Your selected term deposits
Got long term goals like buying a house? A two-year term deposit can help you grow your savings with a better interest rate. Compare two-year term deposits below!
4.70% 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 2024^ for Term Deposits.
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 2024^ for Term Deposits.
Read reviews and learn more about Judo Bank term deposits
Your selected term deposits
3.80% p.a.
2 years
$5,000
Yes up to $250,000
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
Read reviews and learn more about P&N Bank term deposits
Your selected term deposits
4.70% p.a.
2 years
$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Your selected term deposits
3.30% p.a.
2 years
$5,000
Yes up to $250,000
Read reviews and learn more about Bendigo Bank term deposits
Your selected term deposits
^See information about the Mozo Experts Choice Term deposits Awards
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.
A 2 year term deposit is a type of long term deposit that offers a great way to stash your funds and watch them grow. It's an ideal option if you're saving for something big, like a home deposit or a renovation project.
The key feature of a 2 year term deposit is its fixed interest rate. When you lock in your deposit, the interest rate is set for the entire 2 year period. This means that regardless of what happens to term deposit or cash rates, the interest rate on your deposit will remain the same for those 2 years.
The amount you can deposit varies between banks, but here are some general guidelines:
Minimum deposits usually range from $1,000 to $5,000.
Some providers cap the maximum initial deposit for certain rates.
Larger deposits may be open to negotiation, but often at a lower interest rate.
Two year term deposits are usually considered 'longer' term deposits, which means they generally offer higher interest rates compared to shorter terms, like six month deposits.
However, due to the RBA keeping the cash rate steady for 2024 and inflation remaining somewhat sticky, shorter terms have been offering the highest rates in our database.
For up-to-date information on current term deposit rates, visit our Term Deposits main page.
Generally, term deposit interest is paid monthly, annually, or at maturity—although this can vary depending on the bank.
In most cases, receiving interest more frequently (like monthly) can be beneficial as it allows you to start earning compound interest on those payments. However, keep in mind that opting for more frequent payments might result in a slightly lower interest rate to offset the compounding effect.
Some banks also offer the option to have your interest payments deposited into a separate bank account, allowing you to use your interest right away as supplemental income.
While you can access your funds before the 2 year term is up, it's generally not recommended. Early withdrawals often come with costs, such as:
Early withdrawal fees
Reduced interest rates
A notice period of 31 days.
If you think you might need to access your money during the 2 year period, it might be worth considering a high interest savings account instead. While these accounts have variable rates that can change when the provider sees fit, you’ll also have flexibility when it comes to withdrawals (although some account conditions may reduce your interest rate).
Term deposits are designed to accumulate interest on your initial balance, so you can't add more funds to your deposit once it's set up. Your initial deposit, plus any interest earnings, will usually be locked in until your term deposit reaches maturity.
Fixed interest rates provide certainty about your returns.
Can lock in high rates before potential market decreases.
Discourages withdrawals, helping you save more effectively.
"Set and forget" nature makes saving easier.
Less flexible than savings accounts if you need to access your money.
If interest rates rise, your locked-in rate might be lower than current market rates.
Early withdrawal typically incurs fees and requires notice.
Can't add more funds to take advantage of good rates.
A term deposit locks your money away for a set period at a fixed interest rate, while a savings account allows more flexible access to your funds but usually with a variable interest rate.
It depends on your financial goals. Term deposits can be better for set-and-forget saving with guaranteed returns, while savings accounts offer more flexibility for accessing your money.
In Australia, deposits up to $250,000 per person per institution are protected by the government's Financial Claims Scheme, ensuring your money is safe even if the bank closes.
Interest earned on term deposits is considered income and must be declared on your tax return for the financial year in which you earned it, regardless of when you actually receive the payment.
Yes, but it's not recommended. Early withdrawals usually incur penalties, such as fees and reduced interest rates, and often require a notice period.
I rang this morning to confirm that my account has been set up and the wait on the phone isn't too long and the person on the phone was quite informative and patient.
Read full reviewI rang this morning to confirm that my account has been set up and the wait on the phone isn't too long and the person on the phone was quite informative and patient.
Range of accounts, convenience of savings accounts and day to day accounts together.Ease of using website
Read full reviewRange of accounts, convenience of savings accounts and day to day accounts together.Ease of using website
ING has a range of different accounts. The savings maximiser is great for short term goals and the term deposit for long term investment. The online site is so easy to use.
Read full reviewING has a range of different accounts. The savings maximiser is great for short term goals and the term deposit for long term investment. The online site is so easy to use.
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Your selected term deposits