Best rate (up to 1 year)
3.05% p.a.1 year
Minimum deposit
Interest paid to another bank?

Mozo editorial review Gateway Bank Term Deposit - last updated: 8 July 2022

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What's hot
  • 2022 Mozo Experts Choice Award winner
  • 3.05% interest on 1-year term
  • Flexible interest payment timeframes
What's not
  • Penalties for withdrawing funds early
Mozo snapshot

If you’re looking to stash your cash away for a while, letting it accumulate interest earnings while you’re not dipping into the funds, the Gateway Bank Term Deposit could be for you. You can earn solid rates on a range of timeframes – from 3 months to 5 years – but you can score the top rate of 3.05% right now on the 1-year term. The account also picked up a 2022 Mozo Experts Choice Bank Accounts and Savings Award in the best Term Deposit category.  

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Key features

While term deposit accounts aren’t as flexible as a savings account when it comes to dipping into funds, there are some banking providers that keep these accounts as flexible as possible. Gateway Bank does a great job of this with its term deposit account which allows interest to be paid monthly, 6-monthly, annually or at maturity. 

The interest earnings can be sent to any of your other accounts (whether they’re with Gateway or not) and there are no set-up or ongoing monthly fees. Of the various terms you can lock away your savings for, the 1-year option offer the highest interest return of 3.05%. Other time frames remain relatively competitive, between 0.65% and 2.70% depending on the term. Plus, Gateway’s online banking platform means you can open and manage your term deposit entirely digitally.

You can nominate what you’d like to do with the funds once the term is up, which can include having it sent to a nominated account, paid to you by cheque or rolled over with Gateway for another term. It’s always important to compare term deposits at this time to ensure you’re still getting a competitive rate.

You will also need to remember that penalties which can impact the interest you receive may apply if you withdraw your funds before the agreed-upon term. If you’d like to open this account with Gateway, you’ll need a balance of at least $1,000. 

Who is it good for

Keen online bankers looking to lock away their savings for the medium-term in order to reap greater rewards.

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Any catches

Early withdrawal penalties do apply. Generally, the longer portion of the term you serve, the lower the penalty will be.


Rates and fees information correct as at 14 August 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

1.80% p.a. ($1,000+)

0.70% p.a. ($1,000+)

0.70% p.a. ($1,000+)

2.60% p.a. ($1,000+)

1.20% p.a. ($1,000+)

2.70% p.a. ($1,000+)

1.10% p.a. ($1,000+)

3.05% p.a. ($1,000+)

1.60% p.a. ($1,000+)

1.60% p.a. ($1,000+)

0.65% p.a. ($1,000+)

0.65% p.a. ($1,000+)

Other financial bits






Early withdrawal penalty applies. Penalty differs with length of term served. The longer served, the less penalty.

No set up or monthly service fees. Interest calculated daily, can be paid monthly, 6 monthly or at maturity. Ethical Investment Policies in place. Deposits up to $250,000 are guaranteed by the Australian Government Deposit Guarantee.

Different interest rates apply to different amounts or different interest payment frequencies.

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About Gateway Bank