Term deposits see a customer ‘locking away’ their savings for an agreed-upon period of time in exchange for a regular return at a promised rate. 

Term deposits 

Available via CommBank?

Minimum deposit


Maximum deposit

$1,999,999 without contacting the bank

Available terms

One month to five years 

Interest paid

At maturity or annually for term deposits longer than 12 months

Fees for early withdrawal 

CommBank term deposit review

CommBank offers an array of term deposits, with terms ranging from one month to five years for deposits as small as $5,000. It allows for deposits of up to $1,999,999 online or in-branch and encourages those looking to deposit a larger amount to get in touch. 

CommBank pays interest on its term deposits annually or at maturity if the term is shorter than 12 months. The bank also offers a higher rate of interest for term deposit balances over $50,000. 

However, InfoChoice’s market research found CommBank term deposit rates are typically lower than the highest returns available on the market. 

How to manage CommBank term deposit

The bank allows customers to view and track their term deposits in its app or online through the course of its life. 

What to do when a CommBank term deposit reaches maturity

When a CommBank term deposit reaches maturity, its owner will need to decide what to do with the cash held within it. 

They can choose to renew their term deposit for another term and lock in a new interest rate, top it up, or withdraw it completely.

CommBank holding facility

If a deposit holder doesn’t provide instructions on what to do with the balance of a term deposit once it expires, CommBank will place their funds into a holding facility for up to six months where they will earn a very minimal amount of interest. Thus, it’s probably worth having a plan for the funds in a term deposit before it matures.


CommBank allows customers to open a term deposit under their own name or that of the Self-Managed Super Fund (SMSF), as long as they:

  • Are at least 18 years old

  • Have a minimum deposit of $5,000

  • Have an Australian residential address 

  • Have an existing NetBank ID and CommBank account

  • Have a Tax File Number (TFN) or TFN exemption (if a person doesn’t provide their TFN or TFN exemption, the bank legally has to withhold tax)

  • If opening as a SMSF, a customer must provide an Australian Business Number (ABN)