12 Month Term Deposit Rates Compared

Unimpressed by the stormy investment seas? Don’t put your cash under the mattress - make it work hard for you with a high interest term deposit. After all, where interest is concerned more is more.

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What happens when the 1 year term deposit period is finished?

After your term deposit period is finished you’ll be able to access your money and the interest you’ve earned. At this point,you could sign up again for another term deposit, transfer the cash into other investments or just spend it and enjoy your interest earnings. Some banks will also give you the option of automatic rollovers so you can continue to receive high interest until you make up your mind. Want more info? Check out our guide, Term Deposit Features.

Does it matter if interest is paid monthly, quarterly or at the end of term?

It sure does! Interest is usually calculated daily, so the sooner that money is yours (ie the more frequently you’re paid) the sooner it can be in your account working hard for you and earning you more interest. Do pay attention to the payment frequency as it can really add up! Spot the difference that payment frequency will make with our term deposit calculator.

How do I get a 12 month high interest term deposit? Can I apply online?

It’s really simple to do just like opening a bank account. Once you’ve found the best bank term deposit that best suits your needs simply click the ’go to site’ button and you’ll be guided through an easy online application.

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Page last updated November 16, 2019

12 month term deposit comparisons on Mozo - rates updated daily 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.

  • Promoted

    Term Deposit

    2.00% p.a.
    1 year

    $1,000

    Safe & Rewarding: Great rates and incentives incl. 0.10% added loyalty bonus and while Judo Bank Term Deposits work for you, they work for Aussie businesses too. All eligible deposits you have with Judo Bank up to $250,000, are guaranteed by the Australian Government under the Financial Claims Scheme.

    • $1,000,000.00

    • yes

    • yes

    Read our Mozo Review to learn more about the Judo Bank Term Deposit

    Details Close

  • Promoted

    Term Deposit

    1.60% p.a.
    1 year

    $1,000

    No fees whatsoever. Choice of a 1, 3, 4, 6, 9 or 12-month term for deposits from $1,000 - $2 million

    • $2,000,000.00

    • Yes

    • Yes

    Read our Mozo Review to learn more about the UBank Term Deposit

    Details Close

Want more? Compare all 85 term deposits in the Mozo comparison engine.

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

^See information about the Mozo Experts Choice Awards for Term Deposits

Other savings options

Savings Accounts

Promoted

UBank

UBank

USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

$0.00

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.25% p.a. (for $0 to $150,000)

0.55% p.a.(for $0 and over)

$0.00

Promoted

Suncorp

Suncorp

Growth Saver Account

1.95% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

AMP

AMP

Saver Account

2.36% p.a. (for $0 to $250,000)

1.40% p.a.(for $0 to $5,000,000)

$0.00

Promoted

Rabobank

Rabobank

High Interest Savings Account

2.50% p.a. (for $0 to $250,001)

1.05% p.a.(for $0 to $250,001)

$0.00

Promoted

ANZ

ANZ

Online Saver

1.60% p.a. (for $0 and over)

0.10% p.a.(for $0 and over)

$0.00

Promoted

Citi

Citi

Online Saver

2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

$0.00

Promoted

CUA

CUA

eSaver Flexi

No Current Offer

1.30% p.a.(for $0 and over)

$0.00

Promoted

UBank

UBank

USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

$0.00

Promoted

AMP

AMP

Saver Account

2.36% p.a. (for $0 to $250,000)

1.40% p.a.(for $0 to $5,000,000)

$0.00

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.25% p.a. (for $0 to $150,000)

0.55% p.a.(for $0 and over)

$0.00

Promoted

Suncorp

Suncorp

Growth Saver Account

1.95% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

Rabobank

Rabobank

High Interest Savings Account

2.50% p.a. (for $0 to $250,001)

1.05% p.a.(for $0 to $250,001)

$0.00

Promoted

ANZ

ANZ

Online Saver

1.60% p.a. (for $0 and over)

0.10% p.a.(for $0 and over)

$0.00

Promoted

Citi

Citi

Online Saver

2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

$0.00

Promoted

CUA

CUA

eSaver Flexi

No Current Offer

1.30% p.a.(for $0 and over)

$0.00

Promoted

UBank

UBank

USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.25% p.a. (for $0 to $150,000)

0.55% p.a.(for $0 and over)

Promoted

AMP

AMP

Saver Account

2.36% p.a. (for $0 to $250,000)

1.40% p.a.(for $0 to $5,000,000)

Promoted

Suncorp

Suncorp

Growth Saver Account

1.95% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

Promoted

Rabobank

Rabobank

High Interest Savings Account

2.50% p.a. (for $0 to $250,001)

1.05% p.a.(for $0 to $250,001)

Promoted

Citi

Citi

Online Saver

2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

Term deposit resources

Reviews, news, tips and guides to help find the best term deposit for you.

About 12 month term deposits

A year might seem like a very long time but rest assured, if you've done your homework, investing in a 12 month term deposit can work in your favour to maximise your wealth. A term deposit is where the interest rate is guaranteed not to change therefore your savings grow over the year. If you have a long term savings goal perhaps for a house or an overseas holiday, a 12 month term deposit is a good way to achieve those financial ambitions.

The key features of a 12 month term deposit?

Locking your savings away for a whole year may seem a little daunting, as a lot can happen in 12 months with the market and your personal financial situation. So take the time to consider the following features before taking the leap into the world of term deposits.

  • Interest Rate: Unlike a home loan where you choose between a variable or fixed interest rate, a term deposit is always locked in and guaranteed not to change. The interest rate offered on a 12 month term deposit is generally higher than a three or six month term deposit. Also, the more money you're going to invest the better the rate. For the best one year term deposit interest rates in Australia, search the Mozo database right here.
  • Terms: This refers to the duration of your term deposit, how long you will invest the funds. A 12 month term deposit is regarded as a short-term deposit. Anything longer than a year is considered long-term. Have a look at Mozo's in-depth list of long-term deposits.
  • Amount: The banks want your money! The minimum deposit amount is $1000 and there's no upper limit.
  • Fees: Believe it or not, it doesn't cost a cent to open a term deposit. But if you break the term deposit before the end of the fixed term, you might have to pay break cost fees.

Is a 12 month term deposit right for you?

Do you have a large amount of cash you're not sure what to do with? Are you someone that doesn't like taking risks and would rather take a conservative approach when it comes to money? If so, a 1 year term deposit may just suit you and your savings.

Fair enough though if you feel a little scared at the thought of opening up a one year term deposit, especially given you can't access the funds over the term without penalties. So it's important to do a budget that ensures you can survive a year without the funds in your term deposit. Also make sure you have an emergency stash of cash to avoid penalties for dipping into the deposit before maturity.

Crunch some numbers in the Mozo savings goal calculator.

More FAQs about 1 year term deposits 

When will interest be paid on a one year term deposit?

Interest can be paid monthly, quarterly, bi-annually, annually or on maturity. Discuss the options with your bank.

How is the interest paid?

Usually via direct credit into your nominated account. In some cases the financial institution that holds your term deposit may pay the interest to another bank of your choice.

How many term deposits can I have?

As many as you like, there's no limit.

How much money do I need to open a 12 month term deposit?

A minimum of $1000.

How much does it cost to open a term deposit?

It's free!

How do you deposit money into a term deposit account?

The financial institution can debit funds directly from your nominated bank account or you can transfer funds into a new term deposit

Can I open a twelve month term deposit online or will I need to go into a bank? 

In most cases, the beauty of the online world allows you to open a term deposit with the click of a few buttons but you may have to visit branch

Can I deposit money into my account during the term?

You can't make additional deposits until the term has ended

Can I dip into my account before maturity?

Yes but it will come at a cost! Do everything you can to avoid the early withdrawal penalty.

Is my money safe in a term deposit?

The Australian Government guarantees term deposits of up to $250,000 with Authorised Deposit-taking Institutions (ADIs) such as your bank, credit union or building society. So your pennies up to this amount are safe if anything unexpected happens to your ADI.

What happens at the end of the 12 months?

Withdrawal your money and go on a shopping spree, rollover your funds for another term or reinvest your funds once you've found a higher interest rate.

Useful Tools

Term Deposit Reviews

Bendigo Bank
Bendigo Bank Term Deposit review
Overall
10/10
Great company and service

I have term deposits with the bank and at maturity they can always match the current interest...

I have term deposits with the bank and at maturity they can always match the current interest rates with other banks and always make the customer happy.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Ferida | South Australia

reviewed about 17 hours ago

St.George
St.George Term Deposit review
Overall
5/10
Competitive.

Bank is easily accessible and have friendly staff.

Bank is easily accessible and have friendly staff.

Price
5/10
Features
5/10
Customer service
7/10
Convenience
8/10
Trust
8/10

Shirley | New South Wales

reviewed 5 days ago

Bendigo Bank
Bendigo Bank Term Deposit review
Overall
10/10
Good rates and great customer service.

I opened a term deposit some time ago and when it came up for renewal they were able to offer a...

I opened a term deposit some time ago and when it came up for renewal they were able to offer a special interest rate that was higher than want was sent to me in the mail. Was pleased with the staff for telling me about it and giving me the best rate possible. It is up for renewal again in December and hope they can again give me a good rate. I like that I can drive 5 minutes or walk 15 minutes to a branch to discuss in person, and they fill all the details out for me.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Linda | Victoria

reviewed 8 days ago