The new year brings a new opportunity for savers and investors to review their accounts, compare returns and ensure they are getting the best rates available. This page contains information about the best term deposit rates now available from Australian banks and credit unions listed on InfoChoice. The highest term deposit rates in Australia are currently above 2% pa. Term deposit rates change regularly so savers need to be actively managing their deposits in order to ensure they are getting the best rates available. Right now, the highest term deposit rates in Australia are not available from a big bank. The market leading term deposit rates listed on InfoChoice are now being offered by online banks and neo banks. What are the fees on a term deposit? There should be no fees charged on your term deposit. Banks and credit unions in Australia do not traditionally charge term deposit fees unless you want to withdraw your money early. Judo Bank term deposit rates change Online bank Judo Bank has changed some rates now available on its range of market-leading term deposits. Judo Bank term deposit rates are currently among the highest term deposit rates in Australia listed on InfoChoice. Big bank term deposit rate update 2020 The best term deposit rates from the big four banks include ANZ Bank’s Special Rate of 1.60 per cent pa on 7 month terms. Commonwealth Bank’s best rate on term deposits is currently 1.40 per cent pa for 12 months. NAB is paying 1.30 per cent pa for six month term deposits. Westpac is paying 1.30 per cent pa for three-month term deposits. Best 3-month term deposit rates ($1,000 minimum deposit) The highest three-month term deposit rate now on offer from an Australian bank or credit union listed on InfoChoice is 1.75% pa. You can compare these term deposit rates with other rates in the Australian term deposit market at InfoChoice. Best 6-month term deposit rates ($1,000 minimum deposit) The highest six-month term deposit rate now on offer from an Australian bank or credit union listed on InfoChoice is 1.80% pa. You can compare these term deposit rates with other rates in the Australian term deposit market at InfoChoice. Best 12-month term deposit rates ($1,000 minimum deposit) The highest twelve-month term deposit rate now on offer from an Australian bank or credit union listed on InfoChoice is 2.0% pa. You can compare these term deposit rates with other rates in the Australian term deposit market at InfoChoice. InfoChoice editor’s pick of top term deposits in 2020 Right now, one bank stands out from the crowd in the term deposit market. Judo Bank is a new bank with a quick online application process. Judo’s rates get better the longer the term. Savers can now get up to 2.40 per cent pa from a Judo Bank term deposit. A 2-year Judo Bank term deposit has an interest rate of 2.20 per cent p.a. with a 0.10 per cent p.a. bonus rate if you roll your term over. The minimum deposit is $1,000 and, of course, there’s no account keeping or set-up fees. Compare term deposits from Australia’s banks and credit unions at InfoChoice. Compare savings accounts from Australia’s banks and credit unions at InfoChoice. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.