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.

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Page last updated November 22, 2019

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.

  • Promoted

    Term Deposit

    2.00% p.a.
    2 years

    $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

    1.15% p.a.
    2 years

    $5,000

    With a minimum investment of $5,000 you can enjoy the certainty of fixed returns over your investment term. Choose the length of term from one month to five years. Receive interest payments monthly, quarterly, half yearly or annually on selected terms.

    • $99,999.00

    • no

    • yes

    Read our Mozo Review to learn more about the ANZ 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

2.00% p.a. (for $0 to $150,000)

0.30% 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

ANZ

ANZ

Progress Saver

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

0.01% 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

MyState Bank

MyState Bank

Bonus Saver Account

2.00% p.a. (for $0 to $150,000)

0.30% 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

ANZ

ANZ

Progress Saver

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

0.01% 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

2.00% p.a. (for $0 to $150,000)

0.30% p.a.(for $0 and over)

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.

What is a 2 year term deposit?

A 2 year term deposit is a long term deposit and an ideal way to stash your funds while you earn interest on it for an extended period of time. It’s a good option for people looking to lock their money away and watch their balance grow, while they save for something big like a home deposit or renovation.  

How much can I deposit?

Deposit limits vary from bank to bank but the minimum deposit is usually $1,000. All balance limits are indicated in our 2 year term deposit comparison table or find specific providers limits using our Term Deposits Search Engine.

When will I receive my interest payment?

Depending on which bank you are with, you may receive interest payments monthly, quarterly, six monthly, annually or at maturity. In most cases, receiving your interest more often is beneficial because once you are paid your interest you can start making compound interest on those earnings. Alternatively, most banks give you the option to receive your interest payments in a separate bank account, so that you can use your earnings right away. Read our term deposit reviews to see different providers’ interest rates and features.

Can I access my money before my 2 year term deposit matures?

Like with all other term deposits, accessing your funds before your term matures is not recommended as there are potential heavy early withdrawal costs. If you feel that you will need access to your money over the two-year period, it may be worth considering a high interest savings account instead as they have minimal restrictions and no fees when it comes to withdrawal.

Am I able to deposit more money over the 2 years?

Because a term deposit is designed to accumulate interest on your initial deposit, you can’t keep adding funds to your balance. Once the deal is sealed, you are locked in to the same amount of money (plus your interest earnings) until your term deposit has matured.

What fees will I pay?

When you set up a 2 year term deposit you won’t be slapped with any initial or ongoing account-handling fees. Keep in mind that if you opt to withdraw your money early, you could be hit with a huge penalty fee and cut your interest rate. Similarly, be aware that some banks allow partial withdrawal while others require a full withdrawal of your deposited amount.

Term Deposit Reviews

UBank
UBank Term Deposit review
Overall
8/10
Great rates, but everything has to be done online.

Great rates, but everything has to be done online.

Great rates, but everything has to be done online.

Price
10/10
Features
7/10
Customer service
4/10
Convenience
5/10
Trust
9/10

Roman | Victoria

reviewed 2 days ago

Westpac
Westpac Term Deposit review
Overall
7/10
Not the best interest rates.

Good customer service from local branch manager.

Good customer service from local branch manager.

Price
4/10
Features
6/10
Customer service
7/10
Convenience
8/10
Trust
8/10

Karen | South Australia

reviewed 3 days ago

Commonwealth Bank
Commonwealth Bank Term Deposit review
Overall
9/10
Competitive rates and excellent customer service.

This bank provided the highest rate possible for the length of time I wanted it to and it gives a...

This bank provided the highest rate possible for the length of time I wanted it to and it gives a very good return so I was happy. Just like everything, read the paperwork and make sure you understand it fully as bank jargon can be tricky to comprehend at times.

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

Roseann | Victoria

reviewed 4 days ago