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Compare term deposit rates from the Big Four banks

Check out term deposit rates from CommBank, Westpac, NAB and ANZ and compare the Big Four to smaller banks.

While the Big Four don't offer the absolute highest rates on the market, some of their special offers and 12-month terms are quite competitive.

If you already bank with one of the Big Four, the convenience of opening a term deposit and managing in your banking app could still be worth it.

Compare Big Four bank term deposit rates for July 2024

Bank3 Months6 Months12 Months24 Months
ANZ Advance Notice Term Deposit3.5% p.a.3.9% p.a.4.6% p.a.4% p.a.
Commonwealth Bank Term Deposit3.45% p.a.3.7% p.a.4.6% p.a.3.95% p.a.
NAB Term Deposit3.5% p.a.3.8% p.a.4.9% p.a.4% p.a.
Westpac Term Deposit3.5% p.a.3.75% p.a.4.25% p.a.4% p.a.

How to compare term deposit rates from the Big Four banks

  1. Work out how long you're going to invest for. Banks offer different rates depending on how long you want to lock up your cash for.
  2. Look for the highest rate you can get. Once you've decided on your term you can start looking at rates. You're trying to maximise the interest you earn, so the higher the rate the better.
  3. Check the minimum and maximum balance. Some banks won't let you put less than $5,000 in a term deposit. Or a higher balance may result in a lower rate.
  4. Take note of the withdrawal conditions. Make sure you understand what kind of fees or advanced notice period is required if you need to withdraw the money early.
  5. Look at how the interest is paid out. Understand how and when the bank will pay you the interest. "At maturity" means you get paid the interest at the end of the term.

Commonwealth Bank term deposits

The highest rate you can get on a Commonwealth Bank term deposit is 4.6% with a 12-month term.

You can invest up to $1,999,999 with a Commonwealth Bank term deposit. The bank charges no set-up or establishment fees and requires 31 days' notice if you need your cash before maturity.

Westpac term deposits

You can currently earn a rate of 4.25% from Westpac for 12–23 months. This is a special, limited-time offer. Existing or returning customers can earn slightly more.

You can invest up to $5,000,000 in a Westpac term deposit with fixed rates and the option to reinvest the cash once your term deposit matures.

NAB term deposits

You can earn up to 4.9% with a NAB term deposit for 12–23 months (interest paid at maturity). You can deposit up to $1,999,999 with a 31-day notice period to withdraw early.

ANZ term deposits

ANZ has 2 types of term deposits. Its standard term deposits have very low rates but you can withdraw at any time if you pay a fee.

ANZ's Advance Notice term deposits offer rates more in line with the other Big Four banks. These rates go as high as 4.6% and there is a 31-day notice period to withdraw early.

Who offers better term deposit rates than the Big Four?

Most of the Big Four have term deposit rates as high as 4.75%. Currently the highest term deposit rate from one of the Big Four banks is 5.00% from CommBank with a 24-month term.

You can currently get 5% or slightly higher with 12- to 24-month term deposits from a few banks:

1 - 7 of 181
Name 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.
Newcastle Permanent Term Deposit
Newcastle Permanent logo
$1,000 min. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.50%
5 Mths p.a.
3.50%
6 Mths p.a.
5.05%
7 Mths p.a.
3.80%
12 Mths p.a.
4.80%
24 Mths p.a.
4.00%
Go to siteMore Info
Lock in a rate as high as 5.05% for 6 months with a minimum $1,000 deposit.
Judo Bank Term Deposit
Judo Bank logo
Finder Award$1,000 min. deposit
3 Mths p.a.
5.00%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
5.25%
7 Mths p.a.
-
12 Mths p.a.
5.25%
24 Mths p.a.
5.00%
Go to siteMore Info
Newcastle Permanent Term Deposit
Newcastle Permanent logo
$1,000 min. deposit
3 Mths p.a.
3.50%
4 Mths p.a.
3.50%
5 Mths p.a.
3.50%
6 Mths p.a.
5.05%
7 Mths p.a.
3.80%
12 Mths p.a.
4.80%
24 Mths p.a.
4.00%
Go to siteMore Info
ING Term Deposit
ING logo
$10,000 min. deposit
3 Mths p.a.
4.90%
4 Mths p.a.
4.90%
5 Mths p.a.
-
6 Mths p.a.
5.10%
7 Mths p.a.
4.65%
12 Mths p.a.
5.10%
24 Mths p.a.
4.60%
Go to siteMore Info
BCU Term Deposit
BCU logo
$1,000 min. deposit$999,999 max. deposit
3 Mths p.a.
4.60%
4 Mths p.a.
5.00%
5 Mths p.a.
3.40%
6 Mths p.a.
4.70%
7 Mths p.a.
4.00%
12 Mths p.a.
4.50%
24 Mths p.a.
4.40%
Go to siteMore Info
Bankwest Term Deposit
Bankwest logo
$1,000 min. deposit$10,000,000 max. deposit
3 Mths p.a.
3.75%
4 Mths p.a.
3.00%
5 Mths p.a.
3.00%
6 Mths p.a.
4.25%
7 Mths p.a.
4.00%
12 Mths p.a.
5.00%
24 Mths p.a.
4.40%
Go to siteMore Info
Australian Unity Term Deposit
Australian Unity logo
$5,000 min. deposit
3 Mths p.a.
4.90%
4 Mths p.a.
1.15%
5 Mths p.a.
1.15%
6 Mths p.a.
5.10%
7 Mths p.a.
1.50%
12 Mths p.a.
4.80%
24 Mths p.a.
4.20%
Go to siteMore Info
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What are the pros and cons of a Big Four bank term deposit?

Pros

  • If you already bank with one of the Big Four then setting up a term deposit account should be quick and easy.
  • The Big Four banks have very helpful apps and online banking systems, making it easy for you to track and manage your investment.
  • You can talk to staff in a bank branch if you need some in-person help with your term deposit.

Cons

  • While some of the Big Four have reasonably high term deposit rates, they do not have the best rates in the market. Some have rates that are pretty close though.
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Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

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