deposit rate on the market. While you can get higher rates for shorter terms, those looking to put away some funds for the longer term can't get better than this.
  • What to look out for. This product also has a really low minimum balance of $1,000. And it's well suited to really high balances as you can deposit up to $1,000,000.

Methodology: How Finder figures out the market's best term deposit rates

Money stuff is usually hard. But term deposits are pretty easy to figure out.

Here's how we find the best term deposits:

  1. Finder maintains a database of term deposits from across the market. Big banks, small banks, credit unions and everything in between.
  2. Every month we analyse these term deposit rates and find the highest rates on the market. We look at everything, not just products from Finder's commercial partners.
  3. We pick the highest rate for the most popular terms based on what customers search for. That's 12 months, 6 months, 3 months and 24 months.
  4. We don't consider a term deposit if it has a really low maximum deposit amount (meaning you can't put much money in) or a really high minimum deposit amount (meaning it's only for high rollers with deep pockets).

What is a term deposit?

A term deposit is a type of savings account that offers a fixed interest rate for a fixed period. But unlike a savings account, you lock the deposit away until the term deposit matures (that is, the end of the term).

The bank offers you a fixed interest rate. This won't change. The money you've deposited sits in the term deposit account earning interest. You just leave it there.

Once the term reaches maturity you can pull your initial deposit out plus the interest you've earned.

Example

You put aside $40,000 for a 12-month term deposit with a fixed rate of 5.00%. At the end of the term, the deposit matures and you receive the $40,000 back plus $2,000 interest.

How to compare term deposits

  • How long do you want? You can lock up your savings for anywhere between 3 months and 2 years. Some banks offer even longer terms. If you're saving for a holiday later in the year, a 12-month term is too long. If you're saving for a house, 3 months is likely too short.
  • Look for the highest interest rate. The higher the rate, the more you earn. Most banks offer the highest rates on 6 to 12 month terms.
  • Can you access the money early? In an emergency you may need to access your money fast. Some term deposits charge a fee for this, while others require a month's notice first. The amount of interest you get drops when you break the term deposit too.
  • Look at how the term deposit pays interest. Some term deposits pay interest on a monthly basis, annually or at maturity (when the term ends). Getting interest paid at maturity gets you a bigger interest payment.
  • Watch out for automatic rollover! Some term deposits automatically roll over at the end of the term, meaning your money will be locked up for a new term unless you withdraw it. This is a handy feature if you want to keep building interest. But not if you need the money when the term ends.
  • Deposit amounts. Check how much (or how little) the bank requires you to deposit. Some banks won't let you open a term deposit unless you have $25,000. Others start as low as $1,000. If you've got a big pile of cash check the maximum deposit amount.

Is a term deposit right for me?

Term deposits are a really easy way to earn interest on your savings. But many bank customers prefer a high interest savings account because they can often earn a bit more interest and add to their savings each month.

A term deposit is better suited to people who already have some money saved and are able to put it away and not touch it for a while.

Pros of term deposits

  • Term deposits offer a fixed rate, so you can guarantee your exact return.
  • Term deposits have no set up fees or ongoing conditions you need to meet.
  • Term deposits are backed by the Australian government bank guarantee scheme up to $250,000.
  • You can choose between a large range of term deposit lengths, from 1 month to 5 years.

Cons of term deposits

  • Fixed rates mean you won't benefit from rising interest rates until your term matures.
  • Term deposits offer simple interest, not compound interest.
  • Many term deposits offer rates that are equal to or even lower than savings accounts.
  • It's harder to access money in a term deposit in an emergency. You might pay a fee, lose out on interest or have to wait 31 days.

A note on interest calculations

Term deposits usually pay simple interest. This is different to compound interest, which adds the interest you've earned to the account's total balance. You earn slightly more interest each month as the previous month's interest is compounded, or added to the account.

A term deposit only earns interest on the initial amount deposited.

Use a term deposit calculator to see how much you'll earn.

Finder survey: What term deposit features do Australians value most?

Response
Competitive interest rate66.82%
Low or no fees10%
The term duration6.82%
Australian Government Bank Deposit Guarantee6.36%
Online access5%
Auto renewal option3.18%
Other1.82%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

4 tips to get the best term deposit interest rate

  1. Consider smaller lenders, credit unions and digital banks. Don't just look at the Big Four.
  2. Compare term lengths: 6-month rates are often better than 3-month rates, and 24-month rates are often better again.
  3. Look for providers that offer extra interest as a loyalty bonus.
  4. Negotiate your rate with the bank to see if you can get a better deal.

Why you can trust Finder's banking experts

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independentYou compare more. Our comparison tools bring you more banking products from across the market.
Richard Whitten

I was helping a family member compare savings options recently. They started looking at high interest savings accounts, then term deposits from the Big Four banks and some smaller banks with slightly higher rates. In the end they chose a term deposit from a big bank. The rate was slightly lower than the best in market, but they liked the convenience of the bank's app (they were already a customer). They had considered a high interest savings account too, but the bonus rate had a few conditions they weren't confident they'd meet each month.
— Richard Whitten, money editor

Frequently asked questions about term deposits

Looking for something else?

Richard Whitten's headshot
Serina Bird's headshot
To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Serina Bird, a member of Finder's Editorial Review Board.
Alison Banney's headshot
Written by

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise
Alison has written 652 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living
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26 Responses

    Default Gravatar
    stanJuly 14, 2024

    how easy is it to open a term deposit with another bank with a better rate than the commonwealth bank for a years investment for $40.000 when you dont have that bank in your area

      AvatarFinder
      SarahJuly 18, 2024Finder

      Hi Stan,

      Most lenders allow you to open a term deposit account within minutes online. The process is quite simple and usually, you’ll need to provide a few forms of ID when opening your account such as a driver’s license, Medicare card and/or passport, so have these details handy when you’re setting up your account.

      Hope this helps!

    Default Gravatar
    RhondaSeptember 13, 2017

    I have $70,000.00 to invest for 12 months…what is the highest interest rate I can get please…in a term deposit…or is there a risk free other deposit…thank you.

      AvatarFinder
      DeeSeptember 13, 2017Finder

      Hi Rhonda,

      Thanks for your question.

      The highest interest rate for 12 months is 2.55% p.a. You can take advantage of our calculator on top of the comparison table to see which option can give you high “Interest Earned”.

      Alternatively, you can compare different high-interest savings account using our comparison table. Simply enter your initial and monthly deposit as well as your preferred term. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Anndy

    Default Gravatar
    bevJuly 31, 2017

    I have $23000 that I want to reinvest as a term deposit, what is the best interest rate I can get?

      Default Gravatar
      LiezlJuly 31, 2017

      Hi Bev,

      Thanks for your question.

      The interest rate you’ll get will actually depend on the number of months you intend to invest your money for. You can make use the table calculator above to compare the potential interest you’ll earn for a given number of months. Simply enter the details to calculate then, click the sorter button to arrange the interest earned amounts.

      Cheers,
      Liezl

    Default Gravatar
    CarolMay 23, 2017

    In the current interest rate environment is it better to lock in a good rate for 2 or 3 years (3.2 a 3.4%) or take a slightly lower rate (3%) for 12 months with the expectation that rates will rise before the longer term is matured.

      AvatarFinder
      HaroldMay 24, 2017Finder

      Hi Carol,

      Thank you for your inquiry.

      Unfortunately, we cannot provide you our personal opinion regarding this matter. However, please feel free to compare the offers and review which provider will give you the highest interest rate based on the term duration here on this page.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    badickoMay 16, 2017

    Can deposits be made in a Private Company name?

      Default Gravatar
      LiezlMay 17, 2017

      Hi Badicko,

      Thanks for your question.

      Yes, you can place term deposits under a company’s name. Please feel free to compare business term deposits on our website.

      For company application, you have to provide your Australian Company Number (ACN), and all non-Bankwest customers who will be account signatories have to provide photo IDs by visiting a Bankwest store or at Australia Post outlet. You may or may not provide your ABN and TFN.

      I hope this has helped.

      Cheers,
      Liezl

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