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

Are you feeling the squeeze from continually high expenses? With the RBA reducing the cash rate to 4.10% (down 25 basis points), term deposit rates have also seen adjustments over the months since. Despite this change, a term deposit could still be your financial fortress, offering a way to lock your cash up with a high interest rate while it lasts.
For a while, short terms offered substantially better rates than longer terms. However, most terms have evened out more recently. Following the rate cut, none of the high interest term deposit rates are hitting the 5% mark with most rates now falling in the mid to upper 4% range.
If you'd still rather stick with one of the major banks, you'll still find some fairly good options in the short term. Currently, the best rates from the big four are as follows:
- The Westpac Term Deposit: 4.00% (1 year) to 3.10% (5 years)
- The Commonwealth Bank Term Deposit 4.05% (1 year) to 3.45% (5 years)
- The NAB Term Deposit 4.00% (1 year) to 2.90% (5 years)
- The ANZ Advance Notice Term Deposit: 4.00% (1 year) to 3.40% (5 years)
What features do the big bank's term deposits have?
You'll want to look out for a few things in a term deposit, including 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 term deposit special | CommBank | NAB | ANZ Advanced Notice Term Deposit |
Highest rate on offer | 4.50% p.a. (11 month term) | 4.05% p.a. (1-year term) | 4.00% p.a. (1-year term) | 4.00% p.a. (12 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?
Shopping around to make sure your bank is giving you the best rates possible is a good way to find a high rate. You can start by comparing different term periods across various providers.
It's also useful to take a handful of smaller providers and see how they look compared to the big banks as rates are usually higher. Part of the reason for this is that smaller providers need to work harder to attract more savers.
Here are a few to consider: Heartland Bank's 4.90% p.a. 1-year term deposit is 90 basis points higher than NABs 4.00% p.a. 1-year term deposit; and Judo Bank's 4.50% p.a. 5-year term deposit is 140 basis points higher than Westpac's 3.10% p.a. 5-year term.
Below is a breakdown of some providers offering rates above the big 4 banks:
Judo Bank | Heartland Bank | ||
Term Length | Interest Rate (p.a.) | Term Length | Interest Rate (p.a.) |
1-year term | 4.75% | 1-year term | 4.90% |
2-year term | 4.55% | 2-year term | 4.50% |
3-year term | 4.45% | 3-year term | 4.25% |
4-year term | 4.50% | 4-year term | 4.15% |
5-year term | 4.50% | 5-year term | 4.15% |
Minimum deposit: $1,000 | Minimum deposit: $25,000 |
G&C Mutual Bank | Gateway Bank | ||
Term Length | Interest Rate (p.a.) | Term Length | Interest Rate (p.a.) |
3 month term | 4.60% | 6 month term | 4.85% |
6 month term | 4.80% | 9 month term | 4.75% |
9 month term | 4.65% | 1 year term | 4.65% |
1 year term | 4.65% | 2 year term | 1.60% |
2 year term | 4.00% | 3 year term | 1.60% |
Minimum deposit: $1,000 | Minimum deposit: $1,000 |
Smaller providers still offer higher rates than the big four banks, particularly on longer terms, even after the RBA's cash rate cut. They have an edge of about as high as 140 basis points, making them a good option despite the overall downward trend in interest rates.
Want to lock in rates now? Check out our term deposit hub page for a bunch of options, or head over to ourterm deposit comparison tool for more!
Term deposit comparisons on Mozo
-
Promoted
Term Deposit
- Best rate
-
4.80
%
p.a.
for 6 months($1,000 to $2,000,000)
- Next best option
-
4.75
%
p.a.
for 3 months($1,000 to $2,000,000)
- 0.10% added loyalty bonus at renewal
- Option to have interest paid to another bank
- Winner of the Mozo Experts Choice Awards 2025^ for Term Deposits.
- interest rates
-
INTEREST RATES P.A. $1,000 to $2,000,000 3 months 4.75% 6 months 4.80% 9 months 4.65% 1 year 4.50% 2 years 4.30% 3 years 4.20% 4 years 4.20% 5 years 4.25% Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
- Can interest be paid to another bank?
-
yes
- Automatic rollover
-
yes
Read reviews and learn more about Judo Bank term deposits
Go to site -
Promoted
SMSF Term Deposit
- Best rate
-
4.80
%
p.a.
for 6 months($1,000 to $2,000,000)
- Next best option
-
4.75
%
p.a.
for 3 months($1,000 to $2,000,000)
- Interest paid monthly, yearly, or at maturity
- Choose from terms of 3 months up to 5 years
- Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
- interest rates
-
INTEREST RATES P.A. $1,000 to $2,000,000 3 months 4.75% 6 months 4.80% 9 months 4.65% 1 year 4.50% 2 years 4.30% 3 years 4.20% 4 years 4.20% 5 years 4.25% Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
- Can interest be paid to another bank?
-
yes
- Automatic rollover
-
yes
Read reviews and learn more about Judo Bank term deposits
Go to site
-
Term Deposit
- Best rate
-
4.80
%
p.a.
for 6 months($1,000 to $2,000,000)
- Next best option
-
4.75
%
p.a.
for 3 months($1,000 to $2,000,000)
- 0.10% added loyalty bonus at renewal
- Option to have interest paid to another bank
- Winner of the Mozo Experts Choice Awards 2025^ for Term Deposits.
- interest rates
-
INTEREST RATES P.A. $1,000 to $2,000,000 3 months 4.75% 6 months 4.80% 9 months 4.65% 1 year 4.50% 2 years 4.30% 3 years 4.20% 4 years 4.20% 5 years 4.25% Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
- Can interest be paid to another bank?
-
yes
- Automatic rollover
-
yes
Read reviews and learn more about Judo Bank term deposits
Go to site -
SMSF Term Deposit
- Best rate
-
4.80
%
p.a.
for 6 months($1,000 to $2,000,000)
- Next best option
-
4.75
%
p.a.
for 3 months($1,000 to $2,000,000)
- Interest paid monthly, yearly, or at maturity
- Choose from terms of 3 months up to 5 years
- Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
- interest rates
-
INTEREST RATES P.A. $1,000 to $2,000,000 3 months 4.75% 6 months 4.80% 9 months 4.65% 1 year 4.50% 2 years 4.30% 3 years 4.20% 4 years 4.20% 5 years 4.25% Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
- Can interest be paid to another bank?
-
yes
- Automatic rollover
-
yes
Read reviews and learn more about Judo Bank term deposits
Go to site
Your selected term deposits
* 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.