Look beyond the big banks for best term deposit rates

With interest rates stuck at record lows, savers are facing tougher choices than ever when it comes to deciding where to park their hard earned cash. 

Australia’s big four banks have always been a popular choice for term deposits, but choosing the security of a big bank can come at the expense of a competitive interest rate.

Only 12 months ago, the average 2-year term deposit rate offered by the big four banks was 3.13%. Fast-forward to present day and savers are facing a return of just 2.48%. 

“In the current low rate market, savers need to look beyond the big banks to ensure they’re getting the best return on their money, says Mozo’s Head of Data, Peter Marshall.

“Savers should definitely be shopping around and considering some of the smaller banks and mutuals that have the better rates in the market”, he said.

Time to review where to put your savings? Check out our term deposit comparison table below.

Term deposit comparisons on Mozo - last updated 22 June 2024

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

    5.25% 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.

    Compare
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    5.00% 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)

    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
  • Term Deposit

    5.25% p.a.
    4 months

    $5,000

    Yes up to $250,000

    Invest as little as $5k to grow your savings with our attractive Term Deposits rates. No establishment or ongoing fees with interest paid at maturity. Mobile app available. T&Cs apply.

    Compare
    Details
  • SMSF Term Deposit

    5.25% p.a.
    6 months

    $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
  • 6 Months Term Deposit Special

    5.00% p.a.
    6 months

    $50,000

    Yes up to $250,000

    Boost your savings with a 6 month Illawarra Credit Union term deposit. Minimum deposit of $50,000. Deposits up to $250,000 per account holder are secured by the Government’s Financial Claims Scheme.

    Compare
    Details
  • 11 Month Term Deposit - Special Offer

    5.00% p.a.
    11 months

    $500

    Yes up to $250,000

    Grow your savings with a South West Slopes Bank Term Deposit. Ability to deposit or withdraw funds at maturity. Interest is calculated daily and paid on maturity or at monthly intervals. $500 minimum deposit.

    Compare
    Details
  • Term Deposit

    4.95% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Competitive fixed rates across investment terms ranging from 1 month to 5 years. No set up or establishment fees. $1000 minimum investment.

    Compare
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    5.05% 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.^

    Compare
    Details
  • Term Deposit

    4.80% p.a.
    9 months

    $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.

    Compare
    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.