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How we picked theseFinder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.
A term deposit allows you to deposit an amount of money an earn a fixed return. If you have $100,000 (or even more) to invest, a term deposit provides a safe solution for holding onto your cash.
Perhaps you've recently inherited a large amount of cash, have proceeds from a home sale with no new home to buy yet, or are an investor who is in between opportunities. A term deposits is an incredibly low-risk option to earn a return on the money while you're not yet using it elsewhere.
You can choose a term length (from 1 month to 5 years) and you'll get a fixed interest rate for this time, meaning the rate won't change. You can also choose how often to receive your interest payments, whether it's monthly, annually or at maturity.
Look for a term deposit with a high interest rate. Banks will offer different rates on different term lengths.
If you know exactly how long you want to lock your money into a term deposit, compare the rates for this term length only. Some banks will offer a lot more choice in term length than others.
How often does the term deposit pay you interest? Some will give you the choice to receive interest payments monthly, quarterly or annually while others will only pay interest on account maturity.
Banks will often charge you a penalty if you need to withdraw your savings balance before the terms end. Some will charge a fee, some will reduce your interest, and some will do both. Check what the rules are before you open the term deposit, just in case you need to access the money early.
Finder data reveals if Australians found themselves with $100,000 all of a sudden, almost 20% of us would put the money into a high interest savings account.
High interest savings accounts often offer higher interest rates than term deposits, but you'll need to be willing to meet a few ongoing monthly account conditions. This usually includes things like making regular deposits (sometimes up to $1,000 per month), making a set number of purchases or limiting your withdrawals. Term deposits don't have any ongoing requirements to meet - it's a set-and-forget option.
Savings accounts also offer variable interest rates, meaning they can change at any time. Term deposit rates are fixed, so you can have peace of mind the rate won't change for the life of your term. This could help with planning as you're able to calculate exactly how much your deposit will grow by the end of your term.
"One benefit of a savings account over a term deposit is that you can access the money instantly whenever you need it. This is helpful if you have a large, unplanned expense pop up or you find another investment opportunity that you want to act on quickly.
If you're going to invest a large sum of money into a term deposit, make sure you also keep enough cash aside in either a bank account or savings account to access quickly if you need to."
Check out Finder's review of Judo Bank's Term Deposit for SMSFs.
Compare term deposit rates from Australia's Big Four banks and see if you can find a better rate with a smaller bank.
Lock in a fixed rate on a range of term lengths between 3 months and 3 years for deposits $1000 or more.
Earn a competitive interest rate on terms between 1 month and 2 years with a Heartland Bank term deposit.
If you struggle to save, you could benefit from a savings account that won’t allow you to withdraw funds.
With high interest rates offered in a variety of different terms, the AMP term deposit could be ideal for both short and long term saving goals.
Your guide to finding the best term deposit accounts for kids, allowing your children to enjoy the security of guaranteed returns on the money they invest.
Set your own terms and conditions for how your money grows with a flexible investment account that rewards you with higher interest earnings.
Australian Military Bank’s Investment Plus term deposit lets your money earn competitive interest. You can choose a term as per your liking.
With the ME term deposit you get a flexible savings plan with options that let you customise the terms to suit your needs.