Stats crunched by Mozo Experts
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76Term Deposits
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76Australian Financial Institutions
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1Awards Categories
Term deposits are a popular savings option if you have a lump sum and are happy to lock it away for a set period of time, in exchange you’ll get a higher interest rate than if it was in a regular bank account. But with hundreds of term deposits available, finding the best one for your needs can be time consuming.
That’s where these awards come in. We compare a long list of term deposits and award those that stand out from the crowd for best value, making this the perfect place for you to begin your term deposit search.
Standout Winners
Term Deposit
A generous 105 term deposit accounts were considered for this award. Only providers that consistently offered some of the best interest rates across short, medium, and long term investment options took home a Mozo Experts Choice Award.
Congratulations to:
AMP Bank, Bank Australia, Challenger, G&C Mutual Bank, ING, Judo Bank, MOVE Bank, and Rabobank
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Term Deposit
- Interest Rate
- 5.05% p.a.
- Minimum Deposit
- $5,000.00
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Term Deposit
- Interest Rate
- 4.90% p.a.
- Minimum Deposit
- $10,000.00
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Term Deposit
- Interest Rate
- 4.85% p.a.
- Minimum Deposit
- $500.00
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Term Deposit
- Interest Rate
- 4.75% p.a.
- Minimum Deposit
- $1,000.00
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Term Deposit
- Interest Rate
- 5.15% p.a.
- Minimum Deposit
- $25,000.00
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Term Deposit
- Interest Rate
- 5.05% p.a.
- Minimum Deposit
- $1,000.00
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Term Deposit
- Interest Rate
- 4.90% p.a.
- Minimum Deposit
- $5,000.00
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Term Deposit
- Interest Rate
- 5.10% p.a.
- Minimum Deposit
- $1,000.00
What are the Mozo Experts Choice Awards?
Now in their eleventh year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.
For the 2024 Term Deposit awards, we analysed 76 term deposits issued by 76 Australian financial institutions.
“Finding the best term deposit can be tricky as there are so many terms and options available, and with the rate spike of the last year, you want to be sure you’re getting the most bang for your buck," Mozo Experts Choice Awards Judge Peter Marshall said.
“To help make this less daunting for everyday Australians, we developed a method for identifying the term deposit accounts that are most likely to have better rates. Our award winners serve as a great place to start whether you want to lock your money away for a few months or a few years. “
For details on how we crunched the numbers and determined our winners, see the 2024 Mozo Experts Choice Term Deposits Awards methodology report.
Our Expert Judges
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
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AJ Duncanson
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Peter Marshall
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Meredith Allan
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George Hirst
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Rumpa Saha
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Afia Asha
FAQs
How do I choose the best term deposit account for me?
The best term deposit for your savings depends on how much money you have to lock away, and the length of term you’re willing to commit to. Check out our winners list to set you on the right foot in choosing the term deposit that might be right for you.
What’s the Judging Criteria for the awards?
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our Mozo Experts Choice Term Deposit Awards methodology report for more detailed information on how we performed product comparisons and determined the final Term Deposit Award winners for 2024.
Did you compare all term deposits in the market for these awards?
For the Mozo Experts Choice Awards, we aim to include most term deposit providers in the market. However, not every financial institution or product on the market will be included in our review. Any product we review must be available in the market at the time of our analysis.
Who are the Mozo Experts?
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Mozo's Financial Services Specialist he contributes to the team of analysts that gather information and compare products every day, and oversees the calculations and data quality used for producing the Mozo Experts Choice Awards.
I work for a financial institution, how do we promote our win?
Please get in touch with us to discuss by email should you have any queries.