ANZ, CBA, NAB & Westpac term deposit rates

Compare term deposit rates from the big four banks: May 2026

The RBA raised the cash rate by 25 basis points in May to 4.35%. This is the third rate hike of 2026 and, when the RBA moves, the big four banks typically follow suit, lifting their own term deposit rates. It’s important savers keep an eye on the latest rates to ensure they’re getting a good term deposit deal. Rates may keep changing over the coming weeks, especially as two of the big four predict further hikes this year.

When providers announce changes to their rates, they usually won’t come into effect until a specific date. It’s worthwhile to check if a term deposit’s rate has changed already or contemplate if it will change in the near future. That way you can ensure you’re getting a competitive rate.

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 a $10,000 investment in a personal, non-compounding deposit with any payment frequency.

Highest term deposit rates from the big four banks

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Source: www.canstar.com.au – 20/05/2026. Based on personal non-compounding term deposits on Canstar’s database, with rates based on a deposit of $10,000. Includes all payment frequencies.
*Westpac is offering bonus rates to existing Westpac customers for 12- and 24-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 the term deposit providers on our database.

What happens at the end of a term?

A term deposit allows you to lock away a set amount of money for a fixed period, earning interest to help grow your savings. 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.

If you want more flexibility, you might then consider a high-interest savings account instead. It’s worth keeping in mind, though, that you may need to meet certain criteria to open one of these accounts, and the interest rate could change at any time based on economic conditions. This means the investment return can be harder to predict.

Should I consider a term deposit from the big four banks?

You might be tempted to go with one of the big four banks because of name recognition or if you already have another product with them. Having an existing relationship can make the process smoother, as the bank already has your details and can access the funds needed for the term deposit without the need to transfer from another financial institution.

Many Australians choose to bank with the big four because of the trust and stability they’re known for. They also tend to have more physical branches across the country—a feature some customers still value for in-person service.

However, the Australian Competition and Consumer Commission (ACCC) has criticised the big four banks as there seems to be little evidence of price competition between them, despite term deposits being an important source of their funding. Smaller providers tend to also offer many of the same benefits as the big four, but often with higher interest rates.

For example, money deposited into banks, building societies, and credit unions (known as authorised deposit-taking institutions) is protected by a Federal 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.

How do I choose a term deposit?

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

• 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. Think about whether you’d 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 set-up or account-keeping fees.

• Projected investment earning: Confirm how much you’re likely to earn on your investment over time and if this meets your expectations. Take into consideration fees and other charges. You could use Canstar’s term deposit calculator to give yourself an estimate.

Keep in mind, term deposits come with fixed terms—meaning your money is locked away for an agreed period. Accessing your funds early could mean paying a fee or forfeiting some of the interest earned, so it’s important to choose a term that suits your financial goals.

Make sure you carefully read the terms and conditions, as well as the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and any other relevant documentation that the financial institution provides to you.