2 year term deposits

If you’ve got long term goals (like buying a house) and you’re starting to accumulate some serious cash, a two year high interest earning term deposit can help you grow your savings faster and keep your nest egg safely out of temptations reach.

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How long will it take me to save enough to put a deposit on my first home?

The time it takes to save for a deposit on your first home varies person to person based on how much you can comfortably put aside each week, and how disciplined you are about not touching those savings. Give our savings calculator a spin to see how soon you’ll be ready to buy your first home, and find out how to save more with our budget calculator.

What happens if I need to get my money out sooner?

Think carefully before pulling your money out of a term deposit prematurely and subjecting yourself to term deposit ’break fees’ they could cost you between 40% and all of your interest earnings. Don’t do it unless it’s a real emergency. Before you lock in a two year term, check out popular rates for 1 year and 6 month term deposits.

Does the interest payment frequency really matter?

Absolutely! Generally, being paid more frequently is better, as once the interest is yours you can then earn interest on that interest (this is called compounding interest.) The more frequently your interest is paid, the faster it will grow. Let us do the math for you with our handy term deposit calculator.

2 year term deposit comparisons on Mozo - rates updated daily

Want more? Compare all 81 term deposits in the Mozo comparison engine.

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

Term Deposit Resources

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

Term Deposit Reviews

Suncorp
Suncorp term deposit review
Overall
7/10
Alright

Suncorp's Term Deposit's rate is fair.

Suncorp's Term Deposit's rate is fair.

Price
-1/10
Features
-1/10
Customer service
7/10
Convenience
7/10
Trust
7/10

Christian | New South Wales

reviewed about 12 hours ago

Commonwealth Bank
Commonwealth Bank term deposit review
Overall
8/10
Good

I'm very happy with my term deposit at CommBank.

I'm very happy with my term deposit at CommBank.

Price
8/10
Features
8/10
Customer service
6/10
Convenience
7/10
Trust
8/10

Rl | New South Wales

reviewed about 14 hours ago

Suncorp
Suncorp term deposit review
Overall
9/10
Convenient internet banking

Rates are really bad for investors at the moment but Suncorp's rates are relatively competitive ....

Rates are really bad for investors at the moment but Suncorp's rates are relatively competitive . I do everything online so I seldom need to go to a branch which is totally convenient.

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

Joy | New South Wales

reviewed about 15 hours ago

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