ANZ, CBA, NAB & Westpac term deposit rates
If you’re considering a term deposit, you might want to know about some of the interest rates currently on offer from the big four Australian banks: ANZ, CommBank, NAB and Westpac.

If you’re considering a term deposit, you might want to know about some of the interest rates currently on offer from the big four Australian banks: ANZ, CommBank, NAB and Westpac.
Compare term deposit rates from the big four banks – June 2025
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.
When the cash rate changes, banks often adjust their interest rates on savings and term deposits. Higher interest rates may be possible with special offers available for a limited time (usually with specific criteria applying), so check with the provider for more information. Bear in mind that rates may be subject to change.
Highest term deposit rates from the major banks
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ANZ | CBA | NAB | Westpac | |
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6 Months | 3.15% | 3.15% | 3.15% | 3.05% |
1 Year | 3.85% | 4.10% | 3.90% | 3.75% |
2 Years | 3.60% | 3.60% | 3.65% | 3.50% |
3 Years | 2.90% | 3.45% | 2.90% | 3.00% |
4 Years | 2.90% | 3.45% | 2.90% | 3.00% |
5 Years | 2.90% | 3.45% | 2.90% | 3.00% |
Source: www.canstar.com.au – 03/06/2025. 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 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.
At the time of writing, ANZ is offering a rate of 4.10% for eight month terms, while NAB is offering a rate of 4.00% for seven month terms. Please refer to each bank’s website for terms and conditions, as well as more details.
If you want a more competitive rate, check out the highest term deposit rates from all the providers on our database, not just the big four banks.
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 over time 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 because 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 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 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.
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 Canstar’s term deposit calculator to give you 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.
No ongoing fees on any Term Deposit account
Covered by FCS government guarantee
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Interest paid end of term
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For deposit amounts $1,000 - $2,000,000
Protected by the Australian Government's guarantee
Manage your term deposit online
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Interest paid end of term
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For deposit amounts over $5,000
Interest paid at maturity
For investments $1,000 - $999,999.99
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Interest paid end of term
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For deposit amounts $1,000 - $999,999
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Cover image source: Canstar
This article was reviewed by our Content Editor Alasdair Duncan before it was updated, as part of our fact-checking process.

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