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

Polly Fleeting

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. 

Hand holding glass of money to put in a term deposit 

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: 

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:  

FeatureWestpacCommBankNABANZ
Highest rate on offer1.70% 
(1 year term)
1.70%
(1 year term)
1.75%
(10 months term)
1.35%
(8 months term)
Interest paid to another bankYesYesYesNo
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
Automatic rolloverYesYesYesYes
Early withdrawal conditionsMust 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!

Compare today's top term deposits

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