Term deposits

If you're looking for a safe place to put your money in the long term, a high interest earning term deposit might be a good choice for you. As a cash investment, term deposits are a useful addition to balance risk and diversify your portfolio or keep money safe for your children's education but just beware of putting all your eggs in one basket.

When can I access my money?

To access your money (and that tidy sum of interest you've earned) you need to wait till the full term of your term deposit is complete.

How could 'break fees' affect me?

Break fees are a penalty for accessing your money before the full term of your term deposit contract is complete. The exact penalty is at the discretion of your lender but you can expect to be penalised between 40% and all of your interest earnings. (Ouch!) 5 years is a big commitment - if there is any reason you may need to access your money before the full term is up, you may be better off with a shorter term deposit say 2 year term deposit, or a high interest savings account instead.

Is a 5 year term deposit the right investment for me?

Isn't that a million dollar question? Term deposits are certainly a safe place to stash your cash but higher returns (and more tax effective investments) may be available in property, shares and managed funds or a number of other asset classes. If you're talking about large sums it may be worth speaking to a financial planner about diversifying your portfolio.

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5 year term deposit comparisons on Mozo - rates updated daily

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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.
5 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?

Go to site

More info

MOZO EXPERTS CHOICE AWARDS 2021

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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.
5 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

Need more information?

Go to site

More info

promoted

Rabobank Term Deposit

Guaranteed return on your savings
Start with as little as $1,000
Interest paid monthly, quarterly, half yearly or yearly (reduced rates may apply)

interest rate

0.80% p.a.
5 years

Minimum deposit

$1,000

Govt Deposit Guarantee

Yes up to $250,000

Go to site

More info

Guaranteed return on your savings
Start with as little as $1,000
Interest paid monthly, quarterly, half yearly or yearly (reduced rates may apply)

Maximum deposit: $2,000,000

Can interest be paid to another bank?: no
Automatic rollover: yes

Overall rating

7.9

Based on 44 Rabobank term deposit reviews

Need more information?

Go to site

More info

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Teachers Mutual Bank Term Deposit

Teachers Mutual Bank Term Deposit

interest rate

Minimum deposit

Govt Deposit Guarantee

Yes up to $250,000
Go to site
More info
- Maximum deposit:
- Can interest be paid to another bank?: yes
- Automatic rollover: yes
Overall rating

8.4

Based on 33 Teachers Mutual Bank term deposit reviews
Need more information?
Go to site
More info
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BankVic Term Deposit

BankVic Term Deposit

interest rate

0.90% p.a.
5 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
Need more information?
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More info

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

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Reviews
Term deposit reviews
BankVic Term Deposit review
Overall rating 1 / 10

Pathetic on-line service.

I made two attempts to open a term deposit on-line with this lot. First attempt was slow as the flotilla of intrusive questions had me searching for various documents. I was logged out on the 7th page of the questions with the software claiming...

Full review

I made two attempts to open a term deposit on-line with this lot. First attempt was slow as the flotilla of intrusive questions had me searching for various documents. I was logged out on the 7th page of the questions with the software claiming that there "...was no activity for an extended period...". None of my input was saved! I gritted my teeth and restarted and I was really quick this time. On the 7th page the moronic software again claimed that there was "...no activity for an extended period...", and logged me off. This was absolute nonsense. Never again. I logged on to Judo Bank and invested my money there without a problem in just a few minutes.

Price 7 / 10

Customer service 1 / 10

Convenience 1 / 10

Less
Vic, Victoria, reviewed 11 days ago
Judo Bank Term Deposit review
Overall rating 8 / 10

No compound interest!?

Best rates! But, what's the trickery with interest "paid at maturity" on a 3 year term deposit? Later in the text it says I can select monthly, yearly etc. payout. Are you seriously trying to trick customers out of Compound Interest? and if so,...

Full review

Best rates! But, what's the trickery with interest "paid at maturity" on a 3 year term deposit? Later in the text it says I can select monthly, yearly etc. payout. Are you seriously trying to trick customers out of Compound Interest? and if so, are you then misrepresenting the interest rate? Maybe it's time to review your offers and write some clear product details.

Price 6 / 10

Features 9 / 10

Convenience 9 / 10

Less
J., New South Wales, reviewed about 1 month ago
NAB Term Deposit review
Overall rating 5 / 10

Very poor service, vote with your feet and leave.

When they visit a branch people do not want to be kept waiting in line for so long. For god's sake put another staff member on. It's not all about profits, there is service which this bank seems to be lacking. I recently went to a branch and they...

Full review

When they visit a branch people do not want to be kept waiting in line for so long. For god's sake put another staff member on. It's not all about profits, there is service which this bank seems to be lacking. I recently went to a branch and they had people waiting out the door, two tellers on all other staff were in group talking. Not a good look.

Price 1 / 10

Features 3 / 10

Customer service 3 / 10

Convenience 3 / 10

Trust 5 / 10

Less
John, Queensland, reviewed about 1 month ago
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Latest term deposit articles
- Fri 19 Feb 2021 Judo Bank - The bank you’ve never heard of that’s hitting term deposits out of the park
- Thu 11 Feb 2021 Judo bank scoops up best term deposit award for 2021
- Tue 02 Feb 2021 February snapshot term deposit rate cuts ease up in new year
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BankVic Term Deposit review

Overall rating 1 / 10

Pathetic on-line service.

Full review

I made two attempts to open a term deposit on-line with this lot. First attempt was slow as the flotilla of intrusive questions had me searching for various documents. I was logged out on the 7th page of the questions with the software claiming that there "...was no activity for an extended period...". None of my input was saved! I gritted my teeth and restarted and I was really quick this time. On the 7th page the moronic software again claimed that there was "...no activity for an extended period...", and logged me off. This was absolute nonsense. Never again. I logged on to Judo Bank and invested my money there without a problem in just a few minutes.

Price 7 / 10

Customer service 1 / 10

Convenience 1 / 10

Less

Vic, Victoria, reviewed 11 days ago

Judo Bank Term Deposit review

Overall rating 8 / 10

No compound interest!?

Best rates! But, what's the trickery with interest "paid at maturity" on a 3 year term deposit? Later in the text it says I can select monthly, yearly etc. payout. Are you seriously trying to trick customers out of Compound Interest? and if so, are you then misrepresenting the interest rate? Maybe it's time to review your offers and write some clear product details.

Price 6 / 10

Features 9 / 10

Convenience 9 / 10

J., New South Wales, reviewed about 1 month ago

NAB Term Deposit review

Overall rating 5 / 10

Very poor service, vote with your feet and leave.

When they visit a branch people do not want to be kept waiting in line for so long. For god's sake put another staff member on. It's not all about profits, there is service which this bank seems to be lacking. I recently went to a branch and they...

Price 1 / 10

Features 3 / 10

Customer service 3 / 10

Convenience 3 / 10

Trust 5 / 10

John, Queensland, reviewed about 1 month ago

Term deposits

When can I access my money?

How could 'break fees' affect me?

Is a 5 year term deposit the right investment for me?

5 year term deposit comparisons on Mozo - rates updated daily

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Savings calculator

BankVic Term Deposit review

Pathetic on-line service.

Judo Bank Term Deposit review

No compound interest!?

NAB Term Deposit review

Very poor service, vote with your feet and leave.

Latest term deposit articles

Disclaimer

Who we are and how we get paid