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% for 12 months with Orange Credit Union.
- 5% for 12 months with the Mac Credit Union.
- 5% for 12 months with Judo Bank.
- 5.15% for 6 months with Judo Bank.
- 5.1% for 6 months with Gateway Bank.
- 5.05% for 6 months with Bank of Sydney.
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!
How come you do not recommend Auswide Bank which also offers 5% for a 7 month fixed term? Are they a risk?
Hi Greg, We don’t regularly look at 7-month terms in this analysis – and while 5% is a good rate, you can do better with some other providers.
I would like to open a term deposit for my grand kids who are 3 & 5 yrs old. I would like to invest for 15 yrs for both. I just wanted to put $500 into an account and leave it there. Can you please advise. Cheers.
Hi Mitch, Great to get your grandkids interested in managing their money and help set them up. Firstly, note that you can’t usually open term deposits in the name of someone under 18 – so you could set these accounts up yourself, but you’d need to make sure your will specifies where the funds go. If you want a set-and-forget model, then you could choose a term deposit with automatic rollover, which will just add interest earned and start a new term with all the funds. This requires no management, but it’s unlikely you’ll get the best rate over time this way. 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