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

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, earlier in the year a bunch of term deposit providers  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. However, since then, these term deposit have been slashed. 

In March, three of the big four announced that they’d bump up interest rates on their term deposit offerings. 

Check out where the best rates from the big four sit now in comparison: 

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 offer0.70% 
(1 year term)
0.90%
(13 month term)
0.75%
(10 month term)
1.00%
(8 month term)
Interest paid to another bankYesYesYesNo
Deposit limits$5,000 to $2,000,000$5,000 to $1,999,999$25,000 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

Alternatively, if you are a regular saver, a high interest savings account may be a better option for you. 

Here are the big four's best savings rates right now: 

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 Deposits 2020 - rates updated daily

    Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.
    • placeholder
      Mozo Experts Choice 2021
      Term Deposit

      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      1.60% p.a.
      5 years
      $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 2021 for Term Deposits.

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      Details
    • placeholder
      Mozo Experts Choice 2021
      Term Deposit

      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      1.20% p.a.
      2 years
      $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 2021 for Term Deposits.

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      Details
    • Featured Product
      placeholder
      Term Deposit

      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      0.75% p.a.
      1 year
      $10,000
      Yes up to $250,000

      $0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.

      Go to site
      Details
    • placeholder
      Mozo Experts Choice 2021
      Term Deposit

      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      1.00% p.a.
      1 year
      $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 2021 for Term Deposits.

      Go to site
      Details
    • placeholder
      Term Deposit

      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      0.90% p.a.
      1 year
      $1,000
      Yes up to $250,000

      Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.

    * Different interest rates apply to different amounts or different interest payment frequencies.

    ^See information about the Mozo Experts Choice Term Deposit Awards

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