Your selected term deposits
Mozo compares term deposit interest rates from 70 banks, mutual banks and credit unions in Australia, helping you find the right account for your investment needs.
5.25% 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 our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected term deposits
5.15% p.a.
6 months
$1,000
Yes up to $250,000
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
Read our Mozo Review to learn more about the Bank of Sydney Term Deposit - Online only
Your selected term deposits
5.25% p.a.
6 months
$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Your selected term deposits
5.25% p.a.
1 year
$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 our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected term deposits
3.70% p.a.
6 months
$5,000
Yes up to $250,000
Read our Mozo Review to learn more about the Commonwealth Bank Term Deposit
Your selected term deposits
4.25% p.a.
1 year
$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 our Mozo Review to learn more about the Westpac Term Deposit
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.
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account 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 our Mozo Review to learn more about the ING Savings Maximiser
Your selected term deposits
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 our Mozo Review to learn more about the IMB Bank Reward Saver Account
Your selected term deposits
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
Read our Mozo Review to learn more about the Macquarie Savings Account
Your selected term deposits
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Your selected term deposits
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
Your selected term deposits
Judo Bank trimmed the interest rates on its leading 2- to 5-year term deposits late last month (now 5.00% p.a.), giving Rabobank some room to shine as the highest 5-year term deposit rate in the Mozo database†.
At 5.10% p.a., Rabobank’s 5-year term deposit is an attractive option. However, the catch is that you must open and maintain one of their High Interest Savings Accounts. While those come with a high introductory rate of 5.75% p.a. for the first four months, if you meet the eligibility criteria, the 4.40% p.a. savings rate you revert to isn’t the highest in our tables.
Overall, term deposit interest rates are starting to decrease, as inflation tapers off and we get closer to a Reserve Bank of Australia (RBA) rate cut.
Predictions around when interest rates will finally come down are for November 2024. However, ANZ and NAB disagree with CBA and Westpac, saying it could be as far away as February or May 2025.
While it stands to reason that a cash rate cut would cause term deposit interest rates to decrease further, there are still plenty of options paying 5% or higher in our database, with a good chunk of those requiring minimum deposits of as little as $1,000, depending on the length of the term.
Term length | Average interest rate 17 July 2024 | Change since 1 July 2024 | Highest interest rate 17 July 2024 |
3 months | 3.87% p.a. | +0.03% | 5.10% p.a. from Goldfields Money |
6 months | 4.36% p.a. | +0.05% | 5.30% p.a. from Heartland Bank |
9 months | 4.32% p.a. | -0.01% | 5.25% p.a. from Heartland Bank |
1 year | 4.68% p.a. | +0.05% | 5.35% p.a. from Heartland Bank |
2 years | 4.07% p.a. | +0.01% | 5.00% p.a. from Alex.Bank & Judo Bank |
3 years | 3.89% p.a. | – | 5.00% p.a. from Alex.Bank & Judo Bank |
4 years | 3.76% p.a. | – | |
5 years | 3.79% p.a. | -0.01% | 5.10% p.a. from Rabobank |
†Interest rates based on personal term deposits at $25,000 in the Mozo database. Correct as at 17 July 2024.
Term deposits are an alternative to savings accounts, and let you lock up your cash for a fixed amount of time to earn a guaranteed rate of return.
Typical term deposits range from 1 month up to 5 years, with all sorts of terms available in between.
As your money is locked away in a term deposit, you can’t usually access your money without giving the bank advance notice (e.g. 31 days), and/or paying an early withdrawal fee.
When you compare your options, keep in mind that it’s about more than just the interest rate. Make sure you take a look at:
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.
When you compare term deposits, ensure that you meet the eligibility requirements, that you’re getting the highest term deposit rate you can, and that the length of the term suits your needs.
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) began pushing up the cash rate in May 2022, term deposit interest rates have gotten stronger.
With the average 1-year term deposit rate up at 4.64% p.a. (for personal deposits at $25,000, correct at 17 June 2024), term deposits are a viable option for those looking for a good fixed rate of return.
For a long time, Judo Bank term deposits were consistently the highest in the Mozo database. However, in 2024 Judo Bank only takes the top spot on longer terms, from 2 to 5 years.
A variety of banks have the highest term deposit rates, depending on the term, which means you can’t rely on the fact that the bank that used to offer the best term deposits still does.
That’s why it’s important to compare term deposits each time you go to lock your cash away.
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.
You won’t be able to dip into your savings for as long as it’s locked away
The interest you earn is virtually guaranteed
It’s a low-risk investment
Usually fee-free (unless you wish to make an early withdrawal)
If interest rates fall during your term, your rate will stay the same.
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 |
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!
Interest can be paid at different times throughout your term. For instance, interest can be paid at maturity (i.e. at the end of your term), monthly, or annually.
Term deposit providers will often let you select how you want your interest paid. However, shorter terms (i.e. under 12 months) may only pay interest when your term deposit matures.
You will also have the option to choose where your term deposit will be sent to after it matures. You can choose to send it to a nominated bank account or reinvest it into a new term deposit.
When a term deposit reaches maturity, your options will include:
Withdrawing all of the money (including the interest)
Withdrawing some of the money and reinvesting the rest
Topping up the balance with additional funds and reinvesting all of it
Reinvesting the same amount for the same length of time
Reinvesting the same amount for a different length of time.
In some cases, the bank will contact you before your term deposit matures to ask how you’d like to proceed. This is a good time to compare term deposits to see if more competitive interest rates have become available.
If you don’t contact the bank with your maturity instructions, they may automatically roll over your cash into a new term deposit, with the new interest rate for that term length, or put your cash into a low-interest holding facility, where it will sit until you’ve made a choice.
It can be daunting to wade through all the term deposit options that are out there. That’s why the Mozo Experts Choice Term Deposit Awards exist.
Mozo’s team of finance experts awarded the banks that consistently offer customers the highest term deposit interest rates across a range of terms, to find the best term deposits in Australia.
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.
I feel really safe with this bank. I love the way they phone if they think there’s been an inappropriate purchase. They are so helpful with fraud. They offer excellent interest in short term deposit.
Read full reviewI feel really safe with this bank. I love the way they phone if they think there’s been an inappropriate purchase. They are so helpful with fraud. They offer excellent interest in short term deposit.
I am extremely happy with my bank including service and products
Read full reviewI am extremely happy with my bank including service and products
I love this bank because of how l am treated
Read full reviewI love this bank because of how l am treated
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Your selected term deposits