Historical term deposit interest rates

Term deposit rates on average have fallen significantly over the past 3 decades, as we can see with these historical rates.

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Looking at historical term deposit rates can help you understand that rates are constantly changing and how the official cash rate also impacts term deposit rates. As the official cash rate has continued to fall over the last decade, so too have term deposit rates.

Historical term deposit rates

Let's take a look st some examples of old term deposit rates offered by Australia's biggest four banks, and how that compares to their rates now.

National Australia Bank (NAB)

Here are some of NAB's Term Deposit rates from 2011 through to 2014, and now.

Date6 month term12 months2 years
6/6/116.11% p.a6.18% p.a.6.30% p.a.
2/1/125.75%.p.a.5.24% p.a.5.21% p.a.
4/6/124.97% p.a.5.00%p.a.5.10% p.a.
7/1/134.40% p.a.4.25% p.a.4.40% p.a.
3/6/133.98% p.a.4.00% p.a.4.20% p.a.
6/1/143.70% p.a.3.75% p.a.3.90% p.a.
Current rates3.5%4.4%3.8%

Australian New Zealand Bank (ANZ)

Here are some of ANZ's Term Deposit rates from 2011 through to 2014, and now.

Date3 months12 months3 years
6/8/115.60% p.a.6.00% p.a.6.20% p.a.
20/3/125.30% p.a.5.00% p.a.5.30% p.a.
10/10/132.50% p.a.N/A3.30% p.a.
25/4/142.50% p.a.N/A3.30% p.a.
Current rates0.05%0.15%0.15%

Westpac

See past Westpac's term deposit rates and the current rates.

Amount $5,000 - $10,0003 months12 months3 years
19/7/142.50% p.a.3.30% p.a.3.70% p.a.
Current rates 3.25%4%3.6%

Commonwealth Bank of Australia (CBA)

See past CommBank's Term Deposit rates and the current rates.

Amount $10,000 - $49,9992 months12 months5 years
15/12/124.20% p.a.4.25% p.a.4.50% p.a.
22/5/20133.90% p.a.3.95% p.a.4.50% p.a.
Current rates 1.45%4.35%3.45%

Average term deposit rate history

Overall, rates have fallen significantly since 1985, and are at record low levels today.

YearJanuaryJuly
198511.95% p.a.12.50% p.a.
199014.90% p.a.13.95% p.a.
19958.50% p.a.7.00% p.a.
20005.45% p.a.5.85% p.a.
20054.65% p.a.4.75% p.a.
20105.95% p.a.6.00% p.a.
20116.15% p.a.6.00% p.a.
20125.00% p.a.4.40% p.a.
20134.15% p.a.3.70% p.a.
20143.35% p.a.3.30% p.a.
20153.05% p.a.2.40% p.a.
20162.45% p.a.2.35% p.a.

See how historical term deposit rates compare to the rates of December 2024 below

Yes, rates on term deposits are nothing like they used to be. However, term deposits are still one of the safest, low-risk ways to invest your cash when you're not using it.

1 - 3 of 166
Updated regularly
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.
Judo Bank Term Deposit
Judo Bank logo
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
Newcastle Permanent Term Deposit
Newcastle Permanent logo
$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
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.
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%
Go to siteMore Info
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Why are the historical rates so high compared to now?

Interest rates usually follow a similar pattern to the Cash Rate, determined by the Reserve Bank of Australia on the first Tuesday of every month (except for January). When the cash rate is low, it's cheaper for the banks to borrow from the Reserve Bank of Australia. Therefore, banks don't have an incentive to offer savers a high interest rate, because it's easier for them to source their funds from the Reserve Bank of Australia.

Also, when the Cash rate is low banks also have lower home loan rates, meaning they're making less money from interest repayments on mortgages. With less money coming in from mortgages, there's less money to pay out on things like term deposits and savings accounts.

A low cash rate usually means that loan interest rates are lower than usual. So now could be a good time to refinance your home loan.

Will interest rates for term deposits will always be relatively low?

No, the Cash Rate is reflective of the state of the economy. For example, a low cash rate signals a slow economy, as the Reserve Bank is trying to encourage businesses to borrow funds for investment, which in turn will theoretically expand the economy. As the economy slowly regains its pace, the cash rate will rise as a result, and in effect, so will term deposit interest rates (eventually). However, mortgage rates will rise before term deposit rates do.

Looking for something to do with your cash? You'll find better interest rates on high interest savings accounts, and don't need to lock your money away for a set period of time. Or, if you are looking for a long-term growth you could consider investing in shares, investing in an index fund or topping up your super fund.

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio

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