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

  • 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.
    5 years

    Minimum deposit

    $10,000

    Govt Deposit Guarantee

    Yes up to $250,000

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    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

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  • 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.
    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

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  • Rabobank Term Deposit

    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

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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

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    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

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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

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