CommBank now has a 4.00% p.a. short term deposit

woman sitting on a pile of coins looking at term deposits

Commonweatlh Bank now offers a special 18-month term deposit with a 4.00% p.a. interest rate.

This comes after the most recent Reserve Bank Australia cash rate hike in early November, after which CommBank increased rates on several of its shorter term deposits. Notably, its 18-month term deposit sits at 4.00% p.a., matching ANZ’s as the highest interest rate among the big four.

Below are the highest available interest rates among CBA, Westpac, ANZ and NAB for 18-month term deposits.

CBAWestpacANZNAB
18-moth term deposit4.00% p.a.3.75% p.a.4.00% p.a.3.50% p.a.

Since the RBA began increasing the official cash rate in May, we’ve seen several banks move to offer higher term deposit interest rates. But it wasn’t until recently that the big four began offering more competitive rates compared to smaller financial institutions.

If you want to stay up-to-date with the latest term deposit news, check out Mozo’s term deposit news and advice page. Alternatively, if you want to compare how the big four compete with other banks, use the term deposit comparison table below.

Term deposit comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 101 term deposits.
Last updated 22 July 2024 Important disclosures
  • Mozo Expert Choice Badge
    Term Deposit

    5.25% 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 2024^ for Term Deposits.

    Compare
    Details
  • Online Term Deposit

    5.00% p.a.
    1 year

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

    Compare
    Details
  • SMSF Term Deposit

    5.25% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.

    Compare
    Details
  • Term Deposit

    4.25% p.a.
    1 year

    $5,000

    Yes up to $250,000

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

    Compare
    Details

* 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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