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 28 March 2024
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
4.75% 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)
CompareCompareTerm Deposit
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)
- interest rate
- 4.75% 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?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Rabobank Term Deposit
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Featured Product
Term Deposit
5.10% 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.
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
- 5.10% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
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Online Term Deposit
4.80% 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.
CompareCompareOnline Term Deposit
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.
- interest rate
- 4.80% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
-
Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
4.85% p.a.
6 months$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)
CompareCompareTerm Deposit
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)
- interest rate
- 4.75% 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?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Rabobank Term Deposit
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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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