Compare term deposit rates from the Big Four banks

Check out term deposit rates from CommBank, Westpac, NAB and ANZ and compare the Big Four to smaller banks.

The Big Four don't offer the absolute highest rates on the market, but they're still quite competitive. Plus, if you already bank with one of the Big Four, the convenience of opening a term deposit and managing in your banking app could still be worth it.

Compare Big Four bank term deposit rates for April 2025

Bank
3 Months
6 Months
12 Months
24 Months
3% p.a.
3.4% p.a.
4% p.a.
3.75% p.a.
2.95% p.a.
3.25% p.a.
4.05% p.a.
3.7% p.a.
3% p.a.
3.4% p.a.
4% p.a.
3.8% p.a.
3% p.a.
3.4% p.a.
4% p.a.
3.8% p.a.

How to compare term deposit rates from the Big Four banks

  1. Work out how long you're going to invest for. Banks offer different rates depending on how long you want to lock up your cash for.
  2. Look for the highest rate you can get. Once you've decided on your term you can start looking at rates. You're trying to maximise the interest you earn, so the higher the rate the better.
  3. Check the minimum and maximum balance. Some banks won't let you put less than $5,000 in a term deposit. Or a higher balance may result in a lower rate.
  4. Take note of the withdrawal conditions. Make sure you understand what kind of fees or advanced notice period is required if you need to withdraw the money early.
  5. Look at how the interest is paid out. Understand how and when the bank will pay you the interest. "At maturity" means you get paid the interest at the end of the term.

Commonwealth Bank term deposits

The highest rate you can get on a Commonwealth Bank term deposit is 4.05% with a 12-month term.

You can invest between $5,000 and $2 million with a Commonwealth Bank term deposit. The bank charges no set-up or establishment fees and requires 31 days' notice if you need your cash before maturity.

Westpac term deposits

You can currently earn a rate of 4% from Westpac for 12 months.

You can invest between $5,000 and $2 million in a Westpac term deposit with fixed rates and the option to reinvest the cash once your term deposit matures.

NAB term deposits

You can earn up to 4% with a NAB term deposit for 12 months (interest paid at maturity). You can deposit between $5,000 and $2 million with a 31-day notice period to withdraw early.

ANZ term deposits

ANZ has 2 types of term deposits. Its standard term deposits have very low rates but you can withdraw at any time if you pay a fee.

ANZ's Advance Notice term deposits offer rates more in line with the other Big Four banks. These rates go as high as 4% for a 12 month term, and there is a 31-day notice period to withdraw early.

You can invest between $5,000 and $2 million.

Alison Banney's headshot
Our expert says: Check for special offers

"The Big Four banks don't often offer the best term deposit rates in the market on a day-to-day basis. However, something that they often do have is special offer term deposit rates. These include higher rates on particular term lengths for a limited time, usually if you apply online, and these rates are often among the best in the market.

So before you settle on a term deposit, check if the Big Four have any special offers running on a different term length."

Editorial Manager, Money

Who offers better term deposit rates than the Big Four?

You can currently get 5% or slightly higher with 12- to 24-month term deposits from a few banks:

1 - 10 of 157
Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 11 Mths p.a. 12 Mths p.a. 24 Mths p.a.
MyState Bank Online Term Deposit
MyState Bank logo
$5,000 min. deposit$50,000,000 max. deposit
3 Mths p.a.
4.00%
4 Mths p.a.
4.20%
5 Mths p.a.
4.60%
6 Mths p.a.
4.75%
7 Mths p.a.
4.60%
11 Mths p.a.
4.40%
12 Mths p.a.
4.55%
24 Mths p.a.
3.95%
More info
Lock in competitive rates and pay no monthly account fees with this online term deposit.
Bankwest Term Deposit
Bankwest logo
$1,000 min. deposit$10,000,000 max. deposit
3 Mths p.a.
3.75%
4 Mths p.a.
3.00%
5 Mths p.a.
4.75%
6 Mths p.a.
4.25%
7 Mths p.a.
4.00%
11 Mths p.a.
4.00%
12 Mths p.a.
4.50%
24 Mths p.a.
3.90%
More info
BCU Term Deposit
BCU logo
$1,000 min. deposit$999,999 max. deposit
3 Mths p.a.
4.00%
4 Mths p.a.
4.00%
5 Mths p.a.
4.65%
6 Mths p.a.
4.45%
7 Mths p.a.
3.85%
11 Mths p.a.
3.70%
12 Mths p.a.
4.40%
24 Mths p.a.
3.65%
More info
Rabobank Term Deposit (SMSF)
Rabobank logo
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
4.55%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.40%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
4.30%
24 Mths p.a.
4.10%
More info
Australian Unity Term Deposit
Australian Unity logo
$5,000 min. deposit
3 Mths p.a.
4.40%
4 Mths p.a.
0.90%
5 Mths p.a.
0.90%
6 Mths p.a.
4.45%
7 Mths p.a.
1.25%
11 Mths p.a.
1.50%
12 Mths p.a.
4.30%
24 Mths p.a.
3.70%
More info
Rabobank Term Deposit
Rabobank logo
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
4.55%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.40%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
4.30%
24 Mths p.a.
4.10%
More info
ING Term Deposit
ING logo
$10,000 min. deposit
3 Mths p.a.
4.35%
4 Mths p.a.
4.35%
5 Mths p.a.
-
6 Mths p.a.
4.40%
7 Mths p.a.
4.50%
11 Mths p.a.
4.30%
12 Mths p.a.
4.30%
24 Mths p.a.
3.90%
More info
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Showing 10 of 157 results

What are the pros and cons of a Big Four bank term deposit?

Pros

  • If you already bank with one of the Big Four then setting up a term deposit account should be quick and easy.
  • The Big Four banks have very helpful apps and online banking systems, making it easy for you to track and manage your investment.
  • You can talk to staff in a bank branch if you need some in-person help with your term deposit.

Cons

  • While some of the Big Four have reasonably high term deposit rates, they do not have the best rates in the market. Some have rates that are pretty close though.

Frequently Asked Questions

Richard Whitten's headshot
Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise
Richard has written 601 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips

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