CommBank, NAB, Westpac or ANZ - how do the big 4 term deposits compare?
Friday 03 April 2020
If the current state of the Aussie economy has you wanting to lock up your savings and throw away the key, a term deposit might be the way to do it.
According to the Mozo database, a bunch of term deposit providers have increased their rates since the RBA emergency cash rate cut.
And, believe it or not, the big banks were on board the rate rise train.
Last month, three of the big four announced that they’d bump up interest rates on their term deposit offerings.
Check out the movements:
- The Westpac Term Deposit 12 month rate jumped up by 70 basis points
- The Commonwealth Bank Term Deposit 12 month rate increased by 70 basis points
- The NAB Term Deposit 10 month rate shot up by 85 basis points
As for the fourth member of the big bank quadrangle, the ANZ Term Deposit remained the same - with its highest rate sitting at 1.35% on its 8 month term.
What features do the big banks term deposits have?
There are plenty of things you look for in a term deposit, whether that’s the interest rate, deposit limit or even if you can get your interest paid into another bank account.
Here’s a breakdown on what term deposit features and conditions Westpac, Commonwealth Bank, NAB and ANZ have to offer at the moment:
|Highest rate on offer||1.70% |
(1 year term)
(1 year term)
(10 months term)
(8 months 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 $4,999,999|
|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 and $30.00 prepayment administration fee as well.||Must give 31 days notice for full or partial release of funds.||Must give 31 days notice and an administration fee of $30 will be charged and you will incur an interest reduction.|
RELATED ARTICLE: Where to stash your savings after big banks boost term deposit rates
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!