5 year term deposits

5 year term deposits

If you’re looking to put your money away for the long term, a 5-year term deposit might be a good choice. These longer term deposits help to reduce risk because you’re not likely to withdraw the money and spend it, while also allowing it to grow with interest. You’ll want the highest return you can find over five years, so the knowing interest rates available to you is crucial to your decision. Start comparing now!

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5 year term deposit comparisons on Mozo - last updated 4 December 2021

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

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.40% p.a.
    5 years
    $10,000
    Yes up to $250,000

    $0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.

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    Go to site
    Details
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    Online Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    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

    Compare
    Go to site
    Details
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    Personal Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    Competitive rates and fast online application for one year term deposit. Start investing with as little as $5,000 up to $500,000. No account keeping or set up fees to pay. Option to have interest paid at maturity.

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    Details
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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    1.25% p.a.
    5 years
    $1,000
    Yes up to $250,000

    Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly (Terms and Conditions apply)

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    Details
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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.

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    Details
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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.50% p.a.
    5 years
    $5,000
    Yes up to $250,000

    Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.

    Compare
    Details

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Browse all 82 term deposits in Mozo's comparison database

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^See information about the Mozo Experts Choice Term deposits Awards

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

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.

Compare other savings options

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
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    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.20%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Go to site
    Details
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    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% 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 Glide transaction account.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Go to site
    Details
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    Grow Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Go to site
    Details
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    High Interest Savings Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Go to site
    Details
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    Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    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

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Go to site
    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.

FAQ

Investing in a term deposit for the long term

Term deposits are a safe investment option if you’ve got a lump sum of money that you can put away for a set period of time and let the interest pile up.

There are many benefits of a term deposit over other forms of investments such as knowing exactly how much your return will be. With a term deposit you will lock in the interest rate for the duration of the whole term, so if you’re investing for the long term, like 5 years, you’ll want to make sure that you are getting a good return on that money, not only today but in 5 years time.

Of course, one of the only downsides to a term deposit is that no-one can predict the future so there are a few things you need to consider before you lock your money away for the long term. The first thing is interest rates. Are they likely to go up or down over the term? This can be difficult to predict but if you do think it’s more likely up then down, then it might be a more lucrative for you to choose a shorter term, like a 2 year term deposit. The second key thing to ask yourself if whether you can safely say that you won’t need to access the money in the time that its locked up. Unfortunately, there are break fees with term deposits so by not keeping your money in a term deposit for the full duration could see you pay hefty bank fees.

Comparing term deposits

Term deposits are considered to be a safe investment option and when you are
comparing your options you want to make sure that your investment will be safe.

All of the term deposit providers that are listed on Mozo are covered under the Australian Government’s Deposit Guarantee which guarantees deposits of up to $250,000. This includes online providers like Rabobank, UBank and ING all the way to big banks like NAB, ANZ and the Commonwealth.

You’ll want the best return on your money, so when you are comparing term deposits the interest rate that’s going to be offered should be a big factor in your decision. Mozo’s comparison table above let’s you to compare side by side the interest rate of different term deposit providers so that you can find one that suits you best.

Of course, banks will have different rates depending on the length that you want to invest your money for. If you want to see what rates are offered for different terms other than 5 years, check out our term deposit hub.

How do interest rates for 5 year term deposits compare?

The good news is, as 5 years is generally the longest term you can get with a term deposit, 5 year term deposits, more often than not, come with the highest interest rates around. When it comes to term deposits, usually the longer your term, the higher your interest rate will be. Check out our Term Deposits Interest Rates information page to keep on top of the latest term deposit rates.

Term deposits for self managed super funds (SMSF)

If you've got a SMSF you'll need to take out a business term deposit. If you're looking for the best term deposit options for SMSFs, head over to the Mozo Experts Choice Awards SMSF accounts section to see which providers and terms ranked best according to our money experts.

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JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs about 5 year term deposits

What’s the benefit of choosing a 5 year term?

A 5 year term deposit can be an effective method to put away your money and continually earn interest for the long term. If you have a lump sum of cash that you want to spend on something specific in the future, like say your child’s high school fees, a 5 year term deposit locks away your savings and ensures you won’t dip into them before it matures. Similarly, if you like the security of knowing exactly how much interest you will make on your money, you can lock in an interest rate that lasts the entire term. Because 5 years is on the longer side of term deposits, make sure that you are getting the best return on your funds not only when you make your deposit, but also in the future. 

When can I access my money?

To access your money from your term deposit, you need to wait till the full term of your term deposit is complete - so in this case 5 years. 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!) We understand that 5 years is a big commitment, so if there is any reason you may need to access your money before the full term is up, you may be better off with say 2 year term deposit or even just a short term deposit

How often will I receive interest payments?

For a long term deposit, you usually have options for when you receive your payment of your interest earnings. You can choose to receive interest monthly, quarterly, annually or at your term deposits maturity. While you must be patient when it comes to accessing your initial sum put down at the beginning of your term deposit, some banks give customers the option to receive their interest payments in a separate bank account. This means that you can see and use your earnings while the bulk of your money is still locked away. Have a read of our term deposit reviews to see different providers’ interest rates and features.

Can I top up a 5 year term deposit?

Unfortunately, unlike a savings account, there is no ‘top-up’ feature on a term deposit, as it is designed to accumulate interest on the one deposited amount. Once you have made your deposit, your funds are locked away and the key is hidden until your term deposit reaches maturity. To put it simply, nothing goes in or comes outs for 5 years, so if your someone who likes to stash cash on a regular basis, a high interest savings account may be better instead.
Is choosing a longer term deposit always better?

It’s true, you’re more likely to get a higher rate on a longer term deposit and for someone who spends whenever they have extra cash, it could be better to lock those savings away for longer so that they stay savings.

But, one of the downsides to a term deposit is that no-one can predict the future so there are a few things you need to consider. The first thing is interest rates. Are they likely to go up or down over the term? This can be difficult to predict but if you do think it’s more likely up then down, then it might be a more lucrative for you to choose a shorter term.

The second key thing to ask yourself if whether you can safely say that you won’t need to access the money in the time that its locked up. By not keeping your money in a term deposit for the full duration could see you pay hefty bank fees. For other term deposit options and to weigh up different providers, head to our term deposit comparison table.

Are there any extra fees with longer term investment deposit options?

A major benefit of term deposits, is that you are unlikely to encounter extra costs, like set up, annual or ongoing fees. You should always double check with your provider before you make your deposit, just to make sure you’re not paying more for no reason. Do keep in mind though, if you decide to withdraw your money before the end of the 5 year term deposit period, you should expect to be hit with break fees and see your interest rate decreased.

Term Deposit Reviews

AMP Bank Term Deposit
Overall 3/10
AMP BANK customer service failure

On applying for a term deposit, this bank pointed me to their website to register for ongong information about my account. On going to their website, there was no way for new depositors to register because it required info held only by the bank. After waiting 29 mins for a bank representative to explain why I could`nt register, I was told verbally that it was not possible to register for 48hrs. I questioned why the website did`nt say that ? The rep indicated on the `phone that the wording "registration not available for 48 hours" was on their website. It was not. Wanting access to info on my account and seeking sign of the banks integrity in allowing instant registration, I complained. Days later, I received a phone call by a bank representative who went to some trouble to explain to me why it was `nt possible to register. However, my complant was about why the wording " not available for 48 hours"...was absent from their website. My complaint was not about the internal reason why the bank did`nt allow registration. I am the client, not the bank. The Bank persisted in telling me why the wording was not used. I re-iterated that the wording was not only absent, but a web explanation as to its absence to depositors was also absent. I pointed out that a new depositor wants to feel secure about their deposit. I indicated again, that their rep had told me verbally, on the `phone, that their website had the wording. It did not. I asked the representtative dealing with my complaint if the warning wording had now been placed on their website for new investors at their welcome page, so they could feel secure. The rep indicated that they had not fixed the error ! I expressed exasperation at the banks fundamental ignorance of new customer needs. Later, I received an email essentially composed to show process, ie, that AMP had dealt with my complaint. It had not. Their response was unsatisfactory. The website error of omission remains. Being unable to register, and not being told why.... causes new depositors to feel insecure about their deposit, rendering the banks integrity questionable. If on making a deposit, a new customer cannot register to see their deposit, it makes them feel insecure. AMP bank is oblivious to this point. I recommend to those seeking to make term deposits, that they avoid AMP Bank. They are ignorant of basic customer needs, even devious.. Customer focus, clarity and openess are not in their DNA. Any wonder AMP is failing.

Read full review

On applying for a term deposit, this bank pointed me to their website to register for ongong information about my account. On going to their website, there was no way for new depositors to register because it required info held only by the bank. After waiting 29 mins for a bank representative to explain why I could`nt register, I was told verbally that it was not possible to register for 48hrs. I questioned why the website did`nt say that ? The rep indicated on the `phone that the wording "registration not available for 48 hours" was on their website. It was not. Wanting access to info on my account and seeking sign of the banks integrity in allowing instant registration, I complained. Days later, I received a phone call by a bank representative who went to some trouble to explain to me why it was `nt possible to register. However, my complant was about why the wording " not available for 48 hours"...was absent from their website. My complaint was not about the internal reason why the bank did`nt allow registration. I am the client, not the bank. The Bank persisted in telling me why the wording was not used. I re-iterated that the wording was not only absent, but a web explanation as to its absence to depositors was also absent. I pointed out that a new depositor wants to feel secure about their deposit. I indicated again, that their rep had told me verbally, on the `phone, that their website had the wording. It did not. I asked the representtative dealing with my complaint if the warning wording had now been placed on their website for new investors at their welcome page, so they could feel secure. The rep indicated that they had not fixed the error ! I expressed exasperation at the banks fundamental ignorance of new customer needs. Later, I received an email essentially composed to show process, ie, that AMP had dealt with my complaint. It had not. Their response was unsatisfactory. The website error of omission remains. Being unable to register, and not being told why.... causes new depositors to feel insecure about their deposit, rendering the banks integrity questionable. If on making a deposit, a new customer cannot register to see their deposit, it makes them feel insecure. AMP bank is oblivious to this point. I recommend to those seeking to make term deposits, that they avoid AMP Bank. They are ignorant of basic customer needs, even devious.. Customer focus, clarity and openess are not in their DNA. Any wonder AMP is failing.

Price
4/10
Features
2/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Rupert, New South Wales, reviewed 3 days ago
Judo Bank Term Deposit
Overall 1/10
Wake up Australians - this is a BIG mistake REALLY

After failing to secure a account online, I emailed customer services, they were unhelpful and blunt.... you MUST have a mobile phone.... I do not need or own a mobile phone I am computer savvy and use a PC for all my services and transactions since 1985. Before your precious cell phones existed. A secure fire wall protects me on my PC, nothing protects your data on a cell phone and the airwaves. As the advertised interest rate was the best available I eventually decided to obtain a "smart phone" (even though it was mainly useless to me (deaf)) and try to invest a $250,000 parcel with this so called bank for a couple of years..... Again this was a BIG fail as online services failed on 2 occasions to recognise my CORRECT data of licence and medicare values . I at this point paused the input and this was yesterday. Today I am writing this review in hope that enough people will read it to GET THE WARNING... stay away from this institution, do NOT believe in the false ratings of CANSTAR they have to be on their payroll..... It is too obvious that they want your details to try to hack your original bank accounts or worse.... your identity... - Be warned. They will not be getting my investment.

Read full review

After failing to secure a account online, I emailed customer services, they were unhelpful and blunt.... you MUST have a mobile phone.... I do not need or own a mobile phone I am computer savvy and use a PC for all my services and transactions since 1985. Before your precious cell phones existed. A secure fire wall protects me on my PC, nothing protects your data on a cell phone and the airwaves. As the advertised interest rate was the best available I eventually decided to obtain a "smart phone" (even though it was mainly useless to me (deaf)) and try to invest a $250,000 parcel with this so called bank for a couple of years..... Again this was a BIG fail as online services failed on 2 occasions to recognise my CORRECT data of licence and medicare values . I at this point paused the input and this was yesterday. Today I am writing this review in hope that enough people will read it to GET THE WARNING... stay away from this institution, do NOT believe in the false ratings of CANSTAR they have to be on their payroll..... It is too obvious that they want your details to try to hack your original bank accounts or worse.... your identity... - Be warned. They will not be getting my investment.

Price
7/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Jim, New South Wales, reviewed 4 months ago
People's Choice Term Deposit
Overall 7/10
The years ahead will see massive bankrupcies.

Not just this bank but all banks as far as interest on principal is concerned. All my life I have paid interest on mortgages ect at rates far in excees of interest rates now. Now when I need to live on my interest on my term deposits I can't. The Reserve Bank is bowing to pressure from Government and the new generations coming through to support their high-end like styles and bugger the rest. All this 'must have now' attitude is killing this country. We had to scrimp and save to buy things that the generation now are not prepared to wait and save for. Way things are going it is making it so easy for countries like Chine to come in and take over our country without the majority of people realising it. As hard as it was liveing through the higher interest rate periods I still think I and oy=thers of my age lived through the best of times and i feel sorry for the people who will wake up with huge debts when interest rates eventuall go up again albeit though not in my life time. So I dislike all the major banks as they are the main cause of our prblems now.

Read full review

Not just this bank but all banks as far as interest on principal is concerned. All my life I have paid interest on mortgages ect at rates far in excees of interest rates now. Now when I need to live on my interest on my term deposits I can't. The Reserve Bank is bowing to pressure from Government and the new generations coming through to support their high-end like styles and bugger the rest. All this 'must have now' attitude is killing this country. We had to scrimp and save to buy things that the generation now are not prepared to wait and save for. Way things are going it is making it so easy for countries like Chine to come in and take over our country without the majority of people realising it. As hard as it was liveing through the higher interest rate periods I still think I and oy=thers of my age lived through the best of times and i feel sorry for the people who will wake up with huge debts when interest rates eventuall go up again albeit though not in my life time. So I dislike all the major banks as they are the main cause of our prblems now.

Price
1/10
Customer service
7/10
Convenience
10/10
Trust
8/10
Less
Colin, South Australia, reviewed 5 months ago

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