Your selected term deposits
Best term deposits in Australia – compare rates up to 4.35% p.a.
Fact Checked
| INTEREST RATES P.A. | $1,000 to $2,000,000 |
|---|---|
| 1 month | 2.10% |
| 2 months | 2.30% |
| 3 months | 3.90% |
| 4 months | 4.15% |
| 5 months | 4.20% |
| 6 months | 3.90% |
| 7 months | 4.35% |
| 8 months | 4.20% |
| 9 months | 4.10% |
| 10 months | 4.05% |
| 11 months | 4.10% |
| 1 year | 3.90% |
| 2 years | 3.95% |
| 3 years | 4.00% |
| 4 years | 4.20% |
| 5 years | 4.30% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about Judo Bank term deposits
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| INTEREST RATES P.A. | $1,000 to $4,999 | $1,000 to $100,000 | $5,000 to $100,000 |
|---|---|---|---|
| 1 month | - | 1.00% | - |
| 2 months | - | 1.00% | - |
| 3 months | 1.10% | - | 4.00% |
| 4 months | - | 1.25% | - |
| 5 months | - | 1.25% | - |
| 6 months | 2.00% | - | 3.90% |
| 7 months | - | 2.00% | - |
| 8 months | - | 2.00% | - |
| 9 months | - | 2.00% | - |
| 10 months | - | 2.00% | - |
| 11 months | - | 2.00% | - |
| 1 year | 2.00% | - | 3.80% |
| 13 months | - | 2.00% | - |
| 18 months | - | 2.00% | - |
| 2 years | 2.00% | - | 3.50% |
| 3 years | 2.00% | - | 3.60% |
| 4 years | 2.00% | - | 4.00% |
| 5 years | 2.00% | - | 4.00% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about IMB Bank term deposits
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| INTEREST RATES P.A. | $5,000 to $1,000,000 |
|---|---|
| 2 months | 1.60% |
| 3 months | 3.75% |
| 4 months | 4.05% |
| 5 months | 3.00% |
| 6 months | 3.80% |
| 7 months | 3.70% |
| 8 months | 3.70% |
| 9 months | 3.60% |
| 10 months | 3.45% |
| 11 months | 3.55% |
| 1 year | 3.70% |
| 13 months | 3.40% |
| 18 months | 3.40% |
| 2 years | 3.40% |
| 3 years | 3.35% |
| 4 years | 3.35% |
| 5 years | 3.35% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about P&N Bank term deposits
Go to site| INTEREST RATES P.A. | $1,000 to $2,000,000 |
|---|---|
| 1 month | 2.10% |
| 2 months | 2.30% |
| 3 months | 3.90% |
| 4 months | 4.15% |
| 5 months | 4.20% |
| 6 months | 3.90% |
| 7 months | 4.35% |
| 8 months | 4.20% |
| 9 months | 4.10% |
| 10 months | 4.05% |
| 11 months | 4.10% |
| 1 year | 3.90% |
| 2 years | 3.95% |
| 3 years | 4.00% |
| 4 years | 4.20% |
| 5 years | 4.30% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about Judo Bank term deposits
Go to site| INTEREST RATES P.A. | $1,000 to $2,000,000 |
|---|---|
| 1 month | 2.10% |
| 2 months | 2.30% |
| 3 months | 3.90% |
| 4 months | 4.15% |
| 5 months | 4.20% |
| 6 months | 3.90% |
| 7 months | 4.35% |
| 8 months | 4.20% |
| 9 months | 4.10% |
| 10 months | 4.05% |
| 11 months | 4.10% |
| 1 year | 3.90% |
| 2 years | 3.95% |
| 3 years | 4.00% |
| 4 years | 4.20% |
| 5 years | 4.30% |
Rates are shown for interest paid at maturity for terms less than 1 year, and annually or at maturity for terms of 1 year or more.
Read reviews and learn more about Judo Bank term deposits
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Read reviews and learn more about IMB Bank savings accounts
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Read reviews and learn more about Rabobank savings accounts
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Below are the highest rates on Mozo’s database. It's important to note that the highest rates aren’t always the best fit for every saver.
| Term | Rate (p.a.) | Bank | Product |
|---|---|---|---|
| 1 month | 3.60% | Goldfields Money | Term Deposit |
| 2 months | 3.80% | Goldfields Money | Term Deposit |
| 3 months | 4.20% | Bank of us | Term Deposit |
| 4 months | 4.25% | Goldfields Money | Term Deposit |
| 5 months | 4.35% | Judo Bank | Term Deposit |
| 6 months | 4.30% | Goldfields Money | Term Deposit |
| 7 months | 4.35% | Judo Bank | Term Deposit |
| 8 months | 4.20% | Judo Bank | Term Deposit |
| 9 months | 4.20% | Bank Australia | Term Deposit |
| 10 months | 4.05% | Judo Bank | Term Deposit |
| 11 months | 4.10% | Judo Bank | Term Deposit |
| 1 year | 4.15% | Bank of Sydney | Term Deposit |
| 18 months | 3.90% | Auswide Bank | Term Deposit |
| 2 years | 4.00% | ING | Term Deposit |
| 3 years | 4.00% | Judo Bank | Term Deposit |
| 4 years | 4.20% | Judo Bank | Term Deposit |
| 5 years | 4.30% | Judo Bank | Term Deposit |
Note: Rates accurate as at 8 October, 2025.
The 2025 Mozo Experts Choice Award for term deposits uncovered the best accounts in Australia, based on the banks that consistently offered the highest interest rates to their customers.
The Big Four banks – Commonwealth Bank, NAB, Westpac and ANZ – are household names for Australian savers, but when it comes to term deposits, bigger doesn’t always mean better. While they offer the familiarity and security of long-established brands, you might not get the best term deposit rates in Australia.
Here’s a breakdown of the latest rates and features for the Big Four’s most competitive term deposits:
| Feature | Westpac – Term Deposit Special | CommBank – New Deposit Special | NAB Term Deposit | ANZ – Advanced Notice Term Deposit |
|---|---|---|---|---|
| Highest rate |
3.90% p.a. Term: 11 months |
3.80% p.a. Term: 1 year |
3.80% p.a. Term: 7 months |
3.80% p.a. Term: 8 months |
| Interest paid to another bank | Yes | Yes | Yes | No |
| Deposit limits | $5,000 to $5,000,000 | $5,000 to $1,999,999 | $5,000 to $499,999 | $5,000 to $99,999 |
| Automatic rollover | Yes | Yes | Yes | Yes |
| Early withdrawal conditions | 31 days notice. An interest rate adjustment normally applies. | 31 days notice. A prepayment adjustment may apply. | 31 days notice for full or partial release of funds. | 31 days notice. You will incur an interest reduction. |
Source: Mozo database. Rates accurate as of 8 October, 2025.
Tip: Some Big Four banks may offer better rates to existing customers. Always read the Product Disclosure Statement (PDS).
If you are considering a term deposit or a savings account, it is useful to compare the two side by side. This is because each account type is better suited to certain situations.
|
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 |
When choosing a term deposit, start by comparing interest rates and terms. Higher rates often come with longer lock-in periods, so decide how long you’re comfortable having your money tucked away.
Next, check the conditions for early withdrawal. Most banks require advance notice – often 31 days – and may reduce your interest if you access your funds before maturity.
It’s also worth considering when interest is paid. Some term deposits pay monthly, quarterly, or annually, while others only pay at maturity. Choose an option that suits your cash flow needs.
Finally, make sure the institution is covered by the government’s Financial Claims Scheme, which protects deposits up to $250,000 per customer, per bank.
If you need flexibility, you may want to explore and compare high-interest savings accounts.
We compare term deposit rates from a wide range of Australian banks, credit unions, and neobanks – big and small. We update these rates daily to help you find the most competitive offers. All providers compared are Authorised Deposit-taking Institutions (ADIs), meaning deposits up to $250,000 per person are protected by the Australian Government's Financial Claims Scheme (FCS).
When you compare term deposits, you’ll want to keep a couple of factors in mind such as:
While most term deposits are fairly similar, 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.
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.
Generally, yes, but you'll usually face an interest rate reduction penalty. Most providers require you to give notice (e.g., 31 days). The penalty often depends on how much of the term has elapsed. For example, withdrawing early might mean you forfeit 20% to 80% of the interest earned. It's designed for funds you're confident you won't need during the term. Check the PDS for specific details.
Most term deposits don’t charge ongoing fees, but you may face a penalty or reduced interest if you withdraw your money before the term ends.
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.
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.
Interest is usually calculated daily on your principal amount and paid at the frequency stated in the terms: typically at maturity (end of term), annually, semi-annually, quarterly, or monthly. Monthly interest payments often come with a slightly lower interest rate compared to interest paid at maturity. Check the 'interest frequency' section in our tables and the provider's Product Disclosure Statement (PDS).
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.
Your provider will typically contact you before maturity. You usually have a grace period (e.g., 7-14 days) to decide whether to:
At the moment, no Aussie term deposits are offering rates of 5% or higher. To find some of the highest rates of the month, check out our tables above.
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.
Our guides will help you to understand the ins and outs of term deposits See all
Get the latest on market trends, interest rates, and term deposit product news from Mozo's expert writers. See all
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We compare term deposits from the following well-known providers and many more ...
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