Compare Term Deposit Rates
Nina Rinella | Editor-in-Chief Fact-Checked Page content updated 12 February, 2024
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What is a term deposit?
A term deposit is an account that locks away and invests your money for a fixed period of time, usually between one month and five years. In return, you can earn a fixed rate of interest on your money. Term deposits generally suit people who are looking for a lower-risk investment and want certainty of returns.
Many term deposits let you choose when you want interest to be paid. Depending on your preference, you may be able to choose for interest to be paid fortnightly, monthly, semi-annually, annually or at maturity (which means the end of the term). This can impact the interest rate you are offered.
If you decide to withdraw your money before the end of the term, you’ll usually need to give advance notice to your financial institution. They may charge you a penalty fee and you may also earn a reduced rate of interest.
How to compare term deposits
If you are looking for the best term deposit to suit your needs, you can compare term deposits based on your own financial requirements using the comparison selector tool at the top of this page. Canstar’s Term Deposit Awards could help. Canstar compares term deposits using a sophisticated rating methodology that takes into account the interest rate and features on offer.
Some of the factors to consider when comparing term deposits include:
- Interest rates on offer for different terms
- What the ideal term is for your term deposit (it is usually between one month and five years)
- How easy it is to open up a term deposit (online application is generally available)
- Whether there is a minimum investment amount
- Whether there are any set-up or account fees
- Whether you can make early withdrawals and what notice period and penalties apply
- What happens to the account at maturity (e.g. automatic rollover to the new term or maturity alerts) and whether there are any costs associated with getting your funds
Learn more:
What are the best term deposit rates?
CBA, NAB, ANZ & Westpac term deposit rates
What is the Australian Government deposit guarantee scheme?
Award-winning term deposit providers revealed
About our finance experts
Josh Sale, Term Deposit Ratings Manager
As Canstar’s Group Manager, Research, Ratings & Product Data, Josh Sale is responsible for the methodology and delivery of Canstar’s Term Deposit Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right term deposit for them.
Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Review, news.com.au and Money Magazine.
You can follow Josh on LinkedIn, and Canstar on X and Facebook.
Nina Rinella, Editor-in-Chief
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for eight years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp.
Nina has ghostwritten dozens of opinion pieces for publications including The Australian and has been interviewed on finance topics by the Herald Sun and the Sydney Morning Herald. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids.
Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series.
