Look beyond the big banks for best term deposit rates

By Kirsty Timsans · · 1 min read
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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

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 27 July 2024 Important disclosures
  • 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
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    Details
  • Term Deposit - Online only

    5.15% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.

    Compare
    Go to site
    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
    Go to site
    Details
  • 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
    Go to site
    Details
  • Term Deposit

    3.70% p.a.
    6 months

    $5,000

    Yes up to $250,000

    Compare
    Find out more
    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
    Find out more
    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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Today's term deposit rates