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:
- 5.1% for 12 months with Heartland Bank.
- 5.1% for 12 months with Community First.
- 4.9% for 12 months with Judo Bank.
- 5.15% for 6 months with Heartland Bank.
- 5.05% for 6 months with G&C Mutual Bank.
- 5% for 6 months with MOVE Bank.
Is it possible to access the interest paid on a CD monthly?
Hi Michael,
No, term deposits are generally paid at maturity. If you want to access the interest monthly, a savings account might be a better option; right now the interest rates are as high as, or sometimes higher than, a TD.
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
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!
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.
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
I have $23000 that I want to reinvest as a term deposit, what is the best interest rate I can get?
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
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.
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