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

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. But, with savings account and term deposit providers beginning to revise some rates downwards, you might be wondering if now is the right time. 

With CPI inflation following a slowing trend, it’s a fact that longer term deposit rates would follow. However, short term rates on offer are still relatively high in comparison to even a couple of years ago.

Only a few of the most competitive term deposit rates are still as high as 5% anymore and most of them 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:

• The Westpac Term Deposit: 4.25% (1 year) to 4.00% (5 years)

• The Commonwealth Bank Term Deposit 4.25% (1 year) to 3.95% (5 years)

• The NAB Term Deposit 4.70% (1 year) to 3.80% (5 years)

• The ANZ Advance Notice Term Deposit: 4.70% (1 year) to 4.00% (5 years)

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:  

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

It’s easy to get comfortable and stick with your current bank on everything, term deposits included. However, it can be good to shop around and 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 5.10% p.a. 1-year term deposit is 85 basis points higher than the Westpac term deposit's 4.25% p.a. 1-year term and Judo Bank’s 4.85% p.a. 5-year term deposit is 90 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:

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!