How are term deposits rates doing in November?
Recently, term deposit providers have turned away from higher interest rates for longer terms and instead are focused on shorter term rates. Unfortunately, this also means that rates in the 5% range are no longer really on offer for long term deposits. So, if you’re looking to lock your cash up for a short while, then some of the current term deposit rates could be worth considering.
For much of last year, Judo Bank led the way in offering the best rates across most terms. However, as of November 2024, no one provider is offering leading rates across all terms. However, Judo Bank does currently have the highest rates on our database for terms between 2 and 5 years.
At the moment, most providers are probably predicting that the RBA will cut rates sometime next year, so the focus has been on shorter rates. However, as we get closer to those potential rate cuts, it’s likely that these short term rates will also be revised down. If you're considering locking your cash up for a short period, now might be a good time to explore some of the current rates available.
Let’s look at some short-term options: Family Firsts Special Term Deposit leads with a 5.05% p.a. rate for 12 months while Goldfields money led 2 month terms with a 4.35% p.a. rate.
On the longer end, Judo Bank currently offers the highest rates for 5-year terms at 4.60% p.a. while Heartland Bank and Rabobank offer the highest 4-year rate at 4.50% p.a.
Below we’ve kept track of the top three financial institutions offering some of the highest interest rates found in the Mozo database.
**Top Term Deposit leaders
Judo Bank - Highest 2-5 year rates
| Term Length | Interest Rate (p.a.) |
| 1-year term | 5.00% |
| 2-year term | 4.75% |
| 3-year term | 4.65% |
| 4-year term | 4.50% |
| 5-year term | 4.50% |
| Minimum deposit: $1,000 | |
Family First Bank (Special Term Deposit) - Highest 1 year rate
Currently, the highest 1 year term deposit rate is Family Firsts Special Term Deposit at 5.05% p.a. for a 12 month term only and is on offer until 31 December 2024. Judo, Heartland, and Qudos Bank all tie just 5 basis points behind on 12 month terms.
| Qudos Bank | Heartland Bank | ||
| Term Length | Interest Rate (p.a.) | Term Length | Interest Rate (p.a.) |
| 3-month | 4.85% p.a. | 1-year term | 5.00% |
| 6-month | 5.05% p.a. | 2-year term | 4.70% |
| 9-month | 4.90% p.a. | 3-year term | 4.50% |
| 1-Year | 5.00% p.a. | 4-year term | 4.50% |
| 2-Year | 4.70% p.a. | 5-year term | 4.50% |
| Minimum deposit: $1,000 | Minimum deposit: $25,000 | ||
Goldfields Money - Highest 1 and 2 month term rates
| Term Length | Interest Rate (p.a.) |
| 1 month | 4.00% |
| 2 month | 4.35% |
| 3-month | 4.65% |
| 6-month | 4.85% |
| 9-month | 4.75% |
| Minimum deposit: 5,000 | |
To learn more about term deposits check out Mozo’s tips and guide page.
**Top refers to the leading rate on the Mozo database
Term Deposit FAQs
What is a term deposit?
A term deposit is a low-risk investment option offered by many banks, mutual banks and credit unions. The deposit lets you earn interest on a large sum of money at a fixed rate for a specified period of time. That can be anywhere from one month to five years. After you put money in a term deposit you can choose how to have your interest paid: monthly or at maturity.
What are some of the best term deposits?
You’re in luck! Every year we announce the Mozo Expert Choice Awards^ where we crown the best of the best as winners. Some of the banks with the highest rates above have actually won awards for best term deposits.
Do I pay tax on the interest earned from my term deposit?
Yes, any interest earned is considered income and you’ll need to include this on your tax return for the financial year in which it was paid.
What’s the difference between a savings account and a term deposit?
Term deposits have fixed interest rates so you’ll always know how much you’ll earn over the determined term period, but the trade off is that to earn that interest you won't be able to access that money (without penalty). On the other hand, savings accounts have variable interest rates which can be changed by your bank (up or down) at any time and you’ll also have easier access to your money.
Compare term deposits
-
Term Deposit
5.15% p.a.
6 months$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.
CompareCompareTerm Deposit
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.
- interest rate
- 5.00% 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?
- yes
- Automatic rollover
- yes
Read reviews and learn more about Judo Bank term deposits
-
Standard Term Deposit
4.90% 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
- 4.70% 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
4.00% p.a.
6 months$5,000
Yes up to $250,000
CompareCompareTerm Deposit
- interest rate
- 4.50% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read reviews and learn more about Bendigo Bank term deposits
-
Term Deposit
3.60% p.a.
6 months$5,000
Yes up to $250,000
No set up, monthly service or management fees & choose to invest from $5,000 or more
CompareCompareTerm Deposit
No set up, monthly service or management fees & choose to invest from $5,000 or more
- interest rate
- 4.00% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about Westpac term deposits
-
Term Deposit
3.60% p.a.
6 months$1,000
Yes up to $250,000
CompareCompareTerm Deposit
- interest rate
- 4.00% 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?
- yes
- Automatic rollover
- yes
Read reviews and learn more about BankSA 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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