2023 Term Deposits Awards
Canstar's 2023 Term Deposit Awards
Australia’s largest comparison site, Canstar, releases its
2023 Term Deposits Awards.
Released: 22 June, 2023
About our Term Deposit Awards
Canstar’s Term Deposits Awards recognise the financial institutions offering quality term deposit products across rates, terms and product features.
Learn more about our Award process in the methodology.
Numbers crunched by Canstar Researchers
- 57 providers assessed
- 67 products rated
- 2 award-winning providers
Read our methodology →
See all Star Ratings results →
See all Canstar Star Ratings and Award results →
About this year’s awards
Due to the continual RBA cash rate rises since 2022, interest rates have also been climbing, allowing Australians to enjoy a market with more competitive term deposit rates.
Following Canstar’s unique and sophisticated methodology, the bank and customer-owned institution who achieve the highest cumulative score are awarded the Bank of the Year and Customer-Owned Bank of the Year Awards for Term Deposits.
For the Term Deposits Awards, Canstar’s Research Team looked at two deposit amounts, $25,000 and $75,000, across a range of terms from one month to five years, using six months of historical interest rates. You can learn about the full details in our methodology.
Congratulations to the winning brands
Judo Bank
Bank of the Year Award – Term Deposits
Judo Bank is a banking institution with a focus on small and medium businesses, while also providing services for personal term deposits. Outside of term deposits, Judo Bank also provides services for business loans, line of credit, and equipment loans.
G&C Mutual Bank
Customer-Owned Bank of the Year Award – Term Deposits
G&C Mutual Bank is a customer-owned banking institution that was established in 1959. Outside of term deposits, G&C Mutual Bank also provides services for transaction accounts, home loans, personal loans and general insurance.
Does Canstar rate other products?
Insurance
Accounts and Transfers
About Canstar
Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.
FAQs
Who decides the winners for Canstar’s Star Ratings and Awards?
Canstar’s expert researchers review the overall value offered by a provider for its products in a financial services category. We consider metrics such as price and costs against features and functionality, with all of the competitors in a category compared using Canstar’s unique research methodology. The products or providers recognised as winners are those that offer the highest overall value proposition.
What other awards does Canstar give?
In addition to Canstar’s Star Ratings that appear in our comparison tables, Canstar gives Outstanding Value Awards that identify providers with high-performing products. Separately, Canstar’s Customer Satisfaction Awards reveal how content customers are with a particular financial institution or insurance provider.
What are Canstar’s Outstanding Value Awards?
Canstar recognises financial institutions with annual Awards for outstanding value across a wide range of product categories. These Awards are given to the providers whose products are the strongest overall performers in our Star Ratings over the award period.
What are Canstar’s Customer Satisfaction Awards?
Canstar’s Customer Satisfaction Awards are for providers, recognising institutions with the most satisfied customers overall based on consumer surveys.
How does Canstar work out award-winning brands and providers?
As Australia’s biggest financial comparison site*, Canstar compares more than 775 brands across more than 30 finance categories. Each of Canstar’s Star Ratings and Awards uses a unique methodology that is brought together by our expert Research team, with products analysed based on price and features. The top 10% of products are recognised with a 5-Star Rating. You can find out more about how Canstar’s value-based rating system works.
Who can I contact for a media enquiry about Canstar’s Star Ratings?
For media enquiries, commentary or analysis about Canstar’s Star Ratings and Awards, including our Outstanding Value Awards or Customer Satisfaction Awards, please contact our Corporate Affairs team.
About: Josh Sale, Ratings Manager
Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)
Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.
As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.
Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.
Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.
You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.