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.
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.
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.
Read reviews and learn more about P&N Bank term deposits
Your selected term deposits
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.
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
^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.
5.35% p.a. (for $0 to $250,000)
5.00% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Read reviews and learn more about Macquarie savings accounts
Your selected term deposits
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. 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
4.50% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Increase account balance by any amount and make no more than two withdrawals
Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.
Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.
Read reviews and learn more about Newcastle Permanent savings accounts
Your selected term deposits
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Read reviews and learn more about Unity Bank savings accounts
Your selected term deposits
5.00% p.a. (for $1 to $250,000)
2.00% p.a.(for $1 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
Read reviews and learn more about First Option Bank savings accounts
Your selected term deposits
While many providers continue to trim rates on longer-term fixed deposits in anticipation of forecast reductions in the cash rate for 2025, there are plenty of opportunities to secure expedited returns as banks elevate interest on short-duration terms.
However, interest rates aren’t expected to move until at least early next year. Commonwealth Bank (CBA) is the only Big Four bank predicting a February rate cut. ANZ, Westpac and NAB all expect rates to remain unchanged until May.
One of the primary reasons for the delay in cuts to the cash rate is the persistence of underlying inflation. Annual trimmed mean inflation was 3.5 per cent in October, up from 3.2 per cent the previous month, according to the latest monthly CPI indicator.
For those with cash to stash, locking in a short-term deposit now could be a sensible strategy to benefit from higher rates, while remaining flexible for potential rate changes in 2025.
1-year term deposit rates are currently the highest on average (4.48%) in our database. The average rate, across all deposit lengths, increased slightly month-on-month in December.
This month, rates are highest among term deposits that range from 6 – 12 months in length.
Heartland Bank offers the best returns on seven different term durations in December, including the highest rate available in Mozo’s database - 5.15% p.a. for a 9 month term.
Take a look at the list below to explore the updates, and use our comparison tables for term deposits to evaluate the various options available for saving your money.
Term deposit length | Average term deposit rates | Highest term deposit rates |
3 months | 3.98% p.a. | 4.95% p.a. from Heartland Bank |
6 months | 4.38% p.a. | 5.10% p.a. from Bank of Sydney |
9 months | 4.36% p.a. | 5.15% p.a. from Heartland Bank |
1 year | 4.48% p.a. | 5.10% p.a. from Heartland Bank |
2 years | 3.93% p.a. | 4.70% p.a. from Heartland Bank |
3 years | 3.75% p.a. | 4.60% p.a. from Heartland Bank |
4 years | 3.61% p.a. | 4.45% p.a. from Heartland Bank |
5 years | 3.62% p.a. | 4.45% p.a. from Heartland Bank |
Note: Interest rates listed above based on personal term deposits at $25,000 in the Mozo database. Figures accurate as at 17 December 2024.
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.
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 |
|
|
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.
Like the bank but too many branches closing making it harder for senior people
Read full reviewLike the bank but too many branches closing making it harder for senior people
I rang this morning to confirm that my account has been set up and the wait on the phone isn't too long and the person on the phone was quite informative and patient.
Read full reviewI rang this morning to confirm that my account has been set up and the wait on the phone isn't too long and the person on the phone was quite informative and patient.
I like the convenience of online banking. However, some people would prefer to be able to go into a branch
Read full reviewI like the convenience of online banking. However, some people would prefer to be able to go into a branch
More term deposit reviews
Your selected term deposits