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 December 04, 2020

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.

  • mozo-experts-choice-2020
    Term Deposit

    0.60% p.a.
    2 years

    $25,000

    Yes up to $250,000

      Compare
    Details
  • Online Term Deposit

    0.75% p.a.
    2 years

    $5,000

    Yes up to $250,000

      Compare
    Details
  • Term Deposit

    0.40% p.a.
    2 years

    $10,000

    Yes up to $250,000

      Compare
    Details

^See information about the Mozo Experts Choice Term deposits Awards

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Compare other savings options

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.

  • mozo-experts-choice-2020

    1.35% p.a. (for $0 to $250,000)

    0.15% 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.

    Details
  • 1.30% p.a. (for $1 to $100,000)

    0.65% p.a.(for $1 and over)

    Yes up to $250,000

    bonus rate for 4 months

    Details
  • 0.90% 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.

    Details
  • mozo-experts-choice-2020

    1.05% p.a. (for $1 to $250,000)

    0.05% p.a.(for $1 and over)

    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Details
  • 1.10% p.a. (for $0 to $1,000,000)

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

    Yes up to $250,000

    Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).

    Details
  • 1.10% p.a. (for $0 to $500,000)

    0.35% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    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.

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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Term Deposit Reviews

Westpac Term Deposit review
Overall 9/10
Make $$ for doing literally nothing!

With my Westpac term deposit I make what I call huge profits for my money just sitting there. It's awesome.

Read full review

With my Westpac term deposit I make what I call huge profits for my money just sitting there. It's awesome.

Price
8/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Sabrina, Victoria reviewed about 11 hours ago
MyState Bank Term Deposit review
Overall 1/10
Dont bother. There are much better banks around.

Appalling that Im not able to sacrifice all interest earned to withdraw my term deposit before maturity. Why not tell me this before making me fill out and submit forms which were a waste of time? Terrible customer service. Won't trust them with a cent of my money in the future.

Read full review

Appalling that Im not able to sacrifice all interest earned to withdraw my term deposit before maturity. Why not tell me this before making me fill out and submit forms which were a waste of time? Terrible customer service. Won't trust them with a cent of my money in the future.

Price
3/10
Features
1/10
Customer service
2/10
Convenience
1/10
Trust
1/10
Less
Sue, Western Australia reviewed about 12 hours ago
Suncorp Term Deposit review
Overall 1/10
Online banking not very secure.

In this day and age I was shocked to find out that internet passwords were only 6-8 characters with no special characters. Not very secure!

Read full review

In this day and age I was shocked to find out that internet passwords were only 6-8 characters with no special characters. Not very secure!

Price
8/10
Features
1/10
Customer service
1/10
Convenience
1/10
Less
Alex, New South Wales reviewed about 1 month ago