12 month term deposits

12 Month Term Deposit Rates Compared

Longer term deposits mean there’s no good reason to put your cash under the mattress. Lock your interest rate in for a 12 month period and boost your savings balance. Minimum investment amounts apply with a term deposit and some banks will also give you the option of automatic rollovers after one year is up. Start comparing term deposits now.

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12 month term deposit comparisons on Mozo - last updated 17 April 2021

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    1.05% 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 2021 for Term Deposits.

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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.75% p.a.
    1 year
    $10,000
    Yes up to $250,000

    $0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.

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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.90% p.a.
    1 year
    $1,000
    Yes up to $250,000

    Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.

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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.85% p.a.
    1 year
    $5,000
    Yes up to $250,000

    Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.

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    Details

^See information about the Mozo Experts Choice Term deposits Awards

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

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.

Compare other savings options

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
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    AMP Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.25% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of at least $250.

    Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

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    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

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    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    $0 monthly account fee. Link to any Australian bank account.

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    Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

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    Flexi Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.25% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

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    Details

^See information about the Mozo Experts Choice Savings accounts Awards

Term deposit resources

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

FAQ

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.

What interest rates can you get with a 12 month term deposit?

If you shop around, you can generally find a higher interest rate with twelve month term deposits. While the rates on offer for a twelve month term deposit may not be quite as high as what is offered with a five year term deposit, you will, more often than not, be able to find a rate higher than what is offered with a shorter, three or six month term. So it's really up to you and your individual needs, as to whether you want to opt for a shorter term deposit with a lower interest rate, where you can access your funds sooner, or a longer term deposit where your money will be locked away for a considerable period of time, but will most probably benefit from a higher interest rate. Check out Mozo's Term Deposits Interest Rates information page for more information on term deposit rates available right now.

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.

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JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

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

CUA Term Deposit review
Overall 1/10
Beware of CUA.

I was recently with CUA as I was extremely hopeful that it would be a good bank to deal with, but after a week I left and was charged $20 after 5 days being with them. I was first told I'd receive a certain rate over the phone by a saleswoman, so it took me a day to transfer everything into CUA. Then the next day I spoke to another person and they had no records that I spoke to someone, even though I presented screenshots of my mobile that I spoke to someone there - they didn't believe me. Then they said they had to investigate and both phone service person, online and a bank manager told me they'd get back to me the next day. After 2 days of calling, leaving messages. A 2nd person got back to me but it was too late, I received a better rate from another bank and then decided to leave after 4 days of being run around. I was unfortunately charged $20 for being with them under 5 days.

Read full review

I was recently with CUA as I was extremely hopeful that it would be a good bank to deal with, but after a week I left and was charged $20 after 5 days being with them. I was first told I'd receive a certain rate over the phone by a saleswoman, so it took me a day to transfer everything into CUA. Then the next day I spoke to another person and they had no records that I spoke to someone, even though I presented screenshots of my mobile that I spoke to someone there - they didn't believe me. Then they said they had to investigate and both phone service person, online and a bank manager told me they'd get back to me the next day. After 2 days of calling, leaving messages. A 2nd person got back to me but it was too late, I received a better rate from another bank and then decided to leave after 4 days of being run around. I was unfortunately charged $20 for being with them under 5 days.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Jo, New South Wales, reviewed about 1 month ago
ANZ Term Deposit review
Overall 10/10
Amazing

I love this bank as they care about their customers and have a wide variety of banking products

Read full review

I love this bank as they care about their customers and have a wide variety of banking products

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Christelle, Western Australia, reviewed about 1 month ago
ANZ Term Deposit review
Overall 10/10
Super Amazing service with a truly personal touch!

A holistic banking experience that is smooth and seamless, Timely and accurate financial transactions that are effortless. Dealing with ANZ provides flexibility, convenience and ease, Smart apps and web tools making online assistance a breeze. Totally transparent with banking terms and terminology, Term deposits are managed efficiently and excellently. Reaching out to me in a timely manner upon request, Taking time to provide financial advice that are the best! Though choosing between banking options can be daunting, ANZ is always patient with information that's 100% enlightening. On-time transaction updates available through secure web presence, Instilling confidence in the technology's integrity, privacy and resilience. Cares for me as a customer with my banking and financial needs, Supporting my financial wellbeing with sound replies and speed!

Read full review

A holistic banking experience that is smooth and seamless, Timely and accurate financial transactions that are effortless. Dealing with ANZ provides flexibility, convenience and ease, Smart apps and web tools making online assistance a breeze. Totally transparent with banking terms and terminology, Term deposits are managed efficiently and excellently. Reaching out to me in a timely manner upon request, Taking time to provide financial advice that are the best! Though choosing between banking options can be daunting, ANZ is always patient with information that's 100% enlightening. On-time transaction updates available through secure web presence, Instilling confidence in the technology's integrity, privacy and resilience. Cares for me as a customer with my banking and financial needs, Supporting my financial wellbeing with sound replies and speed!

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Melly, Victoria, reviewed about 1 month ago

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