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. | |
2.85% p.a. | 3.15% p.a. | 3.85% p.a. | 3.7% p.a. | |
3% p.a. | 3.4% p.a. | 4% p.a. | 3.8% p.a. | |
2.9% p.a. | 3.3% p.a. | 3.9% p.a. | 3.65% p.a. |
How to compare term deposit rates from the Big Four banks
- 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.
- 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.
- 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.
- 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.
- 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 3.85% 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 3.9% 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.
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."
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
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How we picked theseWhat 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
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Locked savings accounts
If you struggle to save, you could benefit from a savings account that won’t allow you to withdraw funds.
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When will term deposit rates go up?
When can you expect term deposit interest rates to increase? Find out in this handy guide.
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Are term deposits safe?
They offer a fixed interest rate (so you don't need to worry about any market volatility) and your deposit up to $250,000 is protected by the government.
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Term deposit maturity options
When your term deposit matures it's time to decide the next move for your money. Here are your options, including term deposit rollover (tdr).
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Term deposit penalties
Want to withdraw money from your term deposit before it matures? Penalties apply, so check out this guide to term deposit penalties and how they will affect you.
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Compare term deposits with loyalty bonuses
Term deposits with loyalty bonuses reward customers for their ongoing business by offering a bonus interest rate on term deposit balances.
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People’s Choice Credit Union Term Investment
Set your own terms and conditions for how your money grows with a flexible investment account that rewards you with higher interest earnings.
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Historical term deposit interest rates
If you trying to decide on the best time to invest in a term deposit, start here. See the past interest rates on term deposits from 1985 until now.
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Notice Savers: A mix between a savings account and term deposit
The added level of control coupled with the high interest earning potential of notice savers makes this a savings account worth considering. Ensure that you understand exactly how it works, and if it will fit in with your financial goals before making a final decision.