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.
5.00% p.a.
6 months
$5,000
Yes up to $250,000
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
Read reviews and learn more about MyState Bank term deposits
Your selected term deposits
4.95% 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
5.00% p.a.
6 months
$5,000
Yes up to $250,000
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
Read reviews and learn more about MyState Bank term deposits
Your selected term deposits
4.55% p.a.
9 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 reviews and learn more about Bank of Sydney 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.
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
5.00% p.a. (for $0 and over)
0.50% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
Read reviews and learn more about P&N Bank savings accounts
Your selected term deposits
5.00% p.a. (for $0 and over)
0.50% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Read reviews and learn more about BCU 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
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. 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
As we move into the second half of January, the deposits landscape is seeing some interesting rate shifts, influenced by broader economic trends that could impact future monetary policy.
Commonwealth Bank (CBA) recently adjusted its term deposit offerings, shifting its 9-month special to an 8-month term at 4.75% p.a., while modifying several other rates.
Westpac’s regional brands – St. George, Bank of Melbourne, and BankSA – removed their 11-month special offer rate of 4.80% p.a. (4.90% p.a. digital). Credit Union SA reduced its 3-month rate but raised its 4-month term to 4.90% p.a., while Bank Australia increased its 3-month rate to 4.80% p.a. Judo Bank increased its 4 and 5-year terms to 4.50% p.a., overtaking Heartland in their oft-contested battle for the highest long-term deposit rates.
1 year term deposits offer the highest average rates at 4.47% p.a. Overall, average rates across all deposit durations have remained relatively stable through January. However, many banks have begun reducing interest rates in lieu of anticipated cuts to the cash rate.
Most competitive rates: Found among term deposits ranging from three to 12 months.
Highest rate term deposit on Mozo: AMP Bank at 5.15% p.a. for a 6-month term.
Below is a comparison of average and highest term deposit rates for various durations:
Term deposit length | Average term deposit rates | Highest term deposit rates on the Mozo database |
1 month | 1.34% p.a. | 3.90% p.a. from Goldfields Money |
2 months | 1.46% p.a. | 4.30% p.a. from Goldfields Money |
3 months | 3.98% p.a. | 5.00% p.a. from AMP Bank |
4 months | 3.88% p.a. | 5.05% p.a. Southern Cross Credit Union |
5 months | 3.68% p.a. | 5.00% p.a. from The Mutual Bank |
6 months | 4.38% p.a. | 5.15% p.a. from AMP Bank |
7 months | 3.70% p.a. | 4.95% p.a. from MOVE Bank |
8 months | 3.94% p.a. | 5.10% p.a. from Defence Bank |
9 months | 4.36% p.a. | 5.05% p.a. from AMP Bank |
10 months | 3.78% p.a. | 4.80% p.a. from AMP Bank |
11 months | 3.83% p.a. | 4.80% p.a. from MOVE Bank |
1 year | 4.47% p.a. | 5.05% p.a. from Family First Bank |
18 months | 3.81% p.a. | 4.50% p.a. from ANZ |
2 years | 3.92% p.a. | 4.70% p.a. from Judo Bank |
3 years | 3.74% p.a. | 4.60% p.a. from Judo Bank |
4 years | 3.60% p.a. | 4.50% p.a. from Judo Bank |
5 years | 3.61% p.a. | 4.50% p.a. from Judo Bank |
Note: Interest rates listed above based on personal term deposits at $25,000 in the Mozo database. Figures accurate as of 21 January, 2025.
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.
excellent
Read full review
Every time I have re-invested my mum's money, the interest rate is great, but 2 to 3 days before it is due to be re-invested , they say the interest rate has dropped ! This happened last year as well.
Read full reviewEvery time I have re-invested my mum's money, the interest rate is great, but 2 to 3 days before it is due to be re-invested , they say the interest rate has dropped ! This happened last year as well.
they have always been excellent! Because we moved from Qld to NSW we don't have a branch in our tiny town?
Read full reviewthey have always been excellent! Because we moved from Qld to NSW we don't have a branch in our tiny town?
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Your selected term deposits
