Compare term deposits

A term deposit is a low risk, safe way to earn a guaranteed return on your money. Here are some of the current term deposit rates in Australia.

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You can compare a range of Australian term deposits with competitive interest rates and different term lengths in this guide. All the term deposit providers listed in the table below are included in the Australian Government Guarantee Scheme, so your deposit up to $250,000 is protected under this initiative.

Term Deposit Offer

Judo Bank Term Deposit Offer

1.20 % p.a.

fixed for 6 months

Term Deposit Offer

Earn a 0.10% p.a. loyalty bonus when you roll over your term.
The Judo Bank Term Deposit term lengths range from three months to five years. Minimum opening deposit is $1,000. No account-keeping or set-up fees to pay.

  • Minimum investment: $1,000
  • Monthly fees: $0
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Compare term deposit rates

Data indicated here is updated regularly
Name Product 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.
Judo Bank Term Deposit
Finder Award
Judo Bank Term Deposit
1.19%
-
-
1.20%
-
1.23%
1.45%
Earn a 0.10% p.a. loyalty bonus when you roll over your term.
The Judo Bank Term Deposit term lengths range from three months to five years. Minimum opening deposit is $1,000. No account-keeping or set-up fees to pay.
Citibank Term Deposit $10,000
0.45%
-
-
0.45%
-
0.45%
-
Suited to customers with deposits between $10,000 and $249,999.
This term deposit is for new Citibank customers only
Citibank Term Deposit 250K
0.75%
-
-
0.75%
-
-
-
A short-term investment option with a guaranteed rate of return.
Suited to customers with deposits over $250,000.
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6-month term deposit interest rates

In comparison, take a look at the 6-month term deposit rates offered by the Big Four: ANZ, CBA, NAB and Westpac.

ProductInterest rateMin. deposit
ANZ term deposit 0.2% p.a. for 6 months$5,000
CBA term deposit0.35% p.a. for 6 months$5,000
NAB term deposit0.55% p.a. for 6 months$5,000
Westpac term deposit0.4% p.a. for 6 months$5,000

Is a term deposit a good idea at the moment?

It's true that interest rates on term deposits and savings accounts are quite low at the moment. This is because the official RBA cash rate is at an all-time low, and home loans rates are at historic lows too.

However, that doesn't mean that term deposits are a bad idea right now. In fact, with increased volatility in the share market and a recession officially declared for Australia, a term deposit is one of the safest places for your cash.

What is a term deposit and why should you invest in one?

A term deposit is a type of savings account that is opened for a certain period of time. During this period your money is locked, so you won't be able to access it (penalties apply if you do). In exchange, your money earns interest according to the interest rate offered by the financial institution when opening the account. This interest rate is fixed, meaning it won't change throughout the life of the term. After the period has ended, you can choose to reinvest a portion or all of the funds at the interest rate stated by your bank, or you can withdraw the funds.

Term deposits are widely considered to be a safe, low-risk investment as, unlike savings accounts, they offer a guaranteed return through a fixed interest rate. Because your money is locked away, banks often offer a higher interest rate on some term deposits than they do on regular savings accounts. If you have a chunk of money you know you won’t need for a while, a term deposit could be a good option. It removes the temptation to spend the money as you'll need to pay a fee if you wish to withdraw before the term is finished.

Term deposit versus savings account

The main difference between a savings account and a term deposit is the ability to access your money. The money in a savings account can be accessed whenever you need it, and there's no costs for withdrawing or depositing money. Term deposits are locked and will charge you if you need to withdraw your money early. So if you want easy access to your money, then a term deposit might not be right for you.

Another key difference is the interest rate; savings accounts have variable interest rates meaning they can change, while term deposits have fixed interest rates meaning the rate will not change until the term matures.

Term Deposit vs High-interest Savings: What's best for you?

How to compare term deposits

Like most financial products, there is no best term deposit account. The account that suits your needs and circumstance the best is the one you should choose. But what is best for you, might not be best for someone else. You should look for:

  • A competitive interest rate
  • A term length that suits you
  • A minimum deposit amount you're comfortable with

Ask these questions when comparing term deposits:

  • How often interest is calculated is it compounded?
  • do any ongoing fees apply?
  • What happens if you break the term of your deposit?
  • Can you withdraw a portion of the deposit without incurring a penalty?
  • How often will you receive statements?
  • Can you easily check on the balance in your account (for example with a mobile banking app)?
  • What happens to the deposit when it matures? For example, will it automatically roll over into another term deposit?

Compare term deposit rates based on duration

If you have a specific term length for which you want to lock away your savings and earn interest, it's crucial to compare the different interest rates available for your desired term length. Use our term length guides below to compare term deposit interest rates for various term deposit lengths.

Do I have to pay tax on a term deposit?

Yes. If you’ve invested money in a term deposit, you will need to pay tax on the interest income you earn. The amount of tax you'll need to pay on your term deposit interest will depend on your overall taxable income, and it will also depend on when you receive your interest payments.

More questions about term deposits

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