Historical term deposit interest rates

Term deposit rates on average have fallen significantly over the past 3 decades, as we can see with these historical rates.

Shirley Liu's headshot

By

Shirley Liu

Updated

Fact checked

Start comparing

Looking at historical term deposit rates can help you understand that rates are constantly changing and how the official cash rate also impacts term deposit rates. As the official cash rate has continued to fall over the last decade, so too have term deposit rates.

Historical term deposit rates

Let's take a look st some examples of old term deposit rates offered by Australia's biggest four banks, and how that compares to their rates now.

National Australia Bank (NAB)

Here are some of NAB's Term Deposit rates from 2011 through to 2014, and now.

Date6 month term12 months2 years
6/6/116.11% p.a6.18% p.a.6.30% p.a.
2/1/125.75%.p.a.5.24% p.a.5.21% p.a.
4/6/124.97% p.a.5.00%p.a.5.10% p.a.
7/1/134.40% p.a.4.25% p.a.4.40% p.a.
3/6/133.98% p.a.4.00% p.a.4.20% p.a.
6/1/143.70% p.a.3.75% p.a.3.90% p.a.
Current rates3.05%3.9%3.5%

Australian New Zealand Bank (ANZ)

Here are some of ANZ's Term Deposit rates from 2011 through to 2014, and now.

Date3 months12 months3 years
6/8/115.60% p.a.6.00% p.a.6.20% p.a.
20/3/125.30% p.a.5.00% p.a.5.30% p.a.
10/10/132.50% p.a.N/A3.30% p.a.
25/4/142.50% p.a.N/A3.30% p.a.
Current rates0.05%0.15%0.15%

Westpac

See past Westpac's term deposit rates and the current rates.

Amount $5,000 - $10,0003 months12 months3 years
19/7/142.50% p.a.3.30% p.a.3.70% p.a.
Current rates 2.75%3.75%3%

Commonwealth Bank of Australia (CBA)

See past CommBank's Term Deposit rates and the current rates.

Amount $10,000 - $49,9992 months12 months5 years
15/12/124.20% p.a.4.25% p.a.4.50% p.a.
22/5/20133.90% p.a.3.95% p.a.4.50% p.a.
Current rates 1.4%3.6%3.45%

Average term deposit rate history

Overall, rates have fallen significantly since 1985, and are at record low levels today.

YearJanuaryJuly
198511.95% p.a.12.50% p.a.
199014.90% p.a.13.95% p.a.
19958.50% p.a.7.00% p.a.
20005.45% p.a.5.85% p.a.
20054.65% p.a.4.75% p.a.
20105.95% p.a.6.00% p.a.
20116.15% p.a.6.00% p.a.
20125.00% p.a.4.40% p.a.
20134.15% p.a.3.70% p.a.
20143.35% p.a.3.30% p.a.
20153.05% p.a.2.40% p.a.
20162.45% p.a.2.35% p.a.

See how historical term deposit rates compare to the rates of June 2025 below

Yes, rates on term deposits are nothing like they used to be. However, term deposits are still one of the safest, low-risk ways to invest your cash when you're not using it.

1 - 3 of 154
Updated regularly
Product Finder Score 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 11 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Finder Score
8.8 Great
3 Mths p.a.
3.95%
4 Mths p.a.
3.95%
5 Mths p.a.
3.95%
6 Mths p.a.
4.25%
7 Mths p.a.
3.80%
11 Mths p.a.
3.80%
12 Mths p.a.
3.90%
24 Mths p.a.
3.50%
Lock in a rate as high as 4.25% for 6 months with a minimum $1,000 deposit.
Go to siteMore info
Finder Score
9.9 Excellent
3 Mths p.a.
4.35%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.55%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
4.15%
24 Mths p.a.
4.05%
You can get competitive interest rates on all term lengths. This term deposit has a low minimum deposit amount and is a 2025 Finder Award winner.
Go to siteMore info
First Option Bank 6 month Term Deposit Special
$1,000 min. deposit
First Option Bank logo
Finder Score
7.7 Great
3 Mths p.a.
-
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.60%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
-
24 Mths p.a.
-
For a limited time, new customers can lock in a special fixed rate of 4.6% for a 6 month term with First Option Bank. This offer is only available on new funds into the bank, and for investments of $1,000 or more.
Go to siteMore info
loading

Finder Score for term deposits

Finder 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.

Read the full Finder Score methodology

Why are the historical rates so high compared to now?

Interest rates usually follow a similar pattern to the Cash Rate, determined by the Reserve Bank of Australia on the first Tuesday of every month (except for January). When the cash rate is low, it's cheaper for the banks to borrow from the Reserve Bank of Australia. Therefore, banks don't have an incentive to offer savers a high interest rate, because it's easier for them to source their funds from the Reserve Bank of Australia.

Also, when the Cash rate is low banks also have lower home loan rates, meaning they're making less money from interest repayments on mortgages. With less money coming in from mortgages, there's less money to pay out on things like term deposits and savings accounts.

A low cash rate usually means that loan interest rates are lower than usual. So now could be a good time to refinance your home loan.

Will interest rates for term deposits will always be relatively low?

No, the Cash Rate is reflective of the state of the economy. For example, a low cash rate signals a slow economy, as the Reserve Bank is trying to encourage businesses to borrow funds for investment, which in turn will theoretically expand the economy. As the economy slowly regains its pace, the cash rate will rise as a result, and in effect, so will term deposit interest rates (eventually). However, mortgage rates will rise before term deposit rates do.

Looking for something to do with your cash? You'll find better interest rates on high interest savings accounts, and don't need to lock your money away for a set period of time. Or, if you are looking for a long-term growth you could consider investing in shares, investing in an index fund or topping up your super fund.

Shirley Liu's headshot
Written by

Publisher

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio

More resources on Finder

More guides on Finder

  • Compare term deposit rates from the Big Four banks

    Compare term deposit rates from Australia's Big Four banks and see if you can find a better rate with a smaller bank.
  • UniBank Term Deposit

    Lock in a fixed rate on a range of term lengths between 3 months and 3 years for deposits $1000 or more.
  • Australian Unity Term Deposit

    Australian Unity Term Deposit offers you a wide choice of term lengths for your investment, with a fixed rate of return on your money.
  • Heartland Bank Term Deposit

    Earn a competitive interest rate on terms between 1 month and 2 years with a Heartland Bank term deposit.

  • Locked savings accounts

    If you struggle to save, you could benefit from a savings account that won’t allow you to withdraw funds.
  • AMP Bank term deposit $25,000+

    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.
  • When will term deposit rates go up?

    When can you expect term deposit interest rates to increase? Find out in this handy guide.
  • Are term deposits safe?

    They offer a fixed interest rate (so you don't need to worry about any market volatility) and your deposit up to $250,000 is protected by the government. 
  • Term deposit accounts for kids

    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.
Go to site