2 year term deposits

2 year term deposits

If you’ve got long term goals like buying a house and you’re starting to accumulate money in your regular bank account, a two-year term deposit can help you grow your savings and keep your nest egg safely out of temptations reach. Weigh up your options by comparing interest rates of  2-year term deposits below.

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2 year term deposit comparisons on Mozo - last updated 19 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
    1.20% p.a.
    2 years
    $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
    0.50% p.a.
    2 years
    $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.
    2 years
    $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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    Details
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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.90% p.a.
    2 years
    $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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    Details
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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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    Details
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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

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.

What will the interest rate be like?

Two year term deposits are usually considered 'long' term deposits, meaning you will generally receive a higher interest rate than you might with a shorter, six month term deposit. Of course, with that in mind, it is still a good idea to shop around to make sure you get a competitive two year term deposit interest rate. Check out Mozo's Term Deposits Interest Rates information page for more information on current term deposit rates.

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.

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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.

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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