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 December 2023
|Bank||3 Months||6 Months||12 Months||24 Months|
|ANZ Advance Notice Term Deposit||3.5% p.a.||4.1% p.a.||5.05% p.a.||4% p.a.|
|Commonwealth Bank Term Deposit||3.45% p.a.||3.7% p.a.||4.25% p.a.||4% p.a.|
|NAB Term Deposit||3.5% p.a.||4% p.a.||5% p.a.||4% p.a.|
|Westpac Term Deposit||3.5% p.a.||3.75% p.a.||4.25% p.a.||4% p.a.|
How to compare term deposit rates from the Big Four banks
- 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.
- 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.
- 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.
- 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.
- 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% with a 24-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 5% 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 5.05% 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:
What are the pros and cons of a Big Four bank term deposit?
- 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.
- 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.
More guides on Finder
The best standing desk in Australia: Our top choice of the year
If you're looking for a standing desk for the home office, the Omnidesk Ascent is our #1 choice for 2023.
Fast NBN plans are now cheaper. Is it worth switching?
It's time to sort out your NBN plan for the new year.
Save $1,583 a year by using index funds instead of active trading | Dollar Saver tip #60
Invest in an index fund instead of actively trading stocks and you not only save on time and fees, you could be earning more in returns too.
5 perks you can score by upgrading your internet this year
SPONSORED: Upgrade your internet before the end of 2023 and get ahead on your life admin! We take a look at some of the benefits of a faster internet connection.
Aussies are struggling to save money, and Gen Z blame themselves
Young Australians cite overspending as the main reason for not reaching their financial goals.
Shein IPO: How to invest in the Shein IPO
What you need to know about investing in Shein from Australia.
Best places to exchange currency in Brisbane
Your guide to currency exchange in Brisbane, including how to get the best exchange rate.
Waiting for rates to fall? Don’t bank on it, says ANZ CEO
Addressing speculation that interest rates might fall in late-2024, ANZ CEO Shayne Elliott said he thought it was too optimistic.