Now in their fifth year, the Mozo Experts Choice Awards provide a platform to highlight products in the marketplace we believe offer great value to Australians.
For the 2018 term deposit awards, 76 term deposits from 71 financial institutions were compared by our money experts. The best term deposit for you will depend on the time that you want to lock up your funds for and the amount of money you have to invest.
For details on how we crunched the numbers and determined the award winners see our methodology report.
With the best performing product range across savings, term deposit and bank account categories , UBank took out the Savings Bank of the Year title by Mozo’s money experts for 2018.
Here’s the Mozo experts’ top term deposit picks for 2018. If you have money you’d like locked away at a fixed interest rate these accounts offer top value across a range of investment terms out of the 76 term deposits we compared for this year’s Experts Choice Awards.
Term Deposit
0.30% p.a.7 months
0.40% p.a.
0.65% p.a.
Term Deposit
0.35% p.a.10 months
0.40% p.a.
0.65% p.a.
Term Deposit
0.65% p.a.10 months
0.70% p.a.
0.70% p.a.
Term Deposit
0.40% p.a.3 months
0.50% p.a.
0.50% p.a.
Term Deposit
0.55% p.a.9 months
0.65% p.a.
0.65% p.a.
Term Deposit
0.55% p.a.6 months
0.55% p.a.
0.55% p.a.
Term Deposit
0.50% p.a.6 months
0.50% p.a.
0.50% p.a.
Term Deposit
0.80% p.a.7 months
0.90% p.a.
0.90% p.a.
Term Deposit
Major Bank Award
0.25% p.a.11 months
0.35% p.a.
0.25% p.a.
Want to invest for a short term? Here’s the list of winning accounts with the best value short term deposit rates according to Mozo’s money experts.
Term Deposit
0.75% p.a.6 months
0.80% p.a.
0.30% p.a.
Term Deposit
0.75% p.a.6 months
0.75% p.a.
0.30% p.a.
Term Deposit
0.40% p.a.9 months
0.45% p.a.
n/a
Every day Mozo keeps track of thousands of products in banking, energy and insurance.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers and in some awards categories, business customers. Providers don’t pay to be in the running and we don’t play favourites. Our Judges base their decision on hard-nosed calculations of value, using Mozo’s extensive product database and research capacity.
Experts Choice Awards are awarded to the top 10% of products that meet the selection criteria in each awards category.
We can’t guarantee that we compared every available term deposit in the market but our experts analysed 76 term deposits from 71 financial institutions to determine the winners list.
With a term deposit your funds are locked up for the term of your investment. A savings account is more flexible as you can add to the balance over time, but unlike a term deposit your interest rate will be variable which means it could go up or down at anytime.
If you want to avoid temptation locking up your money can be a good thing to help you save but be aware that if you need to take your money out before the full term you may need to pay a fee.
One of your deciding factors should really hinge on the interest rate being offered for your savings goal. If you’re going to get a better interest rate with your money in a savings account, why put your money in a term deposit and vice versa.
Mozo has been researching and comparing financial products since 2008, and thousands of Australians use our comparison services each month. Our research team is headed by our Data Services Director and our Product Data Manager who have over 50 years of financial services experience and 23 years in online financial comparison.
Our awards methodology report is available for you to read, which includes information on the criteria for each award category in the Deposits award.
Please get in touch with us to discuss by emailing or phoning our advertising sales team on 02 9037 4368.