How to calculate term deposits?

You can use the free term deposit calculator in this guide to find out exactly what your term deposit will be worth based on the deposit size, the interest rate and the term length.

How much interest can I earn on $500,000 in Australia?

The amount of interest you'll earn on a term deposit with $500,000 will depend on the interest rate and term dength. For example, if you had a 12-month term with a fixed rate of 4% p.a., using the term deposit calculator above shows you can earn $20,000 interest.

The term I chose is for four years, but that is not given as an option in the calculator. What should I do?

The calculator recognises terms in months, so you only need to multiply the number of years by 12. For example, in this case you would choose a 48 month term for four years.

I want to make at least $500 in interest, how would I figure that out?

You would have to play with the numbers that you insert into the field, particularly the length of terms as this is the option you have the most control over, until you come out with the earnings you are striving for.

Can I use this calculator for a regular savings account?

No, it won't work for a savings account. There are other variables to consider with a typical high interest savings account that are not needed with the term deposit calculator. If you are interested in comparing the interest earning benefits of both types of accounts, you can see a savings account vs term deposit calculator that could help.

Term deposit calculator

Deposit amount

Interest rate (p.a.)

Term (months)

Interest paid

Deposit

Total Interest

Yield Rate

How to use the term deposit calculator

Deposit amount. Enter the amount of money you plan to invest into the term deposit account.
Term length. Enter the number of months you will be investing for (you can change this to see how it impacts the total interest earned).
Interest rate. Enter the fixed interest rate for the term deposit you are planning to go with (you can compare term deposits in the table below). Pay attention to the details, as in most cases that amount will be different depending on a number of factors including; the length of terms, how much you invest, and how often you are receiving interest payments.

How can the term deposit calculator help me?

Here's a few things the calculator can help with:

See your exact return on investment. Because term deposit rates are fixed, you'll be able to see the exact dollar amount of interest you'll earn. This can help you plan and make long-term goals.
Choose the right term length. By changing the term length in the calculator, you can easily see how the total interest earned changes.
See how much the rate impacts your investment. If you're investing a large amount of money, the calculator can show you how much extra interest you can earn with a slightly higher rate.
See what your payments could be. You can see what your interest payments will look like depending on how frequently you're paid interest.

Current term deposit rates

10 of 154

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 8.7 Great Newcastle Permanent Term Deposit $1,000 min. deposit	Finder Score 8.7 Great	3 Mths p.a. 3.85%	4 Mths p.a. 3.85%	5 Mths p.a. 3.85%	6 Mths p.a. 4.15%	7 Mths p.a. 3.70%	11 Mths p.a. 3.70%	12 Mths p.a. 3.80%	24 Mths p.a. 3.40%	Lock in a rate as high as 4.15% for 6 months with a minimum $1,000 deposit.	Go to site More info Compare product selectionCompare	loading
Finder Score 9.7 Excellent Judo Bank Term Deposit Finder Award $1,000 min. deposit	Finder Score 9.7 Excellent	3 Mths p.a. 4.25%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.35%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 4.00%	24 Mths p.a. 3.95%	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 site More info Compare product selectionCompare	loading
Finder Score 7 Great First Option Bank 6 month Term Deposit Special $1,000 min. deposit	Finder Score 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.	More info Compare product selectionCompare	loading
Finder Score 9.2 Excellent MyState Bank Online Term Deposit $5,000 min. deposit $50,000,000 max. deposit	Finder Score 9.2 Excellent	3 Mths p.a. 4.00%	4 Mths p.a. 4.15%	5 Mths p.a. 4.20%	6 Mths p.a. 4.20%	7 Mths p.a. 4.10%	11 Mths p.a. 4.00%	12 Mths p.a. 4.00%	24 Mths p.a. 3.75%	Lock in competitive rates and pay no monthly account fees with this online term deposit.	More info Compare product selectionCompare	loading
Finder Score 8.5 Great Bankwest Term Deposit $1,000 min. deposit $10,000,000 max. deposit	Finder Score 8.5 Great	3 Mths p.a. 3.75%	4 Mths p.a. 3.00%	5 Mths p.a. 4.00%	6 Mths p.a. 3.80%	7 Mths p.a. 3.70%	11 Mths p.a. 3.60%	12 Mths p.a. 3.70%	24 Mths p.a. 3.50%	More info Compare product selectionCompare	loading
Finder Score 8.9 Great BCU Bank Term Deposit $1,000 min. deposit $999,999 max. deposit	Finder Score 8.9 Great	3 Mths p.a. 4.15%	4 Mths p.a. 4.15%	5 Mths p.a. 4.30%	6 Mths p.a. 4.00%	7 Mths p.a. 4.15%	11 Mths p.a. 3.55%	12 Mths p.a. 3.90%	24 Mths p.a. 3.45%	More info Compare product selectionCompare	loading
Finder Score 8.9 Great Rabobank Term Deposit (SMSF) $1,000 min. deposit $2,000,000 max. deposit	Finder Score 8.9 Great	3 Mths p.a. 4.15%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.00%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 3.85%	24 Mths p.a. 3.70%	More info Compare product selectionCompare	loading
Finder Score 9.6 Excellent Australian Unity Term Deposit $5,000 min. deposit	Finder Score 9.6 Excellent	3 Mths p.a. 4.40%	4 Mths p.a. 0.65%	5 Mths p.a. 0.65%	6 Mths p.a. 4.45%	7 Mths p.a. 1.00%	11 Mths p.a. 1.25%	12 Mths p.a. 4.05%	24 Mths p.a. 3.45%	More info Compare product selectionCompare	loading
Finder Score 8.9 Great Rabobank Term Deposit $1,000 min. deposit $2,000,000 max. deposit	Finder Score 8.9 Great	3 Mths p.a. 4.15%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.00%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 3.85%	24 Mths p.a. 3.70%	More info Compare product selectionCompare	loading
Finder Score 9.5 Excellent ING Term Deposit $10,000 min. deposit	Finder Score 9.5 Excellent	3 Mths p.a. 4.30%	4 Mths p.a. 4.25%	5 Mths p.a. -	6 Mths p.a. 4.15%	7 Mths p.a. 4.10%	11 Mths p.a. 3.95%	12 Mths p.a. 3.95%	24 Mths p.a. 3.80%	More info Compare product selectionCompare	loading

Showing 10 of 154 results

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

Frequently asked questions

No, it won't work for a savings account. There are other variables to consider with a typical high interest savings account that are not needed with the term deposit calculator. If you are interested in comparing the interest earning benefits of both types of accounts, you can see a savings account vs term deposit calculator that could help.

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.

Written by

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 652 Finder guides across topics including:

Superannuation
Savings accounts, bank accounts and term deposits
Budgeting and money-saving hacks
Managing the cost of living

More resources on Finder

Australian Military Bank Investment Plus People’s Choice Credit Union Term Investment

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6 Responses

CazJuly 19, 2023

I need to earn the best interest on 1Million for 3 months were would you suggest I do so

Finder

AlisonAugust 1, 2023Finder

Hi Caz, you can compare current term deposit rates here: https://www.finder.com.au/term-deposits

steveMarch 28, 2022

i put $5000 in a fixed term deposit with com bank in 1980
what would the value be now?

Finder

AlisonApril 6, 2022Finder

Hi Steve,

We’d suggest you get in touch with CommBank directly to speak about your term deposit account. Term deposits usually are opened for a maximum period of 5 years, after this, they may roll over into another term of the same length but with the current interest rate. Interest rates have changed a lot since 1980, so the rate that you were getting when you first opened the account wouldn’t be what you’re getting now.

I’d recommend speaking with CommBank directly.

Thanks,
Alison

JohnFebruary 10, 2018

I will soon be investing $98000.00. Where can I find the best term deposit with no fees for 24 months. Thanks

Finder

MayMarch 2, 2018Finder

Hi John,

Thanks for your inquiry.

Sorry for the delayed reply. Usually, term deposit accounts do not charge a fee, but some banks may charge fees. You can compare your term deposit options. I would suggest that you play with the calculator on top of the table on that page by entering your deposit and term of investment to be able to compare the results.

When choosing an account, it’s ways best to consider some factors like interest rates on the term deposit, what happens if you break the term of your deposit, any ongoing fees that may apply, etc. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

Cheers,
May

More guides on Finder

Compare term deposit rates from the Big Four banks
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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.
Historical term deposit interest rates
If you trying to decide on the best time to invest in a term deposit, start here. See the past interest rates on term deposits from 1985 until now.

Term deposit calculator

Use our free term deposit calculator to see how much interest you can earn. Plus, compare term deposits rates for July 2025.