Your selected term deposits
Mozo compares term deposit interest rates from 70 banks, mutual banks and credit unions in Australia, helping you find the best term deposit for your investment needs.
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.
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.
Read reviews and learn more about BCU Bank term deposits
Your selected term deposits
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.
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.
Read reviews and learn more about Judo Bank term deposits
Your selected term deposits
4.00% p.a.
6 months
$5,000
Yes up to $250,000
Read reviews and learn more about Bendigo Bank term deposits
Your selected term deposits
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
No set up, monthly service or management fees & choose to invest from $5,000 or more
Read reviews and learn more about Westpac term deposits
Your selected term deposits
3.60% p.a.
6 months
$1,000
Yes up to $250,000
Read reviews and learn more about BankSA term deposits
Your selected term deposits
3.50% p.a.
6 months
$5,000
Yes up to $250,000
A higher competitive fixed interest rate than comparable ANZ Term Deposits. You will need to give ANZ 31 days notice if you wish to withdraw the money prior to maturity. With a minimum investment of $5,000 you can enjoy the certainty of fixed returns over your investment term
A higher competitive fixed interest rate than comparable ANZ Term Deposits. You will need to give ANZ 31 days notice if you wish to withdraw the money prior to maturity. With a minimum investment of $5,000 you can enjoy the certainty of fixed returns over your investment term
Read reviews and learn more about ANZ term deposits
Your selected term deposits
2.60% p.a.
6 months
$25,000
Yes up to $250,000
Read reviews and learn more about BankWAW term deposits
Your selected term deposits
^See information about the Mozo Experts Choice Term deposits 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.
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
Read reviews and learn more about IMB Bank savings accounts
Your selected term deposits
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Read reviews and learn more about BCU Bank savings accounts
Your selected term deposits
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Read reviews and learn more about ING savings accounts
Your selected term deposits
5.20% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 3 months from account opening.
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
Read reviews and learn more about Newcastle Permanent savings accounts
Your selected term deposits
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
Read reviews and learn more about MyState Bank savings accounts
Your selected term deposits
Term deposits remain attractive to those with the ability to put some money aside. However, providers have been gradually lowering long-term rates over the past few months. This shift likely stems from economic forecasts suggesting that, as inflation continues to diminish, the Reserve Bank of Australia (RBA) might begin to reduce the cash rate from early next year.
As a precursor, many banks are reducing rates for longer-term deposits while keeping rates more attractive for shorter terms, especially around the 9-12 month mark. If you're looking to stash your cash, it might pay to compare these options.
1-year term deposit rates are currently the highest on average (4.43%) in our database.
Short terms - 5 month through to 12 month deposits - are offering rates of 5% or higher.
Judo Bank offers the highest interest rate returns on five different term lengths in November, including the best rate available in Mozo’s database - 5.15% p.a. for a 6 month term.
Term deposit length | Average term deposit rates | Highest term deposit rates |
3 months | 3.93% p.a. | 4.90% p.a. from Bank of Sydney |
6 months | 4.33% p.a. | 5.15% p.a. from Judo Bank |
9 months | 4.27% p.a. | 5.05% p.a. from Heartland Bank |
1 year | 4.43% p.a. | 5.05% p.a. from Family First Bank |
2 years | 3.90% p.a. | 4.75% p.a. from Judo Bank |
3 years | 3.72% p.a. | 4.65% p.a. from Judo Bank |
4 years | 3.55% p.a. | 4.50% p.a. from Judo Bank |
5 years | 3.56% p.a. | 4.50% p.a. from Judo Bank |
If you’re comparing term deposits, make sure to keep the minimum deposit in mind. They generally vary from $1000 to $5000, and some are even as large as $25,000.
Interest rates listed above based on personal term deposits at $25,000 in the Mozo database.
Figures accurate as at 1 November 2024.
A term deposit is a savings product that offers savers a fixed rate of interest for a set period of time. These accounts offer an alternative to regular savings accounts, allowing you to put your money away and earn a guaranteed return.
Term deposits can be anywhere from 1 month to 5 years and the interest rates offered on terms will vary between providers. Since your funds are committed to the term deposit, accessing your money usually requires advance notice to the bank (such as 31 days) or incurs an early withdrawal fee.
When you compare term deposits, you’ll want to keep a couple of factors in mind such as:
Interest rates: the higher the rate the more interest you’ll earn
Deposit terms: the length of time your money will be invested for
Minimum deposit amounts: how much money you’ll need to invest up front.
While term deposits are typically pretty similar to one another, some have minimum and maximum deposit amounts. For example, some term deposits require you to have a minimum $1,000 deposit, whereas for others you need to have at least $25,000.
Use Mozo’s term deposit calculator to find out how much interest you could earn on any given rate and term.
Since the Reserve Bank of Australia (RBA) has slowed down its interest rate push as inflation (CPI) eases, the highest term deposit interest rates have slowly been chipped down. Recent months have seen both short and long term rates performing better than most medium term (2 and 3 year) rates.
Check out the term deposit snapshot above for a breakdown of the top rates across each term.
All term deposits listed on Mozo’s website are covered under the Australian government’s Financial Claims Scheme, as they’re provided by Authorised Deposit-taking Institutions (ADIs).
This means the government will guarantee your deposit worth up to $250,000 per person, per deposit product, if the bank goes bankrupt or can’t pay you back.
Even if you find a good term deposit, there are a number of advantages and disadvantages you’ll want to consider before signing up.
Pros |
Cons |
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For a more in-depth breakdown, check out our guide on the pros and cons of term deposits.
If you’re deciding between a term deposit or a savings account, it’s helpful to take a look at a side-by-side comparison of the two similar, but also very different, savings products.
Term deposits |
Savings Accounts |
|
Access your money at any time? |
✗ |
✔ |
Fixed rate of interest? |
✔ |
✗ |
Guaranteed rate of return? |
✔ |
✗ |
Make additional deposits? |
✗ |
✔ |
Safe (covered by FCS)? |
✔ |
✔ |
Typically requires a linked transaction account? |
✗ |
Sometimes |
Typically requires minimum starting deposit requirements? |
✔ |
Sometimes |
For a full breakdown of the differences, check out our savings account vs term deposit guide.
Put your savings under lock & key, reducing the urge to dip into them!
Fixed interest rates!
You can save up for an event happening in 3, 6 or even 12 months time.
You won’t be able to access your money at a moment’s notice.
You won’t benefit from interest rate rises.
You can access your funds at any time.
You might benefit from interest rate rises.
Your interest rate may go down, if market interest rates go down.
You might be tempted to dip into your stash.
So happy to lock your funds away and watch the interest grow?
Well a term deposit could be for you!
Or, keen to grow your savings stash but need access to your funds at a moment’s notice?
Maybe consider a savings account!
Happy saving!
The 2024 Mozo Experts Choice Awards uncovered the best term deposits in Australia, based on the banks that consistently offered the highest interest rates to their customers. Among the best in 2024 are:
If you need access to your funds before the maturity date of your term deposit, it is possible to break the account. Firstly, you will need to give the bank 31 days notice and secondly you will likely be required to pay an early withdrawal fee. For more detailed information, see our term deposit early termination guide.
The 31 day notice period applies if you want to withdraw money from your term deposit prior to the maturity date. This is a regulation that was introduced by the Australian Prudential Regulation Authority (APRA) requiring customers to give banks 31 days advance notice. Even if you provide 31 days notice, you may still need to pay an early withdrawal fee or penalty.
You will generally need to be a resident for tax purposes to be able to open a term deposit with an Australian bank. Banks will generally also require you to be at least 18 years old to open a term deposit. If you are under 18, it might be possible to open a joint account with a parent or guardian.
Yes, the interest earned on a term deposit is considered income and you’ll need to include this on your tax return for the financial year in which it was paid. It is a good idea to speak with your accountant or financial advisor about your specific tax situation, especially if you are investing a large amount of money.
At the moment, some of the leaders in a few term categories are offering rates around 5%. To find out some of the highest rates of the month, check out our article on how term deposit rates are doing.
Term deposits can be worth considering if you're looking for a low-risk, guaranteed return on your savings. They can be good if you have a lump of cash you don't need to access for a while and want to lock in a good rate before rates fall. However, this is a double edged sword as you may miss out on rising interest rates too.
Range of accounts, convenience of savings accounts and day to day accounts together.Ease of using website
Read full reviewRange of accounts, convenience of savings accounts and day to day accounts together.Ease of using website
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.
Read full reviewING 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.
I found products , services , very good the down side is there other places with slity higher interest rates other than that there excellent
Read full reviewI 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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Your selected term deposits
