Brisbane Term Deposits

Seeking a safe spot to invest your hard-earned money for growth? Term deposits could be your answer. Mozo helps you compare term deposit options from banks, mutual banks, and credit unions throughout Brisbane and Australia, aiding in finding the ideal term deposit for your needs.

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brisbane term deposits

Brisbane term deposit comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 term deposits.
Last updated 11 December 2024 Important disclosures
  • Term Deposit

    5.05% 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.

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  • Term Deposit

    4.90% p.a.
    4 months

    $5,000

    Yes up to $250,000

    Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.

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  • 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.

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  • SMSF Term Deposit

    5.05% 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.

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  • Term Deposit

    4.00% p.a.
    6 months

    $5,000

    Yes up to $250,000

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^See information about the Mozo Experts Choice Term deposits Awards

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Term deposit resources

Reviews, news, tips and guides to help find the best term deposit for you.

How do term deposits work?

Term deposits in Brisbane work much the same across the rest of the country. By applying for a certain term—say, one year—you’ll be given a fixed interest rate that will apply to the deposit until its maturation date. 

Upon reaching maturity, you may choose to either roll over to a new term with the interest gained or instead choose to have your savings deposited into a bank account of your choosing. 

It may be tempting to apply for a 5-year term at a higher interest rate, but keep in mind that if you need to withdraw this cash at any point before the term deposit maturation, you’ll likely have some restrictions such as AMP term deposits requiring a 31-day prior notice for early withdrawal. 


Why might you need a term deposit in Brisbane?

With inflation on the rise, it’s becoming increasingly important for Brisbanians to keep their savings stored away in high-interest accounts to offset inflationary pressures. 

Term deposits are a great way to keep money stashed away as they generally offer higher interest rates on average than savings accounts. However, to gain a higher interest rate, you’ll need to keep your cash stored away for longer terms which may not work for savers with limited cash flow. 

In addition, it’s important to note that term deposit providers will usually require a minimum deposit amount ranging from $1,000-$25,000 depending on the account. 


What banks offer good term deposit rates in Brisbane?

With a population of well over 2 million people, Brisbane has access to many banks and credit unions that offer a variety of term deposits. 

But Brisbanians no longer need to restrict themselves to local branches anymore as more online term deposits are offered by banks who themselves find greater advantage in becoming increasingly digital.


Should I take a long or short-term deposit?

The length of your term deposit depends on your financial situation as well as the financial environment you find yourself in.

For instance, taking a longer term deposit will generally give you a higher interest rate which you can take advantage of well into a low-interest-rate environment due to the rate being fixed. 

However, if you were to take a 5-year term deposit and find yourself in a lower interest rate environment by the time of maturation, it would leave you with few options in terms of where to deposit your money. 

In turn, shorter term deposits can be more advantageous in long-term rising interest rate conditions as they allow you to roll over (with interest gained) into an even better interest rate. You can also use shorter periods to keep your money safe and growing for a later investment that they are planned for.


What are the cons of term deposits?

Whilst term deposits are classed as a safe investment, they do have some trade-offs in comparison to riskier investment types. 

  • Low returns: In comparison to other investments such as stocks and bonds, term deposits usually have lower rates of return

  • Lack of liquidity: Term deposits generally have to give 31 days notice if they wish to withdraw before the maturation date.

  • Inflation risk: The interest earned on a term deposit may not keep up with inflation, meaning that you could end up with overall less by the maturation date.

  • Limited diversification: Term deposits are simply a lump sum of money deposited in a particular bank account.


What’s the difference between a term deposit and a savings account?

So how are term deposits any different from a savings account? For one, one big difference that savings accounts have is that they generally have a variable interest rate. 

What this means is that if you open a savings account with an interest rate of 3%, you’re in no way guaranteed to keep this, especially if the economic situation deteriorates. 

On the other hand, term deposits usually have a fixed interest rate. This means that if you applied for a 3% term deposit for 2 years, you’ll keep that interest rate right up until the maturation date. 


How do I apply for a term deposit?

  1. Compare: Look around for term deposits with the best rates. At Mozo we compare term deposits with the best interest rates for comparison.

  2. Decide deposit amount: Depending on the term deposit provider, your minimum deposit amount will vary so make sure you have enough.

  3. Set up your deposit: Make sure you have all the necessary documents nearby to make the process as easy and quick as possible.

  4. Wait: for as long as you set your deposit term and watch your money grow until maturation.  


Picture of Cameron Thomson
Cameron Thomson
RG146
Money writer

Cameron has a Bachelor of Creative Writing and History, and a background in broadcast media from his time at 2SER Radio. This diverse set of skills has informed his analytical yet creative approach to dissecting financial data and uncovering long-term trends in consumer finance. Cameron is RG146 certified for Generic Knowledge and keeps a keen eye on current and historical deposit and savings rates on the Mozo database. Cameron is also interested in tracking the investment space, particularly share trading platforms, to help Aussie consumers save and invest their money more wisely.

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ING Term Deposit
Overall 8/10
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Range of accounts, convenience of savings accounts and day to day accounts together.Ease of using website

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ING has a range of different accounts. The savings maximiser is great for short term goals and the term deposit for long term investment. The online site is so easy to use.

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ING has a range of different accounts. The savings maximiser is great for short term goals and the term deposit for long term investment. The online site is so easy to use.

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Jan, South Australia, reviewed 21 days ago
Commonwealth Bank Term Deposit
Overall 8/10
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I found products , services , very good the down side is there other places with slity higher interest rates other than that there excellent

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I found products , services , very good the down side is there other places with slity higher interest rates other than that there excellent

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