CommBank, NAB, Westpac or ANZ - how do the big 4 term deposits compare?
If current cost of living pains have you wanting to lock up your savings and throw away the key, then a term deposit might be the way to do it. But, with savings account and term deposit providers beginning to revise some rates downwards, you might be wondering if now is the right time.
Recent CPI inflation found a slight uptick in the March quarter by 1% over the December quarters 0.6%. Currently, CPI is recorded at 3.6% in the 12 months to the March quarter which is getting close to the RBA's 2-3% target. Most economists have pushed back their rate cut predictions to later in the year and some to next year.
For a while, short terms were offering substantially better rates than longer terms, however most terms have equalled out more recently. Only a few of the most competitive term deposit rates are still as high as 5% anymore and most of them are with smaller providers. But, if you’d rather stick with one of the major banks, you’ll still find some fairly good options.
Check out where the best rates from the big four sit now:
- The Westpac Term Deposit: 4.25% (1 year) to 4.00% (5 years)
- The Commonwealth Bank Term Deposit 4.25% (1 year) to 3.95% (5 years)
- The NAB Term Deposit 4.70% (1 year) to 3.80% (5 years)
- The ANZ Advance Notice Term Deposit: 4.70% (1 year) to 4.00% (5 years)
What features do the big banks term deposits have?
There are a couple of things you’ll want to look out for in a term deposit. Some of the things you might want to look out for are interest rates, deposit limits, and whether you can choose how often your interest is paid (monthly, quarterly, annually, or at maturity).
Here’s a breakdown of what term deposit features and conditions Westpac, Commonwealth Bank, NAB and ANZ have to offer at the moment:
Feature | Westpac | CommBank (New deposit special) | NAB | ANZ Advanced Notice Term Deposit |
Highest rate on offer | 4.25% p.a. | 4.75% p.a. (1-year term) | 4.70% p.a. (1-year term) | 4.70% p.a. (18 month term) |
Interest paid to another bank | Yes | Yes | Yes | No |
Deposit limits | $5,000 to $5,000,000 | $5,000 to $1,999,999 | $5,000 to $499,999 | $5,000 to $99,999 |
Automatic rollover | Yes | Yes | Yes | Yes |
Early withdrawal conditions | Must give 31 days notice and an interest rate adjustment will normally apply. | Must give 31 days notice, plus, there will be a prepayment adjustment. | Must give 31 days notice for full or partial release of funds. | Must give 31 days notice and you will incur an interest reduction. |
How do the Big Four rates compare to smaller term deposit providers?
It’s easy to get comfortable and stick with your current bank on everything, term deposits included. However, it can be good to shop around and make sure that your bank is giving you the best rates possible. In fact, some smaller term deposit providers actually offer higher rates than the Big Four.
Judo Bank’s 5.10% p.a. 1-year term deposit is 85 basis points higher than the Westpac term deposit's 4.25% p.a. 1-year term and Judo Bank’s 4.85% p.a. 5-year term deposit is 90 basis points higher than CBA’s 3.95% p.a. 5 year term.
Below is a breakdown of our some providers offering rates above the big 4 banks:
Judo Bank | RaboBank | G&C Mutual Bank | |
1-year | 5.10% p.a. | 4.75% p.a. | 5.05% p.a. |
2-year | 4.85% p.a. | 4.40% p.a. | 4.85% p.a. |
3-year | 4.85% p.a. | 4.40% p.a. | 4.85% p.a. |
4-year | 4.85% p.a. | 5.00% p.a. | 4.25% p.a. |
5-year | 4.85% p.a. | 5.10% p.a. | 4.25% p.a. |
As you can see, some of the rates offered by these providers are much higher than the highest rate on offer by the big four. However, the gap has closed since earlier this year.
Want to see how the big four banks’ term deposits stack up against other providers? Check out the table below for a bunch of options, or head over to our term deposit comparison tool for more!
Term deposit comparisons on Mozo - last updated 19 May 2024
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Featured Product
Term Deposit
5.25% p.a.
6 months$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
CompareCompareTerm Deposit
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.00% p.a.
1 year$1,000
Yes up to $250,000
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
CompareCompareTerm Deposit
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
- interest rate
- 5.00% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Rabobank Term Deposit
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Online Term Deposit
3.50% p.a.
7 months$5,000
Yes up to $250,000
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
CompareCompareOnline Term Deposit
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
- interest rate
- 5.00% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
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Term Deposit
5.25% p.a.
6 months$1,000
Yes up to $250,000
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
CompareCompareTerm Deposit
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Bank of Sydney Term Deposit
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Term Deposit
5.35% p.a.
1 year$25,000
Yes up to $250,000
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
CompareCompareTerm Deposit
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
- interest rate
- 5.35% p.a.
- Minimum deposit
- $25,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $25,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Heartland Bank Term Deposit
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* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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