When looking for an institution to park your cash, the major banks are often a first port of call. For many it’s a no-brainer, and for good reason. Maybe you already bank with one of them, have a home loan or car loan through one, you have multiple products and want to see them in one app, or you just like the fact they’re huge.

However, all banks in Australia are covered under APRA’s $250,000 guarantee in the unlikely event of a bank collapse. So in this regard you can bank with confidence with all of Australia’s 100-plus institutions authorised to take a deposit (ADI).

So apart from size and scale, when shopping for a term deposit, it pays to look at a few key areas: the term itself, the interest rate, the maximum and minimum deposits, and how and where the interest is paid.

You’ll likely discover the major banks offer rates that may not be the best-of-the-best, but certainly aren’t too shabby, especially if you’re taking advantage of one of their ‘special offer’ products, which tend to be on 12-month terms.


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Advance Notice Term Deposit - 12 months

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($5000-$499999) - 12 months

      Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit Special ($5,000 - $5,000,000) (interest paid monthly)

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

        Rates correct as of July 20, 2024.View disclaimer

        CommBank term deposit rates

        • Has special offer rates that tend to be higher than normal products

        • Choose a term from 1 month to 60 months (5 years)

        • Interest is paid anywhere from every 28 days to at maturity

        • Minimum deposit is $5,000, and the maximum is $2 million; for amounts greater than this it’s advised you speak to CBA directly

        • Interest is paid into an account linked on the NetBank app, and you can provide instructions on whether to rollover or end the deposit once it matures

        Westpac term deposit rates

        • Has special offer rates that tend to be higher than normal products, plus a bonus if you open or renew online

        • Choose a term from 1 month to 60 months (5 years)

        • Interest is paid monthly, annually, or at maturity

        • Minimum deposit is $5,000, with a maximum of $5 million.

        • Interest is paid into a linked eligible Westpac account, and at rollover you can take the interest, renew, or part-renew

        NAB term deposit rates

        • Choose a term anywhere from 28 days to 60 months (5 years)

        • For terms 12 months or longer, interest is paid either monthly, quarterly, half-yearly, annually, or at maturity; terms shorter than 12 months are at maturity

        • Minimum deposit is $5,000 and the maximum is $2 million; for deposits greater than this, speak to NAB directly

        • Terms shorter than 12 months see interest paid into the term deposit account; terms longer than this can have interest paid into a NAB or non-NAB account. Only the principal is held in the term deposit account.

        ANZ term deposit rates

        • Advance Notice term deposits, with 31 days' notice to withdraw, have higher interest rates than regular ANZ term deposits

        • Choose a term anywhere from 7 days to 60 months (5 years)

        • Interest payment options either monthly, quarterly, half-yearly, annually, or at maturity

        • Minimum deposit of $5,000, up to $100,000; for deposits greater than this, contact ANZ directly

        • Interest is paid into a nominated bank account

        How major bank term deposits compare with the market


        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

        Advance Notice Term Deposit - 12 months

          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit ($5000-$499999) - 12 months

            Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit Special ($5,000 - $5,000,000) (interest paid monthly)

              Important Information and Comparison Rate Warning

              All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

              Rates correct as of July 20, 2024.View disclaimer