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 - last updated 28 November 2023

Search promoted term deposits below or do a full Mozo database search . Advertiser disclosure
  • Online Term Deposit

    4.90% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.

    Details
  • Term Deposit

    5.10% p.a.
    1 year

    $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)

    Details
  • Standard Term Deposit

    4.80% p.a.
    1 year

    $25,000

    Yes up to $250,000

    Competitive interest rates. No set up fees to pay. Interest can be paid into another bank account. Insured by the Australian Government Financial Claims Scheme – up to a total of $250,000 per member.

    Details
  • Term Deposit

    3.95% p.a.
    1 year

    $5,000

    Yes up to $250,000

    Details
  • Term Deposit

    4.25% p.a.
    1 year

    $5,000

    Yes up to $250,000

    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

    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.