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

By Polly Fleeting ·

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 - page last updated October 31, 2020

    Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.

    • Online Term Deposit

      1.00% p.a.
      2 years

      $5,000

      Yes up to $250,000

        Compare
      Details
    • Term Deposit

      0.75% p.a.
      6 months

      $250,000

      Yes up to $250,000

        Compare
      Details
    • Online Term Deposit

      0.90% p.a.
      1 year

      $5,000

      Yes up to $250,000

        Compare
      Details
    • Term Deposit

      0.45% p.a.
      3 months

      $10,000

      Yes up to $250,000

        Compare
      Details

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

    ^See information about the Mozo Experts Choice Term Deposits Awards

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    Polly Fleeting
    Polly Fleeting
    Money writer

    Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.