Best rate (up to 1 year)
0.35% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review Commonwealth Bank Term Deposit

Last updated: 26 February 2021.

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What's hot
  • A wide variety of term options ranging from 1 month to 5 years
What's not
  • Minimum opening deposit of $5,000
Mozo snapshot

With a wide variety of term options ranging from as little as 1 month, up to 5 years, the Commonwealth Bank Term Deposit could be a step in the right direction for you and your savings. There are rates up to 0.35% on offer, depending on your deposit amount and how long you want to lock it away for.

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Key features

The Commonwealth Bank Term Deposit is flexible as it gives you the option have your interest paid either every 28 days, 6 months, annually or at maturity, depending on the length of their term period. You can also choose to have your interest paid into a different bank of your choosing once your account reaches maturity.

With fixed interest rates starting at 0.05% p.a for a 1-month term, ranging up to 0.35% p.a for a 12 month term or 0.35% for a term of 5 years (for deposits containing $50,000 to $1,999,999), the Commonwealth Bank Term Deposit account could be exactly what you need. 

This term deposit also has an automatic rollover option for customers who want to extend their term past maturity. Just make sure you check the new deal is still competitive before letting it roll over.

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Who is it good for

The Commonwealth Bank Term Deposit offers a wide variety of terms and interest rates, so it could be a good option whether you’re after a quick boost to your savings, or a long-term nest-egg.

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Any catches

If you withdraw your funds before your term deposit reaches maturity, you’ll be charged additional fees, including a $30.00 administration fee, plus, you won’t earn the full amount of interest. Interest rates also vary quite significantly depending on how much money you deposit in your account, so make sure you double check the fine print.

Details

Rates and fees information correct as at 3 March 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.05% p.a. ($5,000 to $1,999,999)

  • 0.05% p.a. ($5,000 to $49,999)

    0.05% p.a. ($50,000 to $1,999,999)

  • 0.08% p.a. ($5,000 to $49,999)

    0.08% p.a. ($50,000 to $1,999,999)

  • 0.10% p.a. ($5,000 to $49,999)

    0.10% p.a. ($50,000 to $1,999,999)

  • 0.10% p.a. ($5,000 to $49,999)

    0.10% p.a. ($50,000 to $1,999,999)

  • 0.10% p.a. ($5,000 to $49,999)

    0.20% p.a. ($50,000 to $1,999,999)

  • 0.10% p.a. ($5,000 to $49,999)

    0.20% p.a. ($50,000 to $1,999,999)

  • 0.10% p.a. ($5,000 to $49,999)

    0.20% p.a. ($50,000 to $1,999,999)

  • 0.15% p.a. ($5,000 to $49,999)

    0.25% p.a. ($50,000 to $1,999,999)

  • 0.15% p.a. ($5,000 to $49,999)

    0.25% p.a. ($50,000 to $1,999,999)

  • 0.15% p.a. ($5,000 to $49,999)

    0.25% p.a. ($50,000 to $1,999,999)

  • 0.35% p.a. ($5,000 to $49,999)

    0.35% p.a. ($50,000 to $1,999,999)

  • 0.25% p.a. ($5,000 to $49,999)

    0.35% p.a. ($50,000 to $1,999,999)

  • 0.25% p.a. ($5,000 to $49,999)

    0.35% p.a. ($50,000 to $1,999,999)

  • 0.25% p.a. ($5,000 to $49,999)

    0.35% p.a. ($50,000 to $1,999,999)

  • 0.25% p.a. ($5,000 to $49,999)

    0.35% p.a. ($50,000 to $1,999,999)

  • 0.25% p.a. ($5,000 to $49,999)

    0.35% p.a. ($50,000 to $1,999,999)

Other financial bits
  • $5,000.00

  • $1,999,999.00

Features
  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date. Minimum deposit for SMSFs is $10,0000.

  • none

Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

How are Commonwealth Bank term deposits rated by the Mozo community?

Overall
7.1/10
Price
6.5/10
Features
5.8/10
Customer service
7.3/10
Convenience
7.8/10
Trust
7.5/10

Latest reviews of Commonwealth Bank Term Deposit

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About Commonwealth Bank

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.

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