Your selected term deposits
4.85% 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 2023^ 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 2023^ for Term Deposits.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected term deposits
4.40% p.a.
2 years
$1,000
Yes up to $250,000
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
Read our Mozo Review to learn more about the Rabobank Term Deposit
Your selected term deposits
3.95% p.a.
2 years
$5,000
Yes up to $250,000
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
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 long term deposit and an ideal way to stash your funds. 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.
When you lock in a term deposit, the interest rate that you get is fixed for the period that you choose. This means that, regardless of what happens to term deposit rates, the interest that you got with your 2 year term will stay the same.
Deposit limits vary from bank to bank but the minimum deposit is usually anywhere from $1,000 to $5,000. You’ll also find that some providers will cap how much you can deposit into your initial balance. Some banks are open to negotiating if you want to deposit more, but this will likely be at a lower interest rate.
All balance limits are indicated in our 2 year term deposit comparison table. You can also find specific provider limits using our Term Deposits Search Engine.
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 rate.
Check out Mozo's Term Deposits Interest Rates information page for more information on current term deposit rates.
Depending on which bank you are with, you may receive interest payments monthly, annually or at maturity. In most cases, receiving your interest more often is beneficial because once you’ve paid your interest you can start making compound interest on those earnings. One thing to note, though, is that your rate might be lower if you go with the monthly option.
Alternatively, some 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.
Like with all other term deposits, accessing your funds before your term matures is not recommended as there could be early withdrawal costs. If you feel that you’ll need to access your money over the two years, it may be worth considering a high interest savings account instead as they have minimal restrictions and no fees when it comes to withdrawal.
Because term deposits are designed to accumulate interest on your initial balance, you can’t keep adding funds to your deposit. Once you’ve made your deposit, you are locked into the same amount of money (plus your interest earnings) until your term deposit has matured.
One of the things that you might find helpful about a 2 year term deposit are the fixed interest rates. With interest rates fixed, you know what you’re getting for the entire 2 year term. If interest rates are high and you lock in a deposit before it’s cut, then you can find yourself with a higher rate than the ongoing rate. One disadvantage of this is that, if interest rates continue to rise, then you might find your cash locked away in an account with a smaller interest rate.
Another advantage of term deposits is a psychological aspect—they dissuade you from withdrawing. This can be helpful if you can’t help dipping into your savings. It can also be easier to simply “set and forget” with a term deposit.
One disadvantage of term deposits is that they can be inflexible when it comes to accessing cash. If you need access to cash for any emergencies, a term deposit will incur withdrawal fees and generally requires 31 days' notice. For this reason, you should make sure that you have a good ratio of easily accessible funds versus the amount you can realistically contribute.
Term deposits are fixed interest accounts in which you deposit a single lump sum. This means that, regardless of where interest rates are, you’ll always get the same amount of interest for the set period. On the other hand, savings accounts have variable rates that are subject to change from movements in the cash rate. However, you can access them at any time and there are generally no penalties for withdrawal (although some bonus rates require balances to grow to get the full interest rate).
It depends on your situation. If you want access to your savings at any time and are okay with a fluctuating interest rate, then a savings account might be the right choice for you. Likewise, if you want the certainty of a fixed rate over a longer period, and you don’t need to access the cash, then a term deposit could be a good option.
Good in-person service, and quite a few options.
Read full reviewGood in-person service, and quite a few options.
Good rate, simple product. Will use again.
Read full reviewGood rate, simple product. Will use again.
I really banking with ING. I started out many years ago as they were giving customers $25 to join. I thought this was great. They always have the best interest rates. They are easy to get in contact with and very reliable for an online bank
Read full reviewI really banking with ING. I started out many years ago as they were giving customers $25 to join. I thought this was great. They always have the best interest rates. They are easy to get in contact with and very reliable for an online bank
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