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 January 23, 2020

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.

Want more? Compare all 87 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 Term Deposits Awards

Other savings options

Promoted

AMP

AMP

Saver Account

2.36% p.a. (for $0 to $250,000)

1.40% p.a.(for $0 to $5,000,000)

$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

CUA

CUA

eSaver Reward

2.00% p.a. (for $0 to $100,000)

0.05% 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

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

Bankwest

Bankwest

Hero Saver

1.85% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

Promoted

HSBC

HSBC

Serious Saver

2.35% p.a. (for $0 to $1,000,000)

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

$0.00

Promoted

IMB Bank

IMB Bank

Reward Saver Account

2.00% p.a. (for $5,000 and over)

0% 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

HSBC

HSBC

Serious Saver

2.35% p.a. (for $0 to $1,000,000)

0% 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

Suncorp

Suncorp

Growth Saver Account

1.95% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

IMB Bank

IMB Bank

Reward Saver Account

2.00% p.a. (for $5,000 and over)

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

$0.00

Promoted

Bankwest

Bankwest

Hero Saver

1.85% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

Promoted

CUA

CUA

eSaver Reward

2.00% p.a. (for $0 to $100,000)

0.05% 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

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

ANZ Term Deposit review
Overall 10/10
Great to deal with.

Investing my money in a safe and secure way is my number one priority. A Term Deposit was the obvious choice. The bank I chose is the one that I have been dealing with for a number of years. They always obtain the best interest rate for me and will remind me when the term that I selected previously is nearly due. I don't need to book an appointment to see the clerk and the staff are always very friendly and helpful.

Read full review

Investing my money in a safe and secure way is my number one priority. A Term Deposit was the obvious choice. The bank I chose is the one that I have been dealing with for a number of years. They always obtain the best interest rate for me and will remind me when the term that I selected previously is nearly due. I don't need to book an appointment to see the clerk and the staff are always very friendly and helpful.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Robyn, Queensland reviewed about 2 months ago
Suncorp Term Deposit review
Overall 10/10
Would highly recommend Suncorp to family.

I can ring Suncorp branch directly and staff will implement my request promptly. Great customer service.

Read full review

I can ring Suncorp branch directly and staff will implement my request promptly. Great customer service.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Alice, New South Wales reviewed about 1 month ago
Bank of us Term Deposit review
Overall 8/10
Great to deal with.

Staff are great.

Read full review

Staff are great.

Price
7/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Linda, Tasmania reviewed about 1 month ago