CommBank, NAB, Westpac or ANZ - how do the big 4 term deposits compare?
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 they last.
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:
- The Westpac Term Deposit: 4.00% (1 year) to 3.60% (5 years)
- The Commonwealth Bank Term Deposit 4.35% (1 year) to 3.45% (5 years)
- The NAB Term Deposit 4.50% (1 year) to 3.30% (5 years)
- The ANZ Advance Notice Term Deposit: 4.50% (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:
Feature | Westpac term deposit special | CommBank | NAB | ANZ Advanced Notice Term Deposit |
Highest rate on offer | 4.65% p.a. (11 month term) | 4.35% p.a. (1-year term) | 4.50% p.a. (1-year term) | 4.50% 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.
G&C Mutual Bank and Qudos Bank’s 5.00% p.a. 1-year term deposit is 50 basis points higher than NABs 4.50% p.a. 1-year term deposit and Rabobank’s 4.60% p.a. 5-year term deposit is 100 basis points higher than ANZ’s 4.00% p.a. 5-year term.
Below is a breakdown of our some providers offering rates near or above the big 4 banks:
G&C Bank | Qudos Bank | ||
Term Length | Interest Rate (p.a.) | Term Length | Interest Rate (p.a.) |
1-year | 5.00% p.a. | 3-month | 4.85% p.a. |
2-year | 4.60% p.a. | 6-month | 5.05% p.a. |
3-year | 4.40% p.a. | 9-month | 4.90% p.a. |
4-year | 4.00% p.a. | 1-Year | 5.00% p.a. |
5-year | 4.00% p.a. | 2-Year | 4.70% p.a. |
Minimum deposit: $1,000 | Minimum deposit: $1,000 |
Rabobank | |
1-year | 4.60% p.a. |
2-year | 4.25% p.a. |
3-year | 4.25% p.a. |
4-year | 4.50% p.a. |
5-year | 4.60% p.a. |
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
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Term Deposit
4.90% p.a.
6 months$1,000
Yes up to $250,000
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
CompareCompareTerm Deposit
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
- interest rate
- 4.55% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read reviews and learn more about Rabobank term deposits
-
Standard Term Deposit
4.95% 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.
CompareCompareStandard Term Deposit
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.
- interest rate
- 3.80% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $999,999.00
- Can interest be paid to another bank?
- Yes
- Automatic rollover
- Yes
Read reviews and learn more about BCU Bank term deposits
-
Term Deposit
4.95% p.a.
6 months$10,000
Yes up to $250,000
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareTerm Deposit
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- interest rate
- 4.95% p.a.
- Minimum deposit
- $10,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $10,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about ING term deposits
Your selected term deposits
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* 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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