The best term deposit rates are now above 5.0% — time to lock in?
Key takeaways
- The top term deposit rates are well above 5% now, with some hitting 5.4% or 5.55% for 12 months.
- Locking in your cash with a term deposit means a guaranteed return, as long as you leave the cash in the account.
- What's next: Compare the term deposit rates below, ranked by their Finder Scores.
1. Heartland Bank Term Deposit
The Heartland Bank Term Deposit has a Finder Score of 9.9. It offers the highest 12-month rate on the market at 5.55% p.a. The minimum deposit is $10,000 and you can choose terms from 1 month to 5 years.
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2. MOVE Bank Term Deposit
The MOVE Bank Term Deposit has a Finder Score of 9.9 and a rate of 5.45% p.a. on a 12-month term. You'll need a minimum deposit of $5,000 to open one.
3. Judo Bank Term Deposit
The Judo Bank Term Deposit has a Finder Score of 9.8. Its top rate is 5.35% p.a. for 12 months. Judo offers one of the widest ranges on the market, from 1 month right up to 5 years. It also has one of the lowest minimum deposits here, at just $1,000.
Judo won Best Term Deposit at the 2026 Finder Awards.
4. ME Go Term Deposit
The ME Go Term Deposit has a Finder Score of 9.8 and pays 5.35% p.a. on a 12-month term. Shorter terms range from 3 to 12 months. The minimum deposit is a low $5,000.
5. Bank Australia Term Deposit
The Bank Australia Term Deposit has a Finder Score of 9.8. It has a 12-month rate of 5.40% p.a. and offers terms from 3 to 36 months. Its minimum deposit of just $500 makes it a great option for young savers.
6. AMP Bank GO Term Deposit
AMP's GO Term Deposit also has a 12-month rate of 5.40% and a Finder Score of 9.7. It's available with a $5,000 minimum deposit and you can deposit up to $10 million!
Details of these are correct at time of publication and subject to change.
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