Compare business term deposit rates

Boost your business finances with a competitive interest rate on a term deposit account.

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A business term deposit with a competitive interest rate could be a simple, risk-free way to help your business grow into the future. Providing the consistency and stability of a fixed interest rate, term deposits can ensure that your money works harder for you and that your business has the surplus cash required to fund future projects.
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.
Westpac Business Term Deposit
Enjoy flexible repayment and reinvestment options at the end of the term with no setup or service fee.
ING Business Term Deposit
A fixed interest rate for your business savings with a wide range of timeframes.
NAB Term Deposit
Invest your money in a NAB Term Deposit and earn a fixed interest rate for the life of the term, with no setup or account fees.
This term deposit is for personal customers with deposits from $5,000.
ANZ Business Notice Term Deposit
Invest your surplus business funds of $5,000 or more and enjoy a fixed rate of return. Choose a term length that suits your business, from one month to five years.
Commonwealth Bank Business Term Deposit

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What are business term deposits?

With a term deposit, you invest a sum of money for a set period of time, usually ranging from 30 days to five years. Your money is invested at a fixed rate of interest, providing guaranteed returns for the lifetime of the deposit. Interest on a business term deposit can be paid monthly, quarterly, six-monthly, annually or at maturity.

While your money is invested in a term deposit you are unable to access it without incurring substantial fees. This allows you to enjoy a higher rate of interest and also removes the temptation to dip into what is meant to be a savings account.

Once the deposit matures, you have the option to withdraw the funds to invest elsewhere or to provide extra cash flow for your business, or you can rollover the money into a new term deposit.

What are the pros and cons of business term deposits?

Before you decide whether a business term deposit is the right option for your business, consider the advantages and disadvantages of opening one of these accounts:

The pros

  • High interest rate. Business term deposits allow you to earn a high interest rate on your savings, which means that your money works harder for you and you can maximise cash flow for your business.
  • Steady and secure. Business term deposits are an extremely low-risk investment option. While there may be other investments that provide the potential for much higher returns, term deposits provide the promise of steady and consistent returns.
  • Protection against interest rate drops. Term deposits allow you to lock in your interest rate for the duration of the term, which means you won’t suffer if interest rates fall.
  • Choose your term. There’s a huge range of investment terms available on business term deposits, with time periods ranging from as little as 30 days through to as long as five years.
  • Savings guaranteed. Savings balances of up to $250,000 with authorised deposit-taking institutions are guaranteed by the Australian Government.

The cons

  • Can’t take advantage of rate rises. Although business term deposits offer protection against interest rate drops, conversely they also mean that you are unable to take advantage of any rate rises that occur while your funds are locked away.
  • Can’t access your funds. Banks make it prohibitively expensive to access funds in your term deposit. If your business experiences a short-term cash flow problem and you need urgent access to money, you may not be able to withdraw it.

Which banks offer business term deposits?

Business term deposits are offered by banks, building societies and credit unions right across Australia. Check out some of the 6-month and 12-month term deposits available in the table below:

AccountTermInterest rateFeatures
ING Business Term Deposit6 months0.07% p.a.
  • Deposits of $10,000 or more
  • No account fees
  • Non-cumulative loyalty bonus for rollover balances
ING Business Term Deposit12 months0.25% p.a.
ME Bank Business Term Deposit6 months0.45% p.a.
  • Deposits of $5,000 to $1,000,000
  • No setup or account-keeping fees
  • Interest paid monthly, quarterly, six-monthly, annually or at maturity
ME Bank Business Term Deposit12 months0.55% p.a.
NAB Term Deposit6 months0.15% p.a.
  • Deposits of $5,000 or more
  • No application fees or ongoing fees
  • Terms available from seven days to five years
NAB Term Deposit12 months0.25% p.a.
Westpac Business Term Deposit6 months0.15% p.a.
  • $5,000 minimum investment
  • No setup, monthly service or investment management fees
  • Interest payable monthly, annually or at maturity
Westpac Business Term Deposit12 months0.25% p.a.
Bankwest Business Term Deposit Direct6 months0.3% p.a.
  • Minimum deposit of $10,000
  • No account-keeping or transaction fees
  • 7 days’ grace once deposit matures to consider your options
Bankwest Business Term Deposit Direct12 months0.3% p.a.

How do I compare business term deposits?

It’s important to do a thorough comparison of accounts before deciding which business term deposit is right for you. Keep the following factors in mind when comparing business term deposits:

The interest rate

Compare the interest rates available to see which business term deposit allows you to grow your savings balance the most. Interest rates vary depending on the term you invest your funds for, so keep this in mind when comparing accounts.


Will you need to pay any fees for opening your term deposit account, or any ongoing account-keeping fees? Many business term deposits are available without any ongoing fees, so try to find one of these accounts if possible. It’s also worth checking whether you will be able to access your funds in an emergency, and if so, how much you will have to pay in fees.


Business term deposits are offered with an extensive range of investment terms, from as short as one month to as long as five years. When comparing accounts and interest rates, make sure you are comparing accounts that allow you to invest your funds for the same period of time.

Minimum balance

Most term deposits will require you to invest a minimum amount in order to open an account, for example, $5,000. Make sure you choose an account with a minimum deposit level suitable to your financial situation.

Foreign currency options

If your business regularly deals in more than one currency, check to see whether your bank offers foreign currency term deposits to help make it easier for you to manage your international finances.

When interest is paid

Check to see when each account pays interest: monthly, quarterly, half-yearly, annually or on the maturity of your deposit.
Loyalty bonuses

If you rollover your account balance into a new term deposit when it matures, some financial institutions will offer a loyalty bonus. This usually takes the form of a bonus interest rate that allows you to grow your business savings balance even further.

Business term deposits offer a secure and stable savings opportunity for Australian business owners. Compare business term deposits at today to find the account that meets all your financial requirements.

At a glance: compare 6- and 12-month business term deposits

Product name6 months p.a rate12 months p.a rate
ING Business Term Deposit0.07% p.a.0.25% p.a.
ME Bank Business Term Deposit0.45% p.a.0.55% p.a.
NAB Term Deposit0.15% p.a.0.25% p.a.
Westpac Business Term Deposit0.15% p.a.0.25% p.a.
Bankwest Business Term Deposit Direct0.3% p.a.0.3% p.a.

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