based on 46629 Commonwealth Bank product reviews as rated by Mozo community

Commonwealth Bank term deposits

The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. The Commonwealth Bank reckons it's focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank's wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.

Commonwealth Bank offers the following term deposits

Rates and fees verified as correct at 4 December 2023. Other information correct at the time of writing. Advertiser disclosure.
Product Best rate (up to 1 year) Minimum Deposit Interest paid to another bank?
New Deposit Special

5.05% p.a.1 year ($5,000 to $1,999,999)

$5,000.00

yes

Term Deposit

4.25% p.a.1 year ($5,000 to $49,999)

$5,000.00

yes

How are Commonwealth Bank term deposits rated?

Mozo users have rated Commonwealth Bank term deposits on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of term-deposits
Commonwealth Bank term deposits
Overall
Price
Features
Customer service
Convenience
Trust

851 Reviews

Recent Commonwealth Bank term deposit reviews

Commonwealth Bank Term Deposit
Overall 8/10
Overall a convenient bank

I do like the bank and everything is easy to do (depositing money throught one machine unlike other banks) yet I was given false information on term deposits but one banker and a week later I went back in an got told something completely different.

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I do like the bank and everything is easy to do (depositing money throught one machine unlike other banks) yet I was given false information on term deposits but one banker and a week later I went back in an got told something completely different.

Price
7/10
Features
9/10
Customer service
5/10
Convenience
7/10
Trust
9/10
Less
Natalia, New South Wales, reviewed 24 days ago
Commonwealth Bank Term Deposit
Overall 10/10
Overall, I am very happy with the experience. :)

The person I spoke with at Comm bank was very knowledgeable about the different types of accounts and term deposits they offered and their features. She was also able to give me a very competitive rate on my term deposit. It was a straight forward process and I felt like I was treated like a human being not a number. My personal needs and saving goals were taken into consideration also.

Read full review

The person I spoke with at Comm bank was very knowledgeable about the different types of accounts and term deposits they offered and their features. She was also able to give me a very competitive rate on my term deposit. It was a straight forward process and I felt like I was treated like a human being not a number. My personal needs and saving goals were taken into consideration also.

Price
7/10
Features
10/10
Customer service
10/10
Convenience
9/10
Trust
9/10
Less
Tania, Victoria, reviewed 19 days ago
Commonwealth Bank Term Deposit
Overall 1/10
Unfair fees

Exorbitant fees in the event that you redeem a term deposit early. After decades of banking with this bank, an 89 year old tried to withdraw money in a term deposit before the term deposit matured. A fee of over $17,000 was going to be charged for this elderly client to withdraw her money. She was advised that the only circumstances that it could be withdrawn before maturity without this fee was if she died. Is this fair?

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Exorbitant fees in the event that you redeem a term deposit early. After decades of banking with this bank, an 89 year old tried to withdraw money in a term deposit before the term deposit matured. A fee of over $17,000 was going to be charged for this elderly client to withdraw her money. She was advised that the only circumstances that it could be withdrawn before maturity without this fee was if she died. Is this fair?

Price
1/10
Features
1/10
Customer service
5/10
Convenience
4/10
Trust
1/10
Less
Mandy, Australian Capital Territory, reviewed 4 months ago
Commonwealth Bank Term Deposit
Overall 3/10
Don't use a bank that is not competitive.

They are taking advantage of customer inertia and inability to keep switching banks or products. So, they always pay the lowest return on most rates/terms/products.

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They are taking advantage of customer inertia and inability to keep switching banks or products. So, they always pay the lowest return on most rates/terms/products.

Price
2/10
Features
2/10
Customer service
6/10
Convenience
7/10
Trust
8/10
Less
Andy, Tasmania, reviewed about 1 year ago
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