CommBank, NAB, Westpac or ANZ - how do the big 4 term deposits compare?

By Cameron Thomson · · 4 min read
Fact Checked
Advertiser disclosure

If current cost of living pains have you wanting to lock up your savings and throw away the key, then a term deposit might be the way to do it. 

For a while, short terms offered substantially better rates than longer terms. However, most terms have equalled out more recently. Only a few of the most competitive term deposit rates are still as high as 5%, and most are with smaller providers. But, if you’d rather stick with one of the major banks, you’ll still find some fairly good options. 

Check out where the best rates from the big four sit now:

What features do the big banks term deposits have? 

There are a couple of things you’ll want to look out for in a term deposit. Some of the things you might want to look out for are interest rates, deposit limits, and whether you can choose how often your interest is paid (monthly, quarterly, annually, or at maturity). 

Here’s a breakdown of what term deposit features and conditions Westpac, Commonwealth Bank, NAB and ANZ have to offer at the moment:  

Feature
Westpac 
CommBank 
NAB
ANZ Advanced Notice Term Deposit
Highest rate on offer
4.25% p.a.
4.55% p.a. (1-year term)
4.80% p.a. (1-year term)
4.60% p.a. (18 month term)
Interest paid to another bank
Yes
Yes
Yes
No
Deposit limits
$5,000 to $5,000,000
$5,000 to $1,999,999
$5,000 to $499,999 
$5,000 to $99,999
Automatic rollover
Yes
Yes
Yes
Yes
Early withdrawal conditions
Must give 31 days notice and an interest rate adjustment will normally apply.
Must give 31 days notice, plus, there will be a prepayment adjustment.
Must give 31 days notice for full or partial release of funds.
Must give 31 days notice and you will incur an interest reduction.

How do the Big Four rates compare to smaller term deposit providers?

Sticking with your current bank on everything, term deposits included, is what most savers do. However, you should shop around to make sure that your bank is giving you the best rates possible. In fact, some smaller term deposit providers actually offer higher rates than the Big Four. 

Judo Bank’s 5.25% p.a. 1-year term deposit is 100 basis points higher than the Westpac term deposit's 4.25% p.a. and Rabobank’s 5.10% p.a. 5-year term deposit is 105 basis points higher than CBA’s 3.95% p.a. 5 year term.

Below is a breakdown of our some providers offering rates above the big 4 banks:

Judo Bank
RaboBank
G&C Mutual Bank
1-year
5.25% p.a.
5.00% p.a.
5.40% p.a.
2-year
5.00% p.a.
4.50% p.a.
4.85% p.a.
3-year
5.00% p.a.
4.50% p.a.
4.85% p.a.
4-year
5.00% p.a.
5.00% p.a.
4.25% p.a.
5-year
5.00% p.a.
5.10% p.a.
4.25% p.a.
Minimum Deposit
$1,000
$1,000
$1,000

As you can see, some of the rates offered by these providers are much higher than the highest rate on offer by the big four. However, the gap has closed since earlier this year.

Want to see how the big four banks’ term deposits stack up against other providers? Check out the table below for a bunch of options, or head over to our term deposit comparison tool for more!

Term deposit comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 101 term deposits.
Last updated 27 July 2024 Important disclosures
  • Mozo Expert Choice Badge
    Term Deposit

    5.25% p.a.
    6 months

    $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.

    Compare
    Go to site
    Details
  • Term Deposit - Online only

    5.15% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.

    Compare
    Go to site
    Details
  • SMSF Term Deposit

    5.25% p.a.
    6 months

    $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.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    5.25% p.a.
    1 year

    $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.

    Compare
    Go to site
    Details
  • Term Deposit

    3.70% p.a.
    6 months

    $5,000

    Yes up to $250,000

    Compare
    Find out more
    Details

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

^See information about the Mozo Experts Choice Term Deposit 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.

Today's term deposit rates