Compare term deposit rates from the Big Four 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 January 2025

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 4.35% 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 4.4% 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 4.2% 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.

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."

Alison Banney

Editor

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:

• Newcastle Permanent
• Judo Bank
• Rabobank
• Macquarie Bank

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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.
Promoted Promoted Judo Bank Term Deposit Finder Award$1,000 min. deposit	3 Mths p.a. 4.95%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 5.05%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 5.00%	24 Mths p.a. 4.70%	Go to siteMore Info Compare	You can get competitive interest rates on all term lengths. This term deposit has a low minimum deposit amount and is a 2024 Finder Award winner.
Promoted Promoted Newcastle Permanent Term Deposit $1,000 min. deposit	3 Mths p.a. 4.00%	4 Mths p.a. 4.00%	5 Mths p.a. 4.00%	6 Mths p.a. 4.75%	7 Mths p.a. 3.80%	11 Mths p.a. -	12 Mths p.a. 4.55%	24 Mths p.a. 4.00%	Go to siteMore Info Compare	Lock in a rate as high as 4.75% for 6 months with a minimum $1,000 deposit.
Bankwest Term Deposit $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. 3.00%	6 Mths p.a. 4.25%	7 Mths p.a. 4.00%	11 Mths p.a. -	12 Mths p.a. 4.70%	24 Mths p.a. 3.90%	ContinueMore Info Compare
BCU Term Deposit $1,000 min. deposit$999,999 max. deposit	3 Mths p.a. 4.85%	4 Mths p.a. 4.90%	5 Mths p.a. 4.00%	6 Mths p.a. 4.90%	7 Mths p.a. 4.00%	11 Mths p.a. 3.80%	12 Mths p.a. 4.70%	24 Mths p.a. 3.80%	ContinueMore Info Compare
Rabobank Term Deposit (SMSF) $1,000 min. deposit$2,000,000 max. deposit	3 Mths p.a. 4.85%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.90%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 4.55%	24 Mths p.a. 4.20%	ContinueMore Info Compare
Australian Unity Term Deposit $5,000 min. deposit	3 Mths p.a. 4.65%	4 Mths p.a. 1.15%	5 Mths p.a. 1.15%	6 Mths p.a. 4.70%	7 Mths p.a. 1.50%	11 Mths p.a. 1.75%	12 Mths p.a. 4.55%	24 Mths p.a. 3.95%	ContinueMore Info Compare
Rabobank Term Deposit $1,000 min. deposit$2,000,000 max. deposit	3 Mths p.a. 4.85%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 4.90%	7 Mths p.a. -	11 Mths p.a. -	12 Mths p.a. 4.55%	24 Mths p.a. 4.20%	ContinueMore Info Compare
ING Term Deposit $10,000 min. deposit	3 Mths p.a. 4.85%	4 Mths p.a. 4.85%	5 Mths p.a. -	6 Mths p.a. 5.10%	7 Mths p.a. 4.65%	11 Mths p.a. 4.60%	12 Mths p.a. 4.95%	24 Mths p.a. 4.40%	ContinueMore Info Compare
Great Southern Bank Platinum Plus 55+ $5,000 min. deposit$1,000,000 max. deposit	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. 4.55%	24 Mths p.a. 4.10%	ContinueMore Info Compare
Great Southern Bank Term Deposit Account $5,000 min. deposit$1,000,000 max. deposit	3 Mths p.a. 4.75%	4 Mths p.a. 2.95%	5 Mths p.a. 4.50%	6 Mths p.a. 4.35%	7 Mths p.a. 3.05%	11 Mths p.a. 4.75%	12 Mths p.a. 4.45%	24 Mths p.a. 4.00%	ContinueMore Info Compare

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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

• Which bank has the highest fixed deposit rate now?

  As rates are updated by banks daily, the highest fixed term deposit rate varies from one day to the next. Non-bank financial institutions often have higher rates than traditional banks, so it's worth comparing and checking all the options before you decide.

• Which of the big 4 banks has the best interest rates?

  Among the big 4 banks (Commonwealth Bank, ANZ, NAB, Westpac), the best interest rates on term deposits change frequently. It is recommended to check each bank's website or a comparison tool for the latest rates. At the time of writing, NAB currently has the highest 12-month tem deposit rate among the Big Four banks.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for over 7 years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 573 Finder guides across topics including:

• Home loans
• Property
• Personal finance
• Money-saving tips