Your selected term deposits
Mozo compares term deposit interest rates from 70 banks, mutual banks and credit unions in Australia, helping you find the right account for your investment needs.
5.10% p.a.
6 months
$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected term deposits
4.90% p.a.
5 months
$1,000
Yes up to $250,000
Invest from as little as $1000. No monthly fees. Interest is paid at maturity. Range of terms available from 1 month to 3 years. Manage via online banking or via app.
Invest from as little as $1000. No monthly fees. Interest is paid at maturity. Range of terms available from 1 month to 3 years. Manage via online banking or via app.
Read our Mozo Review to learn more about the BCU Bank Standard Term Deposit
Your selected term deposits
5.10% p.a.
6 months
$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Your selected term deposits
4.95% p.a.
6 months
$10,000
Yes up to $250,000
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Read our Mozo Review to learn more about the ING Term Deposit
Your selected term deposits
4.90% p.a.
1 year
$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected term deposits
4.89% p.a.
6 months
$25,000
Yes up to $250,000
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
Read our Mozo Review to learn more about the Heartland Bank Term Deposit
Your selected term deposits
4.75% p.a.
6 months
$1,000
Yes up to $250,000
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
Read our Mozo Review to learn more about the Newcastle Permanent Term Deposit
Your selected term deposits
^See information about the Mozo Experts Choice Term deposits Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Read our Mozo Review to learn more about the Macquarie Savings Account
Your selected term deposits
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Read our Mozo Review to learn more about the ING Savings Maximiser
Your selected term deposits
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
Your selected term deposits
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Read our Mozo Review to learn more about the BCU Bank Bonus Saver
Your selected term deposits
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Read our Mozo Review to learn more about the ING Savings Accelerator
Your selected term deposits
Consumer confidence has been a bit unsteady with most Aussies needing to tighten their belts, meaning saving money has been a more prominent aspect of household budgets.
Term deposits are getting some attention from savers, but providers have gradually consolidated long-term rates downwards for the past few months. This trend is likely due to current economic predictions which estimate that the Reserve Bank will cut the official cash rate in the latter half of next year.
In response to current economic indicators, many providers have been cutting term deposit rates for longer terms while maintaining more competitive rates for shorter terms, particularly around the 1-year mark.
Perhaps not surprisingly then, 1-year term deposit rates in our database are currently the highest on average.
At the moment, only short terms (namely 4 through to 12 month deposits) are offering 5% or higher rates†, according to the Mozo database.
Term deposit length | Average term deposit rates | Highest term deposit rates |
3 months | 3.92% p.a. | 4.95% p.a. from Gateway Bank |
6 months | 4.35% p.a. | 5.10% p.a. from Australian Unity |
9 months | 4.27% p.a. | 5.05% p.a. from Australian Unity |
1 year | 4.47% p.a. | 5.00% p.a. from G&C Mutual Bank |
2 years | 3.93% p.a. | 4.70% p.a. from Heartland Bank |
3 years | 3.76% p.a. | 4.65% p.a. from Community First Bank |
4 years | 3.59% p.a. | 4.50% p.a.from Heartland Bank |
5 years | 3.61% p.a. | 4.60% p.a. Rabobank Bank |
If you’re comparing term deposits, make sure to keep the minimum deposit in mind. They generally vary from $1000, $5000, and some are even as large as $25,000.
†Interest rates based on personal term deposits at $25,000 in the Mozo database. Correct as at 1 October 2024.
A term deposit is a savings product that offers savers a fixed rate of interest for a set period of time. These accounts offer an alternative to regular savings accounts, allowing you to put your money away and earn a guaranteed return.
Term deposits can be anywhere from 1 month to 5 years and the interest rates offered on terms will vary between providers. Since your funds are committed to the term deposit, accessing your money usually requires advance notice to the bank (such as 31 days) or incurs an early withdrawal fee.
When you compare term deposits, you’ll want to keep a couple of factors in mind such as:
Interest rates: the higher the rate the more interest you’ll earn
Deposit terms: the length of time your money will be invested for
Minimum deposit amounts: how much money you’ll need to invest up front.
While term deposits are typically pretty similar to one another, some have minimum and maximum deposit amounts. For example, some term deposits require you to have a minimum $1,000 deposit, whereas for others you need to have at least $25,000.
Use Mozo’s term deposit calculator to find out how much interest you could earn on any given rate and term.
Since the Reserve Bank of Australia (RBA) has slowed down its interest rate push as inflation (CPI) eases, the highest term deposit interest rates have slowly been chipped down. Recent months have seen both short and long term rates performing better than most medium term (2 and 3 year) rates.
Check out the term deposit snapshot above for a breakdown of the top rates across each term.
All term deposits listed on Mozo’s website are covered under the Australian government’s Financial Claims Scheme, as they’re provided by Authorised Deposit-taking Institutions (ADIs).
This means the government will guarantee your deposit worth up to $250,000 per person, per deposit product, if the bank goes bankrupt or can’t pay you back.
Even if you find a good term deposit, there are a number of advantages and disadvantages you’ll want to consider before signing up.
Pros |
Cons |
|
|
For a more in-depth breakdown, check out our guide on the pros and cons of term deposits.
If you’re deciding between a term deposit or a savings account, it’s helpful to take a look at a side-by-side comparison of the two similar, but also very different, savings products.
Term deposits |
Savings Accounts |
|
Access your money at any time? |
✗ |
✔ |
Fixed rate of interest? |
✔ |
✗ |
Guaranteed rate of return? |
✔ |
✗ |
Make additional deposits? |
✗ |
✔ |
Safe (covered by FCS)? |
✔ |
✔ |
Typically requires a linked transaction account? |
✗ |
Sometimes |
Typically requires minimum starting deposit requirements? |
✔ |
Sometimes |
For a full breakdown of the differences, check out our savings account vs term deposit guide.
Put your savings under lock & key, reducing the urge to dip into them!
Fixed interest rates!
You can save up for an event happening in 3, 6 or even 12 months time.
You won’t be able to access your money at a moment’s notice.
You won’t benefit from interest rate rises.
You can access your funds at any time.
You might benefit from interest rate rises.
Your interest rate may go down, if market interest rates go down.
You might be tempted to dip into your stash.
So happy to lock your funds away and watch the interest grow?
Well a term deposit could be for you!
Or, keen to grow your savings stash but need access to your funds at a moment’s notice?
Maybe consider a savings account!
Happy saving!
The 2024 Mozo Experts Choice Awards uncovered the best term deposits in Australia, based on the banks that consistently offered the highest interest rates to their customers. Among the best in 2024 are:
If you need access to your funds before the maturity date of your term deposit, it is possible to break the account. Firstly, you will need to give the bank 31 days notice and secondly you will likely be required to pay an early withdrawal fee. For more detailed information, see our term deposit early termination guide.
The 31 day notice period applies if you want to withdraw money from your term deposit prior to the maturity date. This is a regulation that was introduced by the Australian Prudential Regulation Authority (APRA) requiring customers to give banks 31 days advance notice. Even if you provide 31 days notice, you may still need to pay an early withdrawal fee or penalty.
You will generally need to be a resident for tax purposes to be able to open a term deposit with an Australian bank. Banks will generally also require you to be at least 18 years old to open a term deposit. If you are under 18, it might be possible to open a joint account with a parent or guardian.
Yes, the interest earned on a term deposit is considered income and you’ll need to include this on your tax return for the financial year in which it was paid. It is a good idea to speak with your accountant or financial advisor about your specific tax situation, especially if you are investing a large amount of money.
At the moment, some of the leaders in a few term categories are offering rates around 5%. To find out some of the highest rates of the month, check out our article on how term deposit rates are doing.
Term deposits can be worth considering if you're looking for a low-risk, guaranteed return on your savings. They can be good if you have a lump of cash you don't need to access for a while and want to lock in a good rate before rates fall. However, this is a double edged sword as you may miss out on rising interest rates too.
Very easy to have your accounts all in the one place and to use the online system.
Read full reviewVery easy to have your accounts all in the one place and to use the online system.
More term deposit reviews
Your selected term deposits
