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.

Page last updated December 16, 2018

2 year 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.

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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

Bank of Queensland
Bank of Queensland term deposit review
Overall
8/10
Great

There are small problems like any other bank but I still find it not bad. When transferring money...

There are small problems like any other bank but I still find it not bad. When transferring money between accounts, there is great privacy and you feel safe.

Price
8/10
Features
10/10
Customer service
9/10
Convenience
7/10
Trust
7/10

Steven | New South Wales

reviewed 5 days ago

ME
ME term deposit review
Overall
10/10
Great customer service and competitive rates.

I like this bank because it offers great rates for a small investment. Setting up the term...

I like this bank because it offers great rates for a small investment. Setting up the term deposit was very straight forward and easy to organise, and if you need to make any alterations a simple phone call will suffice. I found the process easy and simple to complete.

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

Jill | New South Wales

reviewed 10 days ago

Bankwest
Bankwest term deposit review
Overall
9/10
Good old fashion customer service is impeccable.

Bankwest is a reputable bank from the west Australian people. They have great savings accounts...

Bankwest is a reputable bank from the west Australian people. They have great savings accounts that enables you to totally save money each and every month with a 2.2% interest rate fo their hero saver which is really impressive. However the term deposit was a bit of a let down because it took me 31 days to finally access my money.

Price
7/10
Features
5/10
Customer service
6/10
Convenience
1/10
Trust
10/10

Emmy | Western Australia

reviewed 10 days ago

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