Big Four Term Deposit Rates - ANZ, Commbank, NAB, Westpac

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.

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

Read more: Term Deposit Basics Big 4

Harrison Astbury

Editor and Financial Analyst

Harrison is InfoChoice's editor and market commentator. With years of experience at some of Australia's largest comparison sites and media organisations, Harrison is passionate about all things banking.

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