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

By Cameron Thomson · · 4 min read
Fact Checked
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Feeling the squeeze from rising expenses? A term deposit could 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. Only a few of the most competitive term deposit rates are still as high as 5%, and most are for 1 year terms and lower. 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 few things you’ll want to look out for 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
4.75% p.a. (11 month term)
4.35% p.a. (1-year term)
4.40% p.a. (1-year term)
4.20% 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?

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. 

Heartland Bank and Qudos Bank’s 5.00% p.a. 1-year term deposit is 60 basis points higher than NABs 4.40% p.a. 1-year term deposit; and Judo Bank’s 4.50% p.a. 5-year term deposit is 105 basis points higher than ANZ’s 3.45% p.a. 5-year term.

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

Qudos Bank
Heartland Bank
Term Length
Interest Rate (p.a.)
Term Length
Interest Rate (p.a.)
3-month
4.85% p.a.
1-year term
5.00%
6-month
5.05% p.a. 
2-year term
4.70%
9-month
4.90% p.a.
3-year term
4.50%
1-Year
5.00% p.a.
4-year term
4.50%
2-Year
4.70% p.a.
5-year term
4.50%
Minimum deposit: $1,000
Minimum deposit: $25,000
Judo Bank
Term Length
Interest Rate  (p.a.)
1-year term
5.00%
2-year term
4.75%
3-year term
4.65% 
4-year term
4.50%
5-year term
4.50%
Minimum deposit: $1,000

Term deposit rates offered by smaller providers are no longer that much higher than the big four, although many of these smaller providers can still give you an edge. 

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 products on our site. We don’t compare the entire market, but you can search our database of 93 term deposits.
Last updated 21 November 2024 Important disclosures
  • Term Deposit

    5.15% 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.

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  • Standard Term Deposit

    4.90% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Invest from as little as $1000. No monthly fees. Interest is paid at maturity. Range of terms available from 1 month to 3 years. Manage via online banking or via app.

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    Details
  • Term Deposit

    4.00% p.a.
    6 months

    $5,000

    Yes up to $250,000

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    Find out more
    Details
  • Term Deposit

    3.60% p.a.
    6 months

    $5,000

    Yes up to $250,000

    No set up, monthly service or management fees & choose to invest from $5,000 or more

    Compare
    Find out more
    Details
  • Term Deposit

    3.60% p.a.
    6 months

    $1,000

    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