ANZ Term Deposit Rates

If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested to learn more about ANZ’s term deposits.

What term deposits does ANZ offer?

ANZ has a range of term deposits listed on Canstar’s database. Click below to compare more term deposits on our database, tailored to your preferences.

Compare Term Deposits

What terms are available on ANZ term deposits?

According to ANZ, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on ANZ term deposits?

ANZ’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Monthly
  2. Quarterly
  3. Semi-annually
  4. Annually
  5. At maturity

It’s worth remembering that the option you select may have an impact on the rate of interest you earn.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does ANZ have a notice period and charge an early withdrawal fee for withdrawals?

Yes, ANZ requires you to provide notice of 31 days if you need to access your money early on its advance notice term deposits, while also charging an early withdrawal fee and an interest rate adjustment if you withdraw your money before the end of the term on its basic term deposit product.

ANZ’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does ANZ charge any other fees for term deposits?

At the time of writing, no additional fees were listed by ANZ in relation to its term deposits. For current information on fees and how they may apply, please check the Product Disclosure Statement.

How to apply for an ANZ term deposit

Before applying for an ANZ term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

Compare Term Deposits

If applying, consider ANZ’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s license or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for a ANZ term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit ANZ’s website.

Eligibility criteria

According to ANZ, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be at least 12 years old
  • You must be an Australian resident
  • You must be investing a minimum deposit of $5,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

In addition to these criteria, you must also have an ANZ everyday savings account to open an Advance Notice term deposit.

What happens to a ANZ term deposit when it reaches maturity?

According to ANZ, when a term deposit reaches the end of its term, if you have not provided instructions to disburse the investment then ANZ will reinvest you principal and the interest but the interest rate may be lower than what it was at maturity.

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About ANZ

ANZ has a long history, founded in 1835 in London and Sydney as the Bank of Australasia and moving into Melbourne in 1838. As one of the Big 4 Banks in Australia, ANZ is the largest banking group in the Pacific and New Zealand region, and is ranked among the top 50 banks in the world.

Written by: Maddie Clarey | Last updated: August 30, 2018