May’s top term deposit rates: lock in up to 5.55%
Key takeaways
- Term deposit rates are now as high as 5.55% for 12 months.
- With another RBA rate hike this month, rates may go even higher.
- What's next: Check out the top 5 term deposit rates on the market right now.
Rising interest rates are making life hard for Australian borrowers, but there's a big upside for anyone with savings who wants a safe, long-term return. Term deposit rates are up too.
The average Australian has $39,646 in savings, according to Finder's Consumer Sentiment Tracker. If you locked this up in a term deposit for 12 months at just 5%, you'd earn $1,982 at maturity.
And the top rates are even higher.
Heartland Bank Term Deposit
You can lock in up to $1 million for 12 months at a rate of 5.55%. That's as high as it goes right now.
You can also get 5.45% for 24 months. Heartland gets a Finder Score of 9.9 (also as high as it goes).
Want more options?
Check out more term deposit rates
Community First Bank Term Deposit Special Offer
Community First lets you lock in a rate of 5.40% for 12 months, with no other terms on offer at this rate.
It also gets a Finder Score of 9.9.
Judo Bank Term Deposit
Judo Bank frequently leads the pack among Australian term deposits, and won a Finder Award in 2026.
Right now it offers 5.35% for 12 months, 5.40% for 24 months, or 5.45% for 11 months. If you lock in for 4 or 5 years you can get 5.50%.
You can earn interest on deposits of just $1,000 too. Judo has a Finder Score of 9.8.
Goldfields Money Term Deposit
Goldfields also offers a rate of 5.40% for 12 months, and has a minimum deposit of just $5,000. Goldfields doesn't offer a 24-month term.
It has a Finder Score of 9.8.
BNK Bank Term Deposit Account
BNK Bank also has a 12-month term with a 5.40% rate, and offers the same rate on 6 and 9 month terms, but has no 24-month term.
You can start earning interest with a $5,000 deposit. This account also has a Finder Score of 9.8.
Trying to grow your savings every month?
Term deposits are great if you've already saved a good chunk of money. But if you're trying to build up your savings with a monthly deposit and a high interest rate, a savings account might be a better option.
Luckily these rates are about as high as term deposits (or higher). But you have to meet some conditions to get the maximum interest rate each month, like depositing a certain amount or making no withdrawals.
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