ANZ, CBA, NAB & Westpac term deposit rates

Compare term deposit rates from the big four banks – April 2024

Here’s what ANZ, CommBank, NAB and Westpac are offering for a range of terms at the time of writing. We’ve listed rates for terms between six months and five years.

The table is based on an investment of $10,000 in a personal, non-compounding deposit with any payment frequency.

Higher rates may be possible with any special offers available for a limited time, and with other specific criteria applying, so check with the provider for more information. Bear in mind that rates may be subject to change.

Explore: Another interest rate rise expected: what will it mean for you?

Highest term deposit rates from the major banks

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Source: Canstar, 04/04/2024. Based on personal non-compounding term deposits on Canstar’s database, with rates based on a deposit of $10,000. Includes all payment frequencies. Terms and conditions may apply, so make sure to check with the individual bank for more information.
^Westpac is offering bonus rates to existing Westpac customers for 11-month terms, plus an additional 0.10% when you open or renew online. This was not included in the table since it is not available to new customers. Please refer to Westpac for more details.

If you want a more competitive rate, check out the highest term deposit rates from all providers on our database, not just the big four.

Compare Term Deposits

What happens at the end of a term?

When your term deposit matures at the end of the fixed term, you can either roll over all your invested money into a new term deposit – likely at a new interest rate – or you can withdraw some or all of the money.

Given the interest rate is fixed for the term of the investment, you know in advance how much you will earn at the end of the term.

If you decide to take out your money early, you may be charged a penalty fee or earn a reduced rate of interest.

So if you want more flexibility, you might want to consider a high-interest savings account instead. But unlike term deposits, you may need to meet certain conditions, and the interest rate could change at any time based on market conditions. This means the investment return over time is harder to predict.

→ Explore: How does a term deposit work?

Should I consider a term deposit from the big four?

You might be tempted to go with one of the big four banks because of name recognition or because you already have another product with them. But when it comes to term deposits, smaller providers tend to offer many of the same benefits as the big four.

For example, money deposited into banks, building societies and credit unions (known as authorised deposit-taking institutions or ADIs) is protected by an Australian Government guarantee of up to $250,000 per account-holder, per ADI.

Before deciding on a term deposit, it could be a good idea to research your options and compare rates, features and terms and conditions.

Compare Term Deposits with Canstar

How do I choose a term deposit?

When comparing term deposits, you may want to consider factors such as:

• Interest rate: Check what interest rates are on offer and how they differ by term and investment amount. Also check when interest is paid (usually monthly, annually or at maturity). These factors could potentially have a big impact over time on the outcome of your investment.
• Term: Check the length of the terms on offer. Consider whether you would need to access the money in the near future or if you could stash it away for a longer period of time.
• Investment amount: See what the minimum and maximum investment amounts are.
• Fees: Check what penalties apply for early withdrawal, as well as any other fees such as set-up or account-keeping fees.
• Projected investment earning: Confirm how much you are likely to earn on your term investment over time and if this meets your expectations. Take into consideration fees and other charges. You could use a term deposit calculator to work this out.

Make sure you carefully read the terms and conditions, as well as the target market determination (TMD) and any other documentation the institution provides to you.

Main image source: Canstar