Term deposits

If you've got long term goals (like buying a house) and you're starting to accumulate some serious cash, a two year high interest earning term deposit can help you grow your savings faster and keep your nest egg safely out of temptations reach.

How long will it take me to save enough to put a deposit on my first home?

The time it takes to save for a deposit on your first home varies person to person based on how much you can comfortably put aside each week, and how disciplined you are about not touching those savings. Give our savings calculator a spin to see how soon you'll be ready to buy your first home, and find out how to save more with our budget calculator.

What happens if I need to get my money out sooner?

Think carefully before pulling your money out of a term deposit prematurely and subjecting yourself to term deposit 'break fees' they could cost you between 40% and all of your interest earnings. Don't do it unless it's a real emergency. Before you lock in a two year term, check out popular rates for 1 year and 6 month term deposits.

Does the interest payment frequency really matter?

Absolutely! Generally, being paid more frequently is better, as once the interest is yours you can then earn interest on that interest (this is called compounding interest.) The more frequently your interest is paid, the faster it will grow. Let us do the math for you with our handy term deposit calculator.

Advertiser disclosure

2 year term deposit comparisons on Mozo - rates updated daily

  • MOZO EXPERTS CHOICE AWARDS 2021

    Judo Bank Term Deposit

    Judo Bank Term Deposit

    • 2020 Mozo Experts Choice Award winner
    • 2.15% rate for a five year term
    • Option to have interest paid to another bank

    interest rate

    1.20% p.a.
    2 years

    Minimum deposit

    $1,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • 2020 Mozo Experts Choice Award winner
    • 2.15% rate for a five year term
    • Option to have interest paid to another bank
    • Maximum deposit: $1,000,000
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    5.0

    Based on 4 Judo Bank term deposit reviews

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    More info

  • Citi Term Deposit

    Citi Term Deposit

    • Competitive 6 month rate for new to bank funds
    • $0 Setup and account-keeping fees
    • Guaranteed interest rate

    interest rate

    0.50% p.a.
    2 years

    Minimum deposit

    $10,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • Competitive 6 month rate for new to bank funds
    • $0 Setup and account-keeping fees
    • Guaranteed interest rate
    • Maximum deposit: $2,000,000
    • Can interest be paid to another bank?: no
    • Automatic rollover: yes
    Overall rating

    6.7

    Based on 15 Citi term deposit reviews

    Need more information?
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    More info

  • Teachers Mutual Bank Term Deposit

    Teachers Mutual Bank Term Deposit

    interest rate

    0.90% p.a.
    2 years

    Minimum deposit

    $1,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • Maximum deposit: $499,999
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    8.4

    Based on 33 Teachers Mutual Bank term deposit reviews

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    More info

  • BankVic Term Deposit

    BankVic Term Deposit

    interest rate

    0.90% p.a.
    2 years

    Minimum deposit

    $5,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • Maximum deposit: $100,000
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    7.9

    Based on 9 BankVic term deposit reviews

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    More info

Want more? Compare all 86 term deposits in the Mozo comparison engine.

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