5 year term deposits

If you’re looking to put your money away for the long term, a high interest earning term deposit might be a good choice for you. As a cash investment, term deposits are a useful addition to balance risk and diversify your portfolio or keep money for your children’s education but just beware of putting all your eggs in one basket.

Read more

When can I access my money?

To access your money (and that tidy sum of interest you’ve earned) you need to wait till the full term of your term deposit is complete.

How could ’break fees’ affect me?

Break fees are a penalty for accessing your money before the full term of your term deposit contract is complete. The exact penalty is at the discretion of your lender but you can expect to be penalised between 40% and all of your interest earnings. (Ouch!) 5 years is a big commitment - if there is any reason you may need to access your money before the full term is up, you may be better off with a shorter term deposit say 2 year term deposit, or a high interest savings account instead.

Is a 5 year term deposit the right investment for me?

Isn’t that a million dollar question? Term deposits are certainly a good place to stash your cash but higher returns (and more tax effective investments) may be available in property, shares and managed funds or a number of other asset classes. If you’re talking about large sums it may be worth speaking to a financial planner about diversifying your portfolio.

Page last updated November 14, 2018

5 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 80 term deposits in the Mozo comparison engine.

Compare more term deposits

*Different interest rates apply to different amounts or different interest payment frequencies.

Term Deposit Resources

Reviews, news, tips and guides to help find the best term deposit for you.

Term Deposit Reviews

Commonwealth Bank
Commonwealth Bank term deposit review
Overall
8/10
Great term deposit

CBA's term deposit is good. While the rates aren't the best , customer service is amazing and the...

CBA's term deposit is good. While the rates aren't the best , customer service is amazing and the are numerous features to help you.

Price
7/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
8/10

Rlratikah | New South Wales

reviewed about 20 hours ago

St.George
St.George term deposit review
Overall
10/10
Competitive rates and will review on request.

Always very helpful if you have an enquiry and will listen to your requests for better rates and...

Always very helpful if you have an enquiry and will listen to your requests for better rates and so forth.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10

William | New South Wales

reviewed about 24 hours ago

Westpac
Westpac term deposit review
Overall
3/10
Getting better deals with them is hard

I always have to ask to get the best rate. They never offer it.

I always have to ask to get the best rate. They never offer it.

Price
3/10
Features
0/10
Customer service
4/10
Convenience
3/10
Trust
2/10

Mandy | Queensland

reviewed 6 days ago

Calculators